Simple Simon Cheong desperate

[hockbeng]

Simon Cheong really desperate now.
Invite Mah Bow Tan to dinner to try to get him to prop up property prices artcificially.

Mr Cheong, if property prices keep going higher and higher, how are sporeans going to afford a reasonable home and have 3 kids? You are already very very rich so just shut up and face the downturn like everyone else is doing.


Nov 26, 2008
Property market to soften
By Michelle Tay

'Any measure seen to be knee-jerk or excessive might even weigh market sentiment down further', said Mr Mah Bow Tan. -- ST PHOTO: SAMUEL HE

PROPERTY prices are set to soften and demand will weaken as the Singapore economy slows down, Minister for National Development Mah Bow Tan said on Wednesday evening.

RazorTV: National Development Minister speaks about property


The slower economic growth will see demand in the property market drop and prices soften.

National Development Minister Mah Bow Tan was talking about it at the Real Estate Developers' Association of Singapore's (REDAS) 49th anniversary dinner.

Click here to watch the video.

Or cut and paste this URL in your browser: http://www.razor.tv/site/servlet/segment/main/news/14786.html
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Speech by Mr Mah Bow Tan
Private housing prices have declined by 2.4 per cent in the third quarter of this year, and further price movements will 'depend on the severity of the economic slowdown', he added.

Speaking at the 49th anniversary dinner of the Real Estate Developers' Association of Singapore (REDAS) at the Shangri-La Hotel, Mr Mah said: 'Going forward, price movements will depend on the...ability of the industry to make adjustments in response to the changes in economic conditions.'

The good news is that home-ownership rate is high in Singapore - at more than 90 per cent - and the government has an important role in ensuring the long-term stability and smooth functioning of the property market, he said.

Among the measures it should take, he said, is to guard against 'irrational market behaviour such as excessive speculation that is not in sync with economic fundamentals.'

But there are limits to what the government can do.

The government cannot, for example, dictate to banks that they should extend loans to companies or individuals with weak financial standing.

It also cannot work against market forces and try to prop up property prices artificially.

Mr Mah explained: 'Such efforts are not sustainable and will not be beneficial to the health of the property market in the long-run. Any measure seen to be knee-jerk or excessive might even weigh market sentiment down further.

'It is in our interest to ensure that the property prices move in line with economic fundamentals, as it affects home ownership, asset values, retirement savings and other sectors of the economy.'

 

[Merl Haggard]

Cannot blame him because his S C Global owes about $1.35 billion and he has thus far sold only 5% of his Hilltops & The Marq development.

To make matter worse, he's caught with 50,000 sq ft of freehold land at Ardmore Park at $2400 psf ppr, and 80,000 sq ft of 99 yr leasehold
land at Sentosa at $2000 psf ppr.

 

[lifeafter41]

Cannot blame him because his S C Global owes about $1.35 billion and he has thus far sold only 5% of his Hilltops & The Marq development.

To make matter worse, he's caught with 50,000 sq ft of freehold land at Ardmore Park at $2400 psf ppr, and 80,000 sq ft of 99 yr leasehold
land at Sentosa at $2000 psf ppr.

What would be the estimated breakeven cost or sale including construction cost for these 2 site.

 

[Merl Haggard]

What would be the estimated breakeven cost or sale including construction cost for these 2 site.

Land cost plus interests & development charges for these two projects was around $1050 psf ppr and
construction cost is probably around $550 psf.

He could have made a bomb by selling out at $4000 psf in mid 2007, but greed got the better of him.

 

[madmansg]

it runs in the family. I believe hong fok also run into problem in the last asian financial crisis.

 

[Merl Haggard]

For the last time I'm telling you that Simon Cheong is not related to Hong Fok!

Simon Cheong's father was working as a clerk in Yuet Yuen Hong Co Ltd (Hong Fok)!

 

[ahleebabasingaporethief]

For the last time I'm telling you that Simon Cheong is not related to Hong Fok!

Simon Cheong's father was working as a clerk in Yuet Yuen Hong Co Ltd (Hong Fok)!

OK OK We hear you.

This chap is very arrogant. I recently met up with some CEOs / owners of mega companies in Singapore. Most were very nice and humble, especially the really rich. This guy expects people to acknowledge him first. I just ignored him at the whole evening's reception.

Yes, his SC Global owes well over a $billion payable within 24 months. It was published in last month's BT here. Dont think any banks will help him reshedule the loans at times like this. Should be trouble. Big trouble the way the property market is at the momonet.

Yes, I saw him on TV making the 'appeal'. He looked and sounded desperate on stage.

Well, in life you win some you lose some.

 

[poore]

i hate arrogant ppl jus becos they have some money.

i hope he will be greatly humbled if he goes bankrupt.

 

[Merl Haggard]

OK OK We hear you.

This chap is very arrogant. I recently met up with some CEOs / owners of mega companies in Singapore. Most were very nice and humble, especially the really rich. This guy expects people to acknowledge him first. I just ignored him at the whole evening's reception.

Yes, his SC Global owes well over a $billion payable within 24 months. It was published in last month's BT here. Dont think any banks will help him reshedule the loans at times like this. Should be trouble. Big trouble the way the property market is at the momonet.

Yes, I saw him on TV making the 'appeal'. He looked and sounded desperate on stage.

Well, in life you win some you lose some.

You might have noticed that I like to single him out for attack.

During March 07 when he launched 5% of The Marq development for sale at $5000 psf, he so arrogantly announced in the
Business Times that his development was meant to cater only to the super-rich foreigners, but not for the wealthy locals.

His arrogance offended many wealthy locals whom I happen to know.

This new kid around the block deserves to go belly up!