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Mustafa boss' luxury home is 10 storeys tall

makapaaa

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[h=1]Mustafa boss' luxury home is 10 storeys tall[/h] Published by farhan on Fri, 22 Aug 2014 09:45:12 AM
MustafaBoss.jpg



SINGAPORE - Mustafa Centre has almost everything you can find under one roof.That philosophy seems to apply to the boss and his family, too.

Not for the family of Mr Mustaq Ahmad, 62, the managing director of the 24-hour shopping complex, has built an $11 million, 10-storey apartment occupied exclusively by his extended family. And it comes with a swimming pool and gymnasium, reported Malay-language daily Berita Harian.

Recently, Mr Mustaq, 62, checked There are nine units of three- to five room apartments which Mr Mustaq, his wife Ishret Jahan, their four children and six grandchildren share.
The family moved into the modern building earlier this year.

The sleek and modern looking apartment certainly looks like the kind of home owned by a man Forbes Asia ranked as the 37th richest in Singapore in 2011 with a net worth estimated at US$240 million ($300 million).
Mr Mustaq is not the only businessman to own an apartment in the area. Nearby is a 12-storey apartment building owned by businessman O. K. Mohamed Haniffa, who owns textile company Haniffa on Dunlop Street.

Modest

Mr Mustaq - who occupies an apartment on the ninth floor of the building - was, however, modest about his new accommodations. He told Berita Harian: "It is only a home. The design may be a little different, but what is important is that the building is strong and safe."

As he explained, the decision to build the apartment was a practical one. Apart from housing his immediate family, the building is also close to his office and his iconic mall on Syed Alwi Road.

Mr Mustaq, who walks to his office every day, said: "A home is the most important necessity for any person.

"Big or small, owning your own home is better than renting, which could add to your financial pressure."

This is why he was in favour of building his own apartment from the ground up, he added.

Mr Mustaq, who arrived in Singapore from Uttar Pradesh in India at the age of five in 1956, said he bought the land between 1985 and 1990 for $6.5 million to build his two-storey bungalow.

The new 27,000 sq ft apartment building, which stands on a 10,000 sq ft plot of land, is now estimated to be worth $45 million, reported the Malay daily.

Mr Mustaq expects the price of his property to rise, but said: "This happened by chance, but we do not know what is going to happen in the future."

"If given the chance to build an apartment like this at the (current) property prices, I probably could not do it again."

Mr Mustaq also said he does not believe in spending money on property investments, a sector he sees as purely "speculative".

He explained: "I never considered buying land and building an apartment as an investment.

"I only did it to put a roof over our heads so we can live together as a family."

No time for property play

As for buying land for investment, Mr Mustaq said he has "no time" for such pursuits, preferring instead to focus all his energies on his business. This devotion to business started at an early age.
As a schoolboy, Mr Mustaq started out by helping his father and uncle sell garments at a makeshift stall that had been operating since 1965. Soon, he set up a garment store at Campbell Lane in 1971.
Two years later, he rented a space along Serangoon Road to sell more products and services.

Over the years, Mr Mustaq kept adding more space and products to his store, renting approximately 12,000 sq ft space in Serangoon Plaza in 1985.

Mustafa Centre is now 24,000 sq m of non-stop shopping with over half a million types of products.

The company has more than 1,900 employees.

The New Paper
Wednesday, Jun 19, 2013



[h=3]Source:[/h]http://news.asiaone.com/News/Latest+News/Plush/Story/A1Story20130617-430...










- See more at: http://www.allsingaporestuff.com/ar...ury-home-10-storeys-tall#sthash.7IVgkVE3.dpuf
 

Bigfuck

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That is 408 SGD/sqft. Joke is if he had built 40 stories, based on the same area per floor, with land price valued today included, it would 518SGD/sqft. Someone's calculator at Leegime is broken and it did not end with Teh
 
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JHolmesJr

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Respect where it's due.....the guys a class act. Way better and smarter than all these ivy league fucks from india.
 

scroobal

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This guy brought Metro and Isetan to its knees. They went for image and location. He went for cheap labour and a dumb of a location. They went to the wholesalers to hold the price and he went for parallel import. They drove their expensive cars to their offices and their country club, he walked everyday from his store to Kampong Java Rd where he had his house.

Everyone benefited from his low prices. Then he widened his range of essentials especially medical supplements and that along pushed his margins even higher.


Respect where it's due.....the guys a class act. Way better and smarter than all these ivy league fucks from india.
 

The_Hypocrite

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Yeah, if he built 40 stories, he can keep 10 and rent out 30, income forever,,,,,,

That is 408 SGD/sqft. Joke is if he had built 40 stories, based on the same area per floor, with land price valued today included, it would 518SGD/sqft. Someone's calculator at Leegime is broken and it did not end with Teh
 

eatshitndie

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mustafa is a super mama store, like any mama store but much much bigger. the owner is astute in owning the foothold and then expanding on it over time, yet purchase the expansion space instead of leasing it. while other retail stores competing on sundry products pay high rental in expensive locations, it just stays within the neh shithole of a hangout. in sg, if you own your retail store and the land it sits on, you'll succeed unless you're a moron. not all products sold are on parallel imports. much stuff are from local middlemen and wholesalers with exclusive distribution rights with original suppliers from overseas. to keep prices low, they don't impose hefty trading terms which are typical of large retail chains in sg. but there's a lot of work on the part of wholesalers doing business with mustafa. to enjoy the low cost trading terms, wholesalers have to unpack crates and boxes, relabel prices and codes on each product, repack them, and deliver in smaller quantities, not bulk. cost of labor and time goes up, and if wholesalers have dedicated staff to take care of mustafa's nitty gritty requirements, it can benefit both parties. but doing business with them is like any other neh. fucking nitpicky and high maintenance, with longer than normal payment of invoices. i keep telling them a fire will destroy everything including lives. don't encourage anyone to get stuck inside for minutes. :oIo:
 
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Scrooball (clone)

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Mustafa shopping centre is like a shithole. The air is stale. Fire hazard as exits are not marked clearly. They treat everyone as potential criminals by tying up your plastic bags.
 

The_Hypocrite

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Most Cina biz also like that,,want cheap, want sophisticated, want big breast,,,they will do anything to squeeze their suppliers,,,dog eat dog world,,,

mustafa is a super mama store, like any mama store but much much bigger. the owner is astute in owning the foothold and then expanding on it over time, yet purchase the expansion space instead of leasing it. while other retail stores competing on sundry products pay high rental in expensive locations, it just stays within the neh shithole of a hangout. in sg, if you own your retail store and the land it sits on, you'll succeed unless you're a moron. not all products sold are on parallel imports. much stuff are from local middlemen and wholesalers with exclusive distribution rights with original suppliers from overseas. to keep prices low, they don't impose hefty trading terms which are typical of large retail chains in sg. but there's a lot of work on the part of wholesalers doing business with mustafa. to enjoy the low cost trading terms, wholesalers have to unpack crates and boxes, relabel prices and codes on each product, repack them, and deliver in smaller quantities, not bulk. cost of labor and time goes up, and if wholesalers have dedicated staff to take care of mustafa's nitty gritty requirements, it can benefit both parties. but doing business with them is like any other neh. fucking nitpicky and high maintenance, with longer than normal payment of invoices. i keep telling them a fire will destroy everything including lives. don't encourage anyone to get stuck inside for minutes. :oIo:
 

Narong Wongwan

Alfrescian (Inf)
Asset
This guy brought Metro and Isetan to its knees. They went for image and location. He went for cheap labour and a dumb of a location. They went to the wholesalers to hold the price and he went for parallel import. They drove their expensive cars to their offices and their country club, he walked everyday from his store to Kampong Java Rd where he had his house.

Everyone benefited from his low prices. Then he widened his range of essentials especially medical supplements and that along pushed his margins even higher.

He ventured into online selling and got burnt bad.
Internet scanners cleaned him out of tens of millions.
 

Reddog

Alfrescian
Loyal
This guy brought Metro and Isetan to its knees. They went for image and location. He went for cheap labour and a dumb of a location. They went to the wholesalers to hold the price and he went for parallel import. They drove their expensive cars to their offices and their country club, he walked everyday from his store to Kampong Java Rd where he had his house.

Everyone benefited from his low prices. Then he widened his range of essentials especially medical supplements and that along pushed his margins even higher.

This is the type of guys that built Sinkapore. Not those highly paid FTs the pap hoped for the future.
 

johnny333

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After LKY is gone, the legacy he leaves behind will be similar to Suharto. His family very wealthy, while the citizens are the struggling poor & have to deal with a corrupt system.

People like this Mustaffa will be remembered as one of the few who succeeded without PAP patronage.
 

da dick

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Mr Mustaq expects the price of his property to rise, but said: "This happened by chance, but we do not know what is going to happen in the future."

"If given the chance to build an apartment like this at the (current) property prices, I probably could not do it again."

Mr Mustaq also said he does not believe in spending money on property investments, a sector he sees as purely "speculative".

He explained: "I never considered buying land and building an apartment as an investment.

listen to this ah neh. he is wiser and richer than boss sam hor! dun play play!
 

da dick

Alfrescian
Loyal
Most Cina biz also like that,,want cheap, want sophisticated, want big breast,,,they will do anything to squeeze their suppliers,,,dog eat dog world,,,

what is sheng siong supermarts? their supermarkets even more squeezed and cluttered than mustafa. it's just that mustafa is still more popular , more crowded with people.
 
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