$36 million Sentosa Cove deal called off

[MarrickG]

The deal to sell the S$36 million Sentosa Cove home located on Paradise Island has been called off - at a cost of half a million dollars.

According to a report in Lianhe Zaobao, the deal fell through after the buyer realised he paid over the market rate after reading media reports surrounding the sale in May this year.

The house has a land area of 14,983 sq ft and a built-up area of about 17,000 sq ft. The S$36 million sale price translates to S$2,403 psf. It was first sold in April 2007 by the developer, Ho Bee, for S$18.1 million (S$1,208 psf).

Click here to find out more!
The buyer, who is believed to be a 31-year-old Chinese permanent resident Shen Bin, is the son of Shen Wen Rong, the president of Chinese firm Sha Steel. The elder Mr Shen is listed as the 13th richest person in China this year in China's Hurun Wealth Report.

Shen Bin is currently the chief financial officer of the company, and is slated to take over the company from his father.

According to the daily, he mistakenly believed that $36 million was the market price for the property until media reports said otherwise. He then chose to withdraw from the deal.

He lost about S$500,000 in deposit, agent fees, legal fees, and procedural fees.

Reporters were unable to contact him yesterday as he was at a meeting, then later could not be reached on his hand phone.

 

[Coolsaint77]

败家子
Although it is the right move to withdraw... wasting 500k still refects poorly on him

 

[silverfox@]

败家子
Although it is the right move to withdraw... wasting 500k still refects poorly on him

For billionaires like them, losing 500K is small change that they can easily earn back. But to pay over the hill, to them it doesn't make business sense.

 

[hockbeng]

for billionaires like them, losing 500k is small change that they can easily earn back. But to pay over the hill, to them it doesn't make business sense.

no matter how rich you are, losing $500k shows he's an idiot.
Probably bribed his way to wealth!

 

[hoho99]

That just shows a lot about sillyporean's lack of knowledge of how a chinaman think. He rather let you be half a million richer than 17 million richer. And will find ways and means to cover, i.e report a few million losses in his investment on Singapore instead of the $500000. No one will check what.

 

[numero uno]

The deal to sell the S$36 million Sentosa Cove home located on Paradise Island has been called off - at a cost of half a million dollars.

According to a report in Lianhe Zaobao, the deal fell through after the buyer realised he paid over the market rate after reading media reports surrounding the sale in May this year.

The house has a land area of 14,983 sq ft and a built-up area of about 17,000 sq ft. The S$36 million sale price translates to S$2,403 psf. It was first sold in April 2007 by the developer, Ho Bee, for S$18.1 million (S$1,208 psf).

Click here to find out more!
The buyer, who is believed to be a 31-year-old Chinese permanent resident Shen Bin, is the son of Shen Wen Rong, the president of Chinese firm Sha Steel. The elder Mr Shen is listed as the 13th richest person in China this year in China's Hurun Wealth Report.

Shen Bin is currently the chief financial officer of the company, and is slated to take over the company from his father.

According to the daily, he mistakenly believed that $36 million was the market price for the property until media reports said otherwise. He then chose to withdraw from the deal.

He lost about S$500,000 in deposit, agent fees, legal fees, and procedural fees.

Reporters were unable to contact him yesterday as he was at a meeting, then later could not be reached on his hand phone.

typical hype by the media. usually always paint positive news and hype all the time about record deal when it was only an option he signed and deal not finalised yet. this time it backfires badly as obviously they hype so much about property going up in the papers and about record price and all that sh!t that buyer just by reading the newspapers realised it was a stupid price and was suckered by all the hype. even after the deal fell through the newspappers as usual still paint a positive picture and hype how it would not affect the rest. time for big crash soon.

 

[jw5]

For billionaires like them, losing 500K is small change that they can easily earn back. But to pay over the hill, to them it doesn't make business sense.

This one is the son of a billionaire, not a billionaire. :o

 

[GoldenDragon]

败家子
Although it is the right move to withdraw... wasting 500k still refects poorly on him

He would have lost 500k in the casinos anyway.

 

[silverfox@]

no matter how rich you are, losing $500k shows he's an idiot.
Probably bribed his way to wealth!

If the house is valued at 25million and not 36million, that means if he proceeds with the sale, he is overpaying by 11million. Given the fact that value may be increased to 30million, its still overpaying by 6million.

I can tell you the seller is the one pressing his own balls now for only getting $500K instead of the buyer who has lost $500K.

You should perceive in this manner if you think losing $500K is an idiot. If he proceeds with it, he will be a bigger idiot. :p

This is big news and buyers will be skeptical in asking prices of sentosa cove bungalows and not overpaying for it. And today the $500K spent by this buyer may in fact help him get properties there cheaper by a few million due to this news.

When he rescinds his offer, I am sure he has already done his homework, which he should have done before buying.

 

[SQguy]

He must of backed out because of publicity and may be ome one in China noticed this and wanted some share

 

[BCR101]

The deal to sell the S$36 million Sentosa Cove home located on Paradise Island has been called off - at a cost of half a million dollars.

According to a report in Lianhe Zaobao, the deal fell through after the buyer realised he paid over the market rate after reading media reports surrounding the sale in May this year.

The house has a land area of 14,983 sq ft and a built-up area of about 17,000 sq ft. The S$36 million sale price translates to S$2,403 psf. It was first sold in April 2007 by the developer, Ho Bee, for S$18.1 million (S$1,208 psf).

Click here to find out more!
The buyer, who is believed to be a 31-year-old Chinese permanent resident Shen Bin, is the son of Shen Wen Rong, the president of Chinese firm Sha Steel. The elder Mr Shen is listed as the 13th richest person in China this year in China's Hurun Wealth Report.

Shen Bin is currently the chief financial officer of the company, and is slated to take over the company from his father.

According to the daily, he mistakenly believed that $36 million was the market price for the property until media reports said otherwise. He then chose to withdraw from the deal.

He lost about S$500,000 in deposit, agent fees, legal fees, and procedural fees.

Reporters were unable to contact him yesterday as he was at a meeting, then later could not be reached on his hand phone.

.


Shen Wen Rong



Vice Chairman of China Iron and Steel Association
Chairman of Metallurgical Industry Association of All-China Federation of Industry and Commerce
Executive Vice Chairman of Promotion Association for Private Enterprises in Jiangsu Province
Chairman of Board of Directors; President; Secretary of the Party Committee in Shagang Group
Professor Senior Engineer, Senior Economist
National Model Worker of China
Representative of the Seventeenth Congress of Chinese Communist Party

(or: Representative of CPC Congress)





http://www.sha-steel.com/eng/President Address.html






http://www.sha-steel.com/eng/Mr. Shen Wenrong.html