20 Sep 2023
(Mortgagee Sale) Luxury property sold for 65 Million, 19% Lower than Bank Valuation
Second-hand property prices continue to fall, the stock of mortgagee sale has increased sharply, and banks have sold mortgagee sale properties at a significant discount. According to market news, there is a low-floor unit in Block B of Park Place with a usable area of 2,113 square feet and a 4-bedroom partition. It was previously listed as a mortgagee property. The bank once offered a price of $75 million for the listing. After negotiation, the price was finally settled at about $65 million (with 2 parking spaces) sold, about 19% lower than the bank's online valuation of $80.56 million. Information shows that the original owner purchased it for 35 million as early as 2008. Since 2017, he has repeatedly increased mortgage loans and finally became the main banker.