Lee Bee Wah buy new Katong shoebox for $826K (after discount)

[Rogue Trader]

MP Lee Bee Wah buys $826k Katong apartment by Tee Homes

AsiaOne
Saturday, May 12, 2012

SINGAPORE - Member of Parliament Lee Bee Wah has purchased an apartment unit developed by Tee Homes.

The Straits Times (ST) reported that the Nee Soon GRC MP bought the unit at 91 Marshall, located at in Katong, for $826,000.

The developer, Tee Homes, is wholly owned by Tee International, in which she is an independent and non-executive director.

Ms Lee reportedly received a 2.4 per cent discount for the purchase, according to records of the Singapore Exchange filing by Tee International on Wednesday.

Being the interested party in the transaction, Ms Lee abstained from the audit committee's and board's review and approval process in respect of the proposed sale to avoid conflict of interests.

The audit committee found that the number and terms of the proposed sale are "fair and reasonable and are not prejudicial to the interests of the company and its minority shareholders", said the ST report.

The board was also satisfied.

Based on the floor plans, Ms Lee's unit is a 570 sq ft two-room apartment on the fourth floor.

The one-block 3-unit freehold condominium is located near Dakota MRT and is within walking distance of Tanjong Katong Primary School.

91 Marshall is expected be launched in the middle on this month. The projected completion date is 2016.


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[BuiKia]

So does this lower the value of the property?

 

[Scrooball (clone)]

Based on the floor plans, Ms Lee's unit is a 570 sq ft two-room apartment on the fourth floor.


Very cruel to keep a dog in a small house

 

[hotbot]

Wow! whoa.... *jaw drop*

Ms Lee reportedly received a 2.4 per cent discount for the purchase, according to records of the Singapore Exchange filing by Tee International on Wednesday.[/FONT][/COLOR]

Being the interested party in the transaction, Ms Lee abstained from the audit committee's and board's review and approval process in respect of the proposed sale to avoid conflict of interests.

The audit committee found that the number and terms of the proposed sale are "fair and reasonable and are not prejudicial to the interests of the company and its minority shareholders", said the ST report.

The board was also satisfied.

 

[chonburifc]

Don't think this piece of shit intend to stay there. Probably sell it as soon as there are offers. Agent can also market the unit as vip unit.

Yeah, money really corrupt the minds of these MIWs.

 

[myfoot123]

Wa lau!!! why does she want to stay in such small unit? Smaller than my HDB. And she spend nearly a miilion for this piece of shit, what is so special about this katong shoebox or she plan to rent out for side income after the ministers salaries are reduced?

 

[Leungsam]

826k. Sibeh rich hor!!!!!

 

[Narong Wongwan]

Size of HDB 3 room flat.....ok lah for single stay

 

[Cruxx]

826k. Sibeh rich hor!!!!!

She's paying in cash?

 

[kiwibird7]

Wa lau!!! why does she want to stay in such small unit? Smaller than my HDB. And she spend nearly a miilion for this piece of shit, what is so special about this katong shoebox or she plan to rent out for side income after the ministers salaries are reduced?

570 Square feet is just about the size of my triple car garage in NZ.

If Singaporeans like to live in crammed spaces, they can save a lot of money by 'living' (in reality sleeping only) in caravans, trailers or converted ship containers and just pay for the costs of season parking.

After all they don't use kitchens to cook, they eat out at food centres. And they can go to public swimming pools to bathe/shower at the toilets (doing away with water bills/waste disposal/sanitary fees charged to house owners)

 

[yourlaubu]

"the lesult spit for themselfes, why I callot buy shoo box?, it is just the right size, i can put my lau chee bye inside"

 

[batman1]

Based on the floor plans, Ms Lee's unit is a 570 sq ft two-room apartment on the fourth floor.


Very cruel to keep a dog in a small house

It is smaller than a 3-room HDB flat (average 730 sq ft).
It is most likely for speculation not for occupation.

 

[Hwheels]

Many people buy a 2nd or 3rd flat for rental income. Don't see the need to highlight LBW. If this makes news, then the reporters should also help highlight other discount deals and mega investments made by other VIPs/ministers etc.

 

[jw5]

Let's hope her unit is between 2 families from India with the IT specialist and his fake cv, his obese wife, their 4 elderly parents and 3 spoilt brats who spend the whole day running around their unit, in the corridoor and making noise at all the amenities especially the swimming pool.

 

[scroobal]

London, NY and Paris are full of high end 1 bedroom and 2 bedroom mid range and high end apartments. People buy it for rental purposes and to be used as a cash pad ehen they are in the city. Some are much more smaller than hers but the rental can be 10 times more in rental terms compared to your house and 3 car garage.

All these are related to investment and business. Only one chap in this thread understood what it meant.

Board Directors and development company sr exec are expected to buy at soft launch to push the sold % for marketing and as well as for underwriting purposes. They will flip it.

PAP elites have their noses in so deep in the property market that it is not so funny. Old man son now heads one of the biggest developers in the country and they have properties in overseas cities as well.

570 Square feet is just about the size of my triple car garage in NZ.

If Singaporeans like to live in crammed spaces, they can save a lot of money by 'living' (in reality sleeping only) in caravans, trailers or converted ship containers and just pay for the costs of season parking.

After all they don't use kitchens to cook, they eat out at food centres. And they can go to public swimming pools to bathe/shower at the toilets (doing away with water bills/waste disposal/sanitary fees charged to house owners)

 

[po2wq]

follow ah loon n jin-gang can buy property after property ...

evry n of yr, u count ur properties ... u feel so rich! ...

huat ah! ...

 

[sleaguepunter]

Tee employ many draughtperson who were graduted from some uni in Burma for only $1500 a month.

 

[Alamaking]

Based on the floor plans, Ms Lee's unit is a 570 sq ft two-room apartment on the fourth floor.


Very cruel to keep a dog in a small house

570sqft is small.......

 

[bushtucker]

the question is... did she get a discount just because she was an MP/politician? other sinkies no discount??

 

[Fishypie]

Maybe ah Wah enjoys the night-Life part of vibrant Joo Chiat as weLL ?..