SINGAPORE: A good class bungalow (GCB) in Singapore, owned by Tang Wee Kit, son of the famous retail tycoon Tang Choon Keng, has seen its price slashed once again to attract buyers.
Despite offering premium features like a koi pond, over 10 car parking spaces, and a 20-seat dining hall under a grand chandelier, the property is still on the market.
According to Bloomberg, the asking price for the Victoria Park mansion has been cut by another S$7 million, bringing it down to S$73 million.
This is the second price drop for the GCB property, which was listed for S$83 million in June, as per marketing materials from CBRE Group Inc. and Knight Frank.
It sits on over 0.7 acres of land and is among several luxury properties struggling to sell despite a general recovery in the real estate market.
Local buyers are especially careful about making big purchases due to high interest rates and property levies.
Mr Tang Wee Kit, the mansion’s owner, is the managing director of Tang Holdings Pte, an investment firm with various property investments in Singapore.
He is also the majority owner of CK Tang Ltd., the company that runs the well-known Orchard Road department store, which continues to operate today and was founded by his father, CK Tang, a Chinese-born tycoon.
In August, the GCB of a convicted oil tycoon sold for almost S$4 million below its original asking price. /TISG
Featured image by Depositphotos (for illustration purposes only)