25 Feb '15, 9am

According to The New York Times, even rich people can’t afford to buy Sentosa Cove houses anymore

According to The New York Times, even rich people can’t afford to buy Sentosa Cove houses anymore

The venerable New York Times wrote on Feb. 17, 2015 that rich people from all over the world who used to buy Sentosa Cove houses as a way to spend money can no longer afford to. The lack of buyers is so bad, rich people have resorted to renting the unsold units to stay instead of owning it. Worse, the slowdown in the property market has been orchestrated by Singapore government. The horror! From NYT: As Singapore pitched itself as a place for Asia’s rich, Sentosa Cove attracted many wealthy Chinese, Malaysians and Indonesians. But the momentum behind that boom is slowing, putting the gated community at the center of the weakness. The slowdown has been orchestrated, in part, by Singapore’s leadership. Faced with simmering discontent over rising living and housing costs, the government executed a succession of cooling measures that have hit the high-end market especially har...

Full article: http://mothership.sg/2015/02/according-to-the-new-york-ti...

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