Singapore’s US$110,000-a-month mansion market grinds to a halt

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Half of the 10 arrested in the money laundering scandal lived in such dwellings, tainting the luxury market.

Caution prevails as sellers, landlords, and agents conduct thorough background checks and sometimes decline offers from the uber-rich.

The transaction drought follows money laundering investigations into a group of people of Chinese origin, significant tax hikes on foreign buyers and rising interest rates. Rental demand for mansions that once hit S$150,000 a month has also cooled as the wealthy think twice about flashy homes in the city-state.

Sellers, landlords and agents are turning cautious and employing more rigorous background checks — and in some cases have actively turned down deals from prospective clients. 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.

Another accused, Vang Shuiming, lived in a villa with a large rooftop pool and gym, located in a leafy enclave called Bishopsgate near Singapore’s premier shopping belt. Rental data released by the government shows he paid at least S$150,000 a month in November 2020 to live in the property, a record at the time.

 

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