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Principal Garden Condo

As reported to the media, Suchad Chiaranussatti, the founder of SC Capital Partners, has plans to re-enter the residential property market of Singapore as soon as there has been another 20% to 30% drop in home prices. SC Capital Partners currently manages property assets amounting to $1.8(US) billion.

Principal Garden in Prince Charles Crescent

The decision that the Asian property fund manager has made comes on the heals of a $12(S) million loss on Principal Garden Condo that was incurred in January when Blackstone Group LP purchased high-end flats at the condominium site of Patterson Suites.

After the units had been acquired for nearly $2,300(S) per square foot in 2011, 18 of these units were then sold for just $2,100(S) per square foot. This took place during the governments attempt to cool down the local housing market with property curbs. Mr. Chiaranussatti redhill mrt stated that they were caught off guard by the policies severity and intensity.

Principal Garden UOL Prince Charles Picture

New Principal Garden Condo

A decline in Singapore’s housing prices was witnessed for 2015’s 1st Quarter, making this the 6th straight quarter of decline and representing the losing streak that is the longest to be seen in over a decade. It appears that segment to take the brunt of these cooling down measures has been the high end residential sector. According to Singapore’s Real Estate Developer’s Association, we have seen a drop in prices by close to 20% since the start of 2013. This particular segment is made up of housing that has a price tag of over $2,400(S) per square foot and is larger than 1,500 square feet.

Chiaranussatti says that, looking ahead, it is believed it is unlikely that we will see a lift in these curbs that the government put in place for another 2 years. He further adds that more pressure will be added with the impending rise of interest rates. Since the prince charles crescent policy is obviously working, the government has no reason to relax it at this point for Principal Garden Condo.

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