The price of the Tang family scion's residence was cut by S$7 million to S$73 million

The price of the Tang family scion's residence was cut by S$7 million to S$73 million once again

This occurs when high borrowing rates and property taxes continue to make Singaporean-born purchasers cautious about large purchases.

October 18, 2024

CONDOsingapore.com

In Singapore's premium real estate market, a KOI pond, parking for over ten vehicles, and a dining hall with a chandelier that could accommodate twenty people were not enough to draw in purchasers.

According to marketing materials obtained by Bloomberg News from CBRE Group and Knight Frank, the asking price of the Victoria Park property, which is owned by a Singapore retail scion, has dropped by a further S$7 million to S$73 million. This is the second reduction in the good class bungalow (GCB).

The asking price for the home was S$83 million when it was up for sale in June.

Tang Wee Kit is the owner of the property, which occupies more than 0.28 hectares of land. He is the son of the late CK Tang, whose real name was Tang Choon Keng. The tycoon, who was born in China, opened a famous department store on Orchard Road, Singapore's major shopping avenue.

Despite a rebound in real estate sales, the bungalow is one of many upscale houses that are having trouble selling.

Due to high loan rates and property taxes, purchasers who were born in Singapore are still hesitant to make large purchases. For example, in August, a convicted oil tycoon's house sold for over S$4 million less than it had originally asked for.

The younger Tang is the managing director of Tang Holdings, a holding company for assets that includes a variety of Singaporean real estate holdings. Additionally, he has a controlling stake in CK Tang Limited, a department store operator that operates the Orchard department store and another one at HarbourFront.