Good times over for luxury home market as government measures bite
Property investor Sameer Aswani was buying and selling high- end homes about as fast as he could transact a few years ago, but that gravy train has well and truly hit the skids.
A $5.5 million, 1,636 sq ft unit that he owns in upscale Marina Bay Residences would have been snapped up in a flash in the boom days, but not now.
The lack of a serious buyer has forced the 37-year-old to put tenants in and try to find a silver lining amid yields of just 3 per cent.
"In the good times, I was flipping units left and right. At one point in 2010, I did five to six in about four to five weeks," he said.