They were caught out earlier this year when prices fell as awarding of projects’ TOP neared
PROPERTY speculators have been in the firing line of late, but the hefty losses some suffered earlier this year suggest they might be deserving of some sympathy.
A number seem to have been caught out when prices fell as the awarding of a project’s temporary occupation permit (TOP) neared.
TOP 10 SUB-SALE PROJECTSInstead of flipping the property for a gain, some speculators were caught out and took a hit when they offloaded some of the popular sub-sale projects, according to Savills Singapore.
While the data showed that sub-sale deals typically rise in projects nearing completion, sellers may not always gain.
Take Casa Merah in Tanah Merah. There were 71 sub-sale deals done this year with 16 resulting in losses averaging $30,601. One seller suffered a loss of $142,790.
Most sellers made gains at Rivergate, which was completed in the first quarter of the year, but 10 suffered hefty losses. One ‘flipper’ took a massive hit of $985,000, with the average loser suffering red ink to the tune of $371,355.
At popular projects like The Sail @ Marina Bay, eight out of 19 sub-sale deals this year were done at an average loss of $949,343. Continue reading
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