Singapore’s $110,000-a-Month Mansion Market Grinds to a Halt

-- Singapore’s luxury housing deals are drying up as one of the nation’s largest-ever money laundering scandals weighs on the market.High-end bungalow sales are set for their worst year in nearly a decade with just eight sold as of the end of September, according to data compiled by Knight Frank. Realstar Premier Group Pte — an agency specializing in landed homes — says that for September, it sold fewer than half of the 10 properties it usually brokers a month.

Knight Frank figures don’t include undisclosed deals, but the eight mansions sold compare with 20 last year. That’s a fraction of the 60 units transacted in 2021, representing an 80% drop from that year’s S$2.1 billion in sales. Figures that low have not been seen since 2014, when S$431 million worth of such assets were purchased.

Potential buyers are also “taking a wait-and-see attitude on how the market goes in terms of pricing and the full extent of the investigations and punishment to be meted out,” said Jennifer Chia, a partner at TSMP Law Corp. who heads the firm’s corporate real estate, banking and finance practices. After the laundering case, “it’s not easy to find anyone to spend over S$100,000 a month,” said Julian Yip, managing director at Realstar.

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