The record $36 million deal for a Sentosa Cove bungalow in April this year seems to have fizzled out, with the buyer forfeiting a cool $500,000 deposit and more.
Lianhe Zaobao reported yesterday that the buyer of the 14,983 sq ft, 99-year leasehold site on Paradise Island recently backed out of the deal.
He may have cold feet after learning from the widespread coverage of the deal at the time that his price of $2,403 psf far outstripped market prices.
The psf price could be the highest for a bungalow sale in Singapore, experts said.
The buyer – said to be Mr Shen Bin, a Chinese national who is a Singapore permanent resident (PR). He is believed to be the son of billionaire entrepreneur Shen Wenrong, chairman of China-based steel manufacturing firm Shagang Group.
China’s Hurun Wealth Report ranked the older Mr Shen as the 13th richest individual in China this year.