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UOB's $181m suit over 'inflated housing loans'
- Thread starter krafty
- Start date
Esteemed ex minister Yeo Cheow Tong......
Salary $18k per month as 'adviser'.....but job scope effectively that of a nanny and bulter.....ferrying the riady kids to school
good point raised.
Silly man you are! Obviously these 2 chaps are well connected agents with connections to wealthy clients hungry for premium properties. I would wine and dine them for more business were i a loan broker.
FACTSHEET
Address: Cove Drive, Sentosa Cove, Sentosa Island
Type of Development: Seafront Condominium
Tenure: 99 years w.e.f : 3rd January 2007
District: 04
No. of Units: 124 (31 Penthouses)
Carpark Lots: 153 (inclusive of 2 Handicap Parking Provisions)
Expected Year of Completion: 4th Quarter 2011
Developer: LIPPO Marina Collection Pte Ltd
3 bedrooms apartments: 1,873sqft – 2,099sqft
4 bedrooms apartments: 2,185sqft – 2,766sqft
4 bedrooms + studio: 2,788sqft – 3,272sqft
Penthouses: 3,369sqft – 4,693sqft
Address: Cove Drive, Sentosa Cove, Sentosa Island
Type of Development: Seafront Condominium
Tenure: 99 years w.e.f : 3rd January 2007
District: 04
No. of Units: 124 (31 Penthouses)
Carpark Lots: 153 (inclusive of 2 Handicap Parking Provisions)
Expected Year of Completion: 4th Quarter 2011
Developer: LIPPO Marina Collection Pte Ltd
3 bedrooms apartments: 1,873sqft – 2,099sqft
4 bedrooms apartments: 2,185sqft – 2,766sqft
4 bedrooms + studio: 2,788sqft – 3,272sqft
Penthouses: 3,369sqft – 4,693sqft
anyone knows whether Pastor Kong Hee is on the List of 38 ???
Sentosa Cove: His god deserts Kong Hee?
In Property on 15/07/2014 at 4:21 am
“We believe in you for better jobs, raises and bonuses, finding money, money finding us, incomes, royalties, real estates, dividends, inheritances…We pray to Jesus and there shall be a turnaround,” sums up the essence of the prosperity gospel*.
I was reminded of the above when it was reported yesterday that the trial of Kong Hee and friends was resuming.
Well his god seems to have left him to swing in the wind when it comes to property investing. Reminder: he owns a Senosa penthouse. A benefactor of Kong Hee’s church, an Indonesian tycoon, Wahju said in court a few months ago, that he and Kong have been paying $17,000 a month each for a penthouse at Ocean Drive since 2008. The tycoon had tot it would make a gd investment.
The penthose remains underwater, not literallo, of course. I was reminded of the penthouse by a BT report of a few weeks ago, that I juz read on Sunday.
ABOUT two in five Sentosa condominium units have resold at a loss in the past year, symptomatic of the plight of luxury homes here, as financing restrictions put off buyers, industry watchers say.
Since May last year, 31 units have changed hands at six Sentosa projects: Marina Collection, Seascape, The Azure, The Berth, The Coast and The Oceanfront, according to data compiled by STProperty.sg from URA Realis.
The profitability findings is in line with data gathered by HSR Research which shows resale prices at the plush Sentosa district falling 25 per cent to about $1,800 psf in the first five months of this year, compared to around $2,400 psf over the Jan-May 2013 period**.
Maybe his god thinks giving him Sun Ho and her filthy rich parents (they are paying his legal fees) is enough prosperity for one man? But he was too greedy and incurred the wrath of god? Hubris?
Or maybe he is a S’porean Job. The Lord’s praise of Job prompted Satan to challenge Job’s integrity, suggesting that Job served God simply because God protected him. God removed Job’s protection, allowing Satan to take his wealth, his children, and his physical health (but not his life) in order to test Job’s character. (Wikipedia)
And all will be well. God rewards Job’s obedience during his travails and restores his health and doubles his original riches.
Let’s see.
I believe that the $200K is 12 months interest payment reserves. Its just one of the conditions for the loan, not too unusual. For offshore buyers, many banks require some sort of payment reserves. If the buyer did not put money in for his monthly payment, the bank just takes it from the reserve. It is for sure that UOB required 25% down payment for these $6 million condos.
that's why the whole property scene is nothing but a scam , a ponzi scam and it would collapse soon. alot of idiots like UOB are are in denial till the end. what this scam is is just the tip of the iceberg. the past few years alot of conmen masqueradingas prop "gurus:" are teaching alot of idiots how to buy 10-20 properties with little or no down payments like above. this is not new. the indon banks and developers did the same thing in the 1997 asian financial crash. they are just repeating the scam here. in fact UOB fiasco is not new or isolated. It works so far as property prices goes up or rentals remains high BUT once you got just a minor crises , they would all start to default like this case 37 out of 38 at sentosa. at least 40% of all properties are bought by this method for short term speculation and the property agents are in cahoot. teh figure are so alarming in past few years , thats why garmen put up the absd and loan caps and the whole thing is unravelling very fast.Today sentosa and orchard rd properties are going for a 40-50% discounts and no takers. Now my source in banks are telling me all the housing loans are being tightened so resale is harder for buyers (even is discounted) and all existing loans are being scrutinised. this means doomsday as flpping prop is gione for good and so thiose idiots and tjose servicing teh mortagges, they are in deep shit when banks start to raise interest rates and ask for top up once reach property reach negative equity. stand chart have fired 4000 staff worldwide and at least 300 in singapore and alot of bankers are told to pack up. heard other banks are doing the same. told you in 2012-14 taht recession and deflation would hit in 2015 . having the last laugh. hahahhaha.
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This is not the relevant issue. The issue is "What was the price of Marina Collection in 2011 when UOB did the loan?" If the current market price at that time in 2011 was only $2000 psf or less and the S & P was signed for $2400-$2600 psf, and the UOB valuator confirmed this price, then UOB is the one that has flawed credit process. Its already common knowledge at that time that most of the Sentosa developments suffered a decline in price. Why then should UOB lend money based on a non market price?
Kong Hee's God is none other than that kaypoh cbkiah Desmond Ong la.....
Obviouslu everybody EXCEPT the CAD knows that hes playing this clownshow for profit and manipulating the legal case through the appointed SCs via his layer of underlings. That said even that stupid bastard PAP MP edwin tong is his dog...
how else you think they could be fleecing the millions from the dumbfuck worshippers to bankroll their bullshit litigation...
hahaha sinkies deserve their fate....esp those dumbshits in his church....i have no pity man.....
Kong Hee’s family ‘upgraded’ from 5 room HDB flat to Sentosa Cove Penthouse
Posted by temasektimes on June 28, 2012
http://temasektimes.wordpress.com/2...om-5-room-hdb-flat-to-sentosa-cove-penthouse/
In less than 20 years, founder of City Harvest Church Kong Hee managed to ‘upgrade’ his homes a few times from a
modest 5-room HDB flat to Sentosa Cove penthouse where he is staying now.
Kong Hee was in public spotlight lately after he was charged with four others for misusing the funds of the church to further the career of his wife Ho Yeow Sun.
Kong and his family started with a five-room HDB flat in Tampines, which they bought for $127,000 before selling it for $420,000.
They then bought a Horizon Towers unit in River Valley with a private lift, two living rooms, four bedrooms and a compact kitchen.
In 2010, they sold this apartment and moved into The Suites at Central on Devonshire. It was reportedly sold to them for $2.6 million.
Now, they live in a luxury Sentosa Cove penthouse which cost $9.3 million dollars.
Ms Ho also rented a $28,000-a-month Hollywood Hills estate during her stint as a singer in the United States where she lived with her son, an assistant, a nanny and some relatives.
Kong Hee’s family ‘upgraded’ from 5 room HDB flat to Sentosa Cove Penthouse
Posted by temasektimes on June 28, 2012
http://temasektimes.wordpress.com/2...om-5-room-hdb-flat-to-sentosa-cove-penthouse/
In less than 20 years, founder of City Harvest Church Kong Hee managed to ‘upgrade’ his homes a few times from a
modest 5-room HDB flat to Sentosa Cove penthouse where he is staying now.
Kong Hee was in public spotlight lately after he was charged with four others for misusing the funds of the church to further the career of his wife Ho Yeow Sun.
Kong and his family started with a five-room HDB flat in Tampines, which they bought for $127,000 before selling it for $420,000.
They then bought a Horizon Towers unit in River Valley with a private lift, two living rooms, four bedrooms and a compact kitchen.
In 2010, they sold this apartment and moved into The Suites at Central on Devonshire. It was reportedly sold to them for $2.6 million.
Now, they live in a luxury Sentosa Cove penthouse which cost $9.3 million dollars.
Ms Ho also rented a $28,000-a-month Hollywood Hills estate during her stint as a singer in the United States where she lived with her son, an assistant, a nanny and some relatives.
Horizon Towers is in Leonie Hill Road, not River Valley. River Vally Rd is in fact further from Horizon Towers then Grange Road. And Horizon Towers does not have private lifts. All lifts stops are in the lobby of the apartments. So, u walk out of the lift into your living room. It may seem like its a private elevator but its not. ALl elevators are shared by all the units. I am very sensitive about Horizon Towers, ok?
Horizon Towers is in Leonie Hill Road, not River Valley. River Vally Rd is in fact further from Horizon Towers then Grange Road. And Horizon Towers does not have private lifts. All lifts stops are in the lobby of the apartments. So, u walk out of the lift into your living room. It may seem like its a private elevator but its not. ALl elevators are shared by all the units. I am very sensitive about Horizon Towers, ok?
Superdoooooo.... Zuper Research Deeee ....!!!
Sir how cum UOB only suuuuueee Lippo leh ????
Strange leh , because Marina Collection was jointly develop by
Lippo and 3 other Parties , Marina Club , OCBC
and RZB ( Austria's Raiffeisen Zentralbank)
see link below
http://www.propertyvizion.com/details.php?id=153
Bros How cum MyPaper never Research properly then write one
http://mypaper.sg/top-stories/uobs-181m-suit-over-inflated-housing-loans-20150107
When they say jointly developed, they don't mean that its a joint venture or partnership between Lippo and the other 3 parties. OCBC and RZB are the 2 banks that are financing the whole deal. One or both came up with the financing to allow Lippo to purchase the land and then one or both probably did the construction financing for Lippo also. They liked to add their names in mix to publicize their involvement in the development. Its free marketing for them and especially for RZB which is not that well known in Singapore for commercial financing. However they are very much in the background in that they simply lend the money. They are not usually in the business of taking an equity stake in it, and I am sure RZB never did. I knew some deals where the developer agreed to sell some units to executives of the financing partners at "friendship" prices or cost in exchange for getting the loan approved. Basically, OCBC and RZB syndicated the loan between them, and Lippo probably sold some units cheap cheap to their executives as a reward.
But when it comes to the sale, the titles of the units remain with Lippo, with OCBC and ZB as the mortgage holders. and as the units are sold, OCBC and RZB are paid out from the proceeds, until they are owed nothing. What people don't realize is that the sales of the first 100 units or so are probably just bringing the whole development up to breakeven. Lippo probably made their money selling the last 20-30 units, which is why they are resorting to these sort of creative selling techniques for the last 38 units.
Where Marina Club comes in is that they agreed to give a free $40,000 membership to those who bought the Lippo units. Lippo might have agreed to put in some landscaping, or boardwalk or even enlarged the marina for them in exchange for the free membership to the buyers. They are more of a marketing partner versus OCBC and RZB who are the financing partners. This is from what I can determine, others more knowledgeable about the project can chime in.
Bros How cum MyPaper never Research properly then write one
http://mypaper.sg/top-stories/uobs-181m-suit-over-inflated-housing-loans-20150107
MyPAPer is owned by the Singapore Prostitute Holdings, what do you expect?
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