Just saw this interesting article on the Straits Times: Banker buys out 45 of the 55 units of an upscale FH condo in town.

45 out of 55 is kind of absurd, isn’t it? Since it was a bulk deal, he managed to get in at $2300psf, or an 18% discount. For a FH condo in town, that really isnt too bad. It’s 2 blocks away from an upcoming TEL station and just down the road from the Botanic Gardens.

Starlight Suits, Nouvel 18 and iLiv@Grange has also had bulk deals in the past 12 months, and they have all been discounted 22%, 16% and 23% respectively off the individual unit sale price.

Looking at these developments, I think it’s safe to say that upscale units in the open market now are prone to at least a 20% drop in current conditions, and more if the backdrop of everything else …