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.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Study: Technical debt stalls growth and transformation for nearly half of global businessesA study of business leaders by DXC Technology reveals that 46% of executives say that tech debt is the silent saboteur inhibiting their ability to innovate and grow.
Read more »
Dried seahorses worth RM180,000 seized by authorities at Thai borderWong and her boyfriend Lai Man Wang held a low-key wedding at a private outdoor venue in Hong Kong on Friday.
Read more »
TPM Fadillah : MPOB lulus RM983,000 pinjaman input pertanian pekebun sawit setakat Ogos 2023KUALA LUMPUR: Lembaga Minyak Sawit Malaysia (MPOB) telah meluluskan sejumlah RM983,000 bagi membiayai pinjaman input pertanian seperti baja, racun dan...
Read more »
Fadillah : MPOB channels RM983,000 to smallholders until August 2023KUALA LUMPUR: The Malaysian Palm Oil Board (MPOB) has approved RM983,000 to 117 oil palm smallholders, with a maximum value of RM16,250, until August ...
Read more »
DPM Fadillah: MPOB channelled RM983,000 to smallholders until August 2023KUALA LUMPUR, Oct 30 — The Malaysian Palm Oil Board (MPOB) has approved RM983,000 to 117 oil palm smallholders, with a maximum value of RM16,250, until August 2023 to finance...
Read more »
Foreigners fined RM1,000 for trading illegally in Little India, KlangThe Banyumas City Police have discovered that the glass flooring on a bridge that shattered at a tourist destination in the Limpakuwus pine forest in Banyumas regency, Central Java, Indonesia, on Wednesday was extremely thin, measuring only 1.2cm.
Read more »