View Full Version : MP buys into shoebox home
» MP Lee Bee Wah buys unit at
upcoming Tee Homes project
Straits Times: Sat, May 12
MEMBER of Parliament Lee Bee
Wah has invested in a small
apartment in the east.
The Nee Soon GRC MP bought a
unit at upcoming condominium
91 Marshall for a sale price of $
826,000.
This was revealed in a Singapore
Exchange filing by Tee
International, in which she is an
independent and non-executive
director, on Wednesday.
The filing said she was given a
2.4 per cent discount.
Tee Homes, a wholly owned unit
of Tee International, is
developing the 30-unit freehold
project in Katong.
Based on the floor plans, Ms
Lee's fourth-floor unit is a 570 sq
ft two-bedder. This works out to
a price of $1,449 per sq ft.
Smaller apartments have
become more popular in recent
years, given the lower absolute
price and a higher rent giving a
better yield.
The condo is near Dakota MRT
station and has only one block
offering units ranging from one-
bedders to penthouses, which
are on the fifth floor.
The project is within walking
distance of Tanjong Katong
Primary School and is near
places such as Parkway Parade
and East Coast Park.
Property agents said 91 Marshall,
which is expected to be
completed by 2016, is likely to be
launched in the middle of this
month. The show-flat is not
ready yet.
Ms Lee, being the interested
person in this transaction,
abstained from the audit
committee's and board's review
and approval process in respect
of the proposed sale.
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'.
The board was similarly satisfied.
When contacted, Ms Lee
declined to comment on the
purchase.
Source: The Straits Times ©
Singapore Press Holdings Ltd.
Reprinted with permission.
So. To the detractors who think MM and high psf will die off, think again.... Wakakakaka!!!!! Nobody can resist natural societal and housing evolution. Not even an MP. Time to get out of denial my friends.
So. To the detractors who think MM and high psf will die off, think again.... Wakakakaka!!!!! Nobody can resist natural societal and housing evolution. Not even an MP. Time to get out of denial my friends.
Four thumbs up!
MP can't be wrong. Chiong now or regret later!
So. To the detractors who think MM and high psf will die off, think again.... Wakakakaka!!!!! Nobody can resist natural societal and housing evolution. Not even an MP. Time to get out of denial my friends.
According to the 70sqm rule at most 26 units can be built but it is selling 30. This may be a good measure to gauge if development is considered mm or not.
So. To the detractors who think MM and high psf will die off, think again.... Wakakakaka!!!!! Nobody can resist natural societal and housing evolution. Not even an MP. Time to get out of denial my friends.
This investment by MP Lee is certainly modest in value and looks prudent given her "wealth". Perhaps, it is one of her passive investment. Putting her spare cash of $1m in FD give about 1% in interest earned. Buying bonds could yield about 5% but come with risk.
Buying MM for investment could yield about 4.5% at current price. Even if property prices should fall 50%, she could still manage a 2% in yield for this investment if rental fall by the same.
She still has the physical asset even if the economy fails while the bond may turn worthless if the company she invested in get into trouble due to the economy.
Astronotus oscellatus
12-05-12, 11:24
MP buy shoe box also become news?
MP buy GCB then is news worthy leh...
MP buy shoe box also become news?
MP buy GCB then is news worthy leh...
A lot of hype about shoeboxes now wat. On average at least 1-2 news articles a week on shoe boxes. Since MP buy, investors should follow! Knowing that political risk of lowering prices should be low :beats-me-man:
According to the 70sqm rule at most 26 units can be built but it is selling 30. This may be a good measure to gauge if development is considered mm or not.
Site might have been awarded and approved before rule came into effect.
MP buy shoe box also become news?
MP buy GCB then is news worthy leh...
MP buy shoebox is good news to MM supporters or owners. MP buy GCB is political suicide and bad news to her supporters.
A lot of hype about shoeboxes now wat. On average at least 1-2 news articles a week on shoe boxes. Since MP buy, investors should follow! Knowing that political risk of lowering prices should be low :beats-me-man:
Low? I can effectively say it has just been zerorised instantly with such a move. Next time govt come out measure to curb shoebox, supporters can shoot them on this definitely. Your own MP not in sync? Not walking the talk? Say A in front of people do B behind? No comments to media? What happened? Is there a fallout in understanding of shoebox? 1 bedder smaller than 538sf is shoebox but 570 two bedder is not? Oh pls. What hypocrisy.
MP is an independent director of Tee international whose subsidiary is the developer of this project. Hence, have to declare. Kbw must be very as MP also support MM. She might know something around as she is in one of the committees of MND.
MP buy shoe box also become news?
MP buy GCB then is news worthy leh...
phantom_opera
12-05-12, 12:38
Buy b4 ban? Suntec also full of mm shops same for reits malls
If MM will be banned soon, then it would not be so politically "correct" to purchase one just before the ban. That's one of the downsides to being a politician. Your MM purchase is broadcast for everyone to know. :tongue3:
Low? I can effectively say it has just been zerorised instantly with such a move. Next time govt come out measure to curb shoebox, supporters can shoot them on this definitely. Your own MP not in sync? Not walking the talk? Say A in front of people do B behind? No comments to media? What happened? Is there a fallout in understanding of shoebox? 1 bedder smaller than 538sf is shoebox but 570 two bedder is not? Oh pls. What hypocrisy.
Indeed! even Mp sees potential in MM liao! all Singaporeans should follow. Cannot invest in 2 HDB? Nvm! there's always 8 thousands200 of MMs to invest in by 2015!
phantom_opera
12-05-12, 13:00
MM good for the more elite 30k immigrants
MM good for the more elite 30k immigrants
Imagine if Eduardo buys an MM next...
is as good as issuing an IMMEDIATE BUY CALL for MM.. wtf
phantom_opera
12-05-12, 13:33
Imagine if Eduardo buys an MM next...
A man with his calibre can develop super-wired-MM, not buy MM ;)
A man with his calibre can develop super-wired-MM, not buy MM ;)
Housebook, anyone? Or Shoeboox (shoebox + books. Sometimes I really surprise myself at my marketing prowess)
MPs and ministers also need to grow their money. Please be fair to them.
Anyway, if she does not have to declare because of conflict of interests, I am sure we would not have known.
I am 100% sure this is only the tip of the iceberg where we know about the property ownerships of politicians. This is definitely not the only purchase.
MPs and ministers also need to grow their money. Please be fair to them.
Anyway, if she does not have to declare because of conflict of interests, I am sure we would not have known.
I am 100% sure this is only the tip of the iceberg where we know about the property ownerships of politicians. This is definitely not the only purchase.
we are being fair, saying how we should follow her purchase is not fair?
MPs and ministers also need to grow their money. Please be fair to them.
Anyway, if she does not have to declare because of conflict of interests, I am sure we would not have known.
I am 100% sure this is only the tip of the iceberg where we know about the property ownerships of politicians. This is definitely not the only purchase.
You totally missed the point. The issue here is not that MP bought a house. Its that an MP bought an MM shoebox. I am sure she can afford better, so dont tell me crap that MM is only thing that 826k can buy.
You totally missed the point. The issue here is not that MP bought a house. Its that an MP bought an MM shoebox. I am sure she can afford better, so dont tell me crap that MM is only thing that 826k can buy.
When the MP buys, we ALL buy !!!
These are people in the know.
When The Sail went on the initial sales, many many of the buyers are somehow related this and that.
DKSG
When the MP buys, we ALL buy !!!
These are people in the know.
When The Sail went on the initial sales, many many of the buyers are somehow related this and that.
DKSG
May be they know more CM coming, so buy 1st...?.:scared-3:
May be they know more CM coming, so buy 1st...?.:scared-3:
They will always win in any such investments.
They have access to information which we doesnt. There is no insider "investment" laws. Haha!
DKSG
May be they know more CM coming, so buy 1st...?.:scared-3:
Chances are they know more money coming in and CMs not coming!
DKSG
If MM will be banned soon, then it would not be so politically "correct" to purchase one just before the ban. That's one of the downsides to being a politician. Your MM purchase is broadcast for everyone to know. :tongue3:
Similarly to townhouse, suddenly selling like hotcakes after the gov disallowed townhouse to be build within the condo projects!!
Maybe this time round KBW give advance info to LBW that he is going to ban MM.. ask LBW to buy one before is too late.. :D
When the MP buys, we ALL buy !!!
These are people in the know.
When The Sail went on the initial sales, many many of the buyers are somehow related this and that.
DKSG
Dont act blur hide in other thread.... Are you eligible in my Most Eligible Bachelor list not? Faster say!!!!!
Similarly to townhouse (within condo), suddenly selling like hotcakes!!
Maybe this time round KBW give advance info to LBW that he is going to ban MM.. ask LBW to buy one before is too late.. :D
Eh......eh eh eh.... From one BW to another BW, overheard. Nice title for tabloid...
They will always win in any such investments.
They have access to information which we doesnt. There is no insider "investment" laws. Haha!
DKSG
If they buy bigger unit, probably for own stay, but buy MM, most likely for investment, guess shld be safe to buy for now...:D
This revelation of an MP purchase is going to cause MM sales to soar in the next few months!
You totally missed the point. The issue here is not that MP bought a house. Its that an MP bought an MM shoebox. I am sure she can afford better, so dont tell me crap that MM is only thing that 826k can buy.
Yah thanks for reminding, maybe it's the response from some other forums or threads that is not the focus of this thread. My apologies if it made you feel that way.
I think MPs also got to limit their risks. MMs certainly present a relatively low risk investment as of the moment, no matter what the news seem to tell us (the 8200 units coming out over the next few years).
Certainly more ground to chiong - wonder if it has the possibility to chiong over landed? Although it will be a really odd scenario, I heard that condos are more expensive than landed in some countries such as Indonesia.
Certainly also the possibility to remake what selling by PSF means.
This revelation of an MP purchase is going to cause MM sales to soar in the next few months!
Ya, to my knowledge, 1st MP buy MM..., or news become public
Ya, to my knowledge, 1st MP buy MM..., or news become public
Haven't count the URA and LTA guys who buy into the properties in future developments...
Haven't count the URA and LTA guys who buy into the properties in future developments...
The LTA, URA, SMRT, and whoever, all bought the Marine Parade ones already! Those along the ERL are the good ones as the MRT haven announced yet!
DKSG
Ya, to my knowledge, 1st MP buy MM..., or news become public
Seriously, I dont think first MP to buy MM.
Actually, politicians should declare their property or investments. I think in other countries they do.
If they declare now, I am sure U will quickly rush out with your cheque book(s)!
DKSG
Haven't count the URA and LTA guys who buy into the properties in future developments...
Or maybe it really means that somehow regulations are going to make it harder building / selling or buying MM apartments?
Buy before extinct - price might just shoot through the roof.
Eh is there any relevation about MPs who buy large PCs? Don't seem to have heard - only celebrities so far? :confused:
Seriously, I dont think first MP to buy MM.
Actually, politicians should declare their property or investments. I think in other countries they do.
If they declare now, I am sure U will quickly rush out with your cheque book(s)!
DKSG
This MP might be reprimanded for such a bold move.
Yah thanks for reminding, maybe it's the response from some other forums or threads that is not the focus of this thread. My apologies if it made you feel that way.
I think MPs also got to limit their risks. MMs certainly present a relatively low risk investment as of the moment, no matter what the news seem to tell us (the 8200 units coming out over the next few years).
Certainly more ground to chiong - wonder if it has the possibility to chiong over landed? Although it will be a really odd scenario, I heard that condos are more expensive than landed in some countries such as Indonesia.
Certainly also the possibility to remake what selling by PSF means.
I actually think she bought at high price by today standards. Either very good reason eg kid need to go to TKGS or Haig Girls, or she really really know something we dont. Even for investment it isnt a wise option given how inaccessible that location is with 0 amenities walkable distance.
CondoInterested
12-05-12, 16:59
Layout of 91 Marshall #04-08 attached.
This MP might be reprimanded for such a bold move.
Think they scold her for not doing it more discreetly.
This MP sounds like a nice lady, down to earth kind.
I believe she just made a simple purchase.
Maybe market has been quiet and subdued for just last few months! Next wave is coming real soooon! Maybe Office Boy should grab a MM before its too late!
DKSG
Layout of 91 Marshall #04-08 attached.
U r da best!
570 sf can squeeze in 2 BR and 2 toilets! This is a clear winner!
I wonder how does the stack 1 and 4 look like ? They look like some 350 sqft to me!
DKSG
Dun pray pray, she buys there means got some big shit coming out, maybe when eastern region line announces..she huat to the max after the stations one by one announced in the marine parade area
So bo bian see so much potential, so many malls, new mrt.. have to take the risk.
Think they scold her for not doing it more discreetly.
This MP sounds like a nice lady, down to earth kind.
I believe she just made a simple purchase.
Maybe market has been quiet and subdued for just last few months! Next wave is coming real soooon! Maybe Office Boy should grab a MM before its too late!
DKSG
She is a lady with balls. Dare to challenge the govt on various policies. Google her name for past reports... Now she bought MM, I think she will be my idol going forward...
She got to get ready to pack her bags if indeed MRT sprouts out next to this development.
Opposition party sure make a mountain out of this molehill.
Dun pray pray, she buys there means got some big shit coming out, maybe when eastern region line announces..she huat to the max after the stations one by one announced in the marine parade area
So bo bian see so much potential, so many malls, new mrt.. have to take the risk.
Taken from SCC, possible speculated location:
http://i50.tinypic.com/slgyed.jpg
She got to get ready to pack her bags if indeed MRT sprouts out next to this development.
Opposition party sure make a mountain out of this molehill.
MP no longer than two terms right?
Is her term coming to an end? Maybe that's why she showhand?
Winner takes it all! (15k per mth MP income coming to end so must buy MM to secure rental income cum capital appreciation. TOP just nice, next GE start and perhaps finish her term.)
The LTA, URA, SMRT, and whoever, all bought the Marine Parade ones already! Those along the ERL are the good ones as the MRT haven announced yet!
DKSGActually, LTA, URA, SMRT staff, or staff or any relevant organisation should declare when they buy private property as they are those who are working on new MRT lines and have access to privilege information. At least declaration should be made known to the organisation as a record.:2cents:
She got to get ready to pack her bags if indeed MRT sprouts out next to this development.
Opposition party sure make a mountain out of this molehill.
Maybe on WP election agenda..?
I actually think she bought at high price by today standards. Either very good reason eg kid need to go to TKGS or Haig Girls, or she really really know something we dont. Even for investment it isnt a wise option given how inaccessible that location is with 0 amenities walkable distance.
She doesn't need it for kid to enter sch of choice. As MP her kid can leap frog into any sch she wishes. Enter under grassroots phase or go through the sch committee.
CondoInterested
12-05-12, 18:05
Stack 1 1B 337
Stack 2 2B 581
Stack 3 3B PH 1399
Stack 4 1B 337 / 2B PH 732
Stack 5 2+S PH 1109
Stack 6 2+S 710
Stack 8 1B 337 / 2B 570
She doesn't need it for kid to enter sch of choice. As MP her kid can leap frog into any sch she wishes. Enter under grassroots phase or go through the sch committee.
u r right indeed.....
The layout of the 2B is truly awesome. Can somebody do some calculation that it's possible to fit in NORMAL size beds in the 2 bedrooms. Presume it's Queen in MBR and single in BR2. Looks too good to be true. :eek:
The layout of the 2B is truly awesome. Can somebody do some calculation that it's possible to fit in NORMAL size beds in the 2 bedrooms. Presume it's Queen in MBR and single in BR2. Looks too good to be true. :eek:
surely MP must hv done due diligence to ensure?
surely MP must hv done due diligence to ensure?
U r right. The developer wouldn't dare pray pray with an MP.
Layout of 91 Marshall #04-08 attached.
really cramped.
really cramped.
Generous size for mm unit already.
surely MP must hv done due diligence to ensure?
........This was revealed in a Singapore Exchange filing by Tee International, in which she is an independent and non-executive director, on Wednesday.......
Yah thanks for reminding, maybe it's the response from some other forums or threads that is not the focus of this thread. My apologies if it made you feel that way.
I think MPs also got to limit their risks. MMs certainly present a relatively low risk investment as of the moment, no matter what the news seem to tell us (the 8200 units coming out over the next few years).
Certainly more ground to chiong - wonder if it has the possibility to chiong over landed? Although it will be a really odd scenario, I heard that condos are more expensive than landed in some countries such as Indonesia.
Certainly also the possibility to remake what selling by PSF means.
MM - low risk? now i feel so much better. every article i read been saying MMs are the riskiest of all
She is a lady with balls. Dare to challenge the govt on various policies. Google her name for past reports... Now she bought MM, I think she will be my idol going forward...
aiya, now i regret not listening to bullman. he told me good to buy D15 :(
MM - low risk? now i feel so much better. every article i read been saying MMs are the riskiest of all
One of the weak points of bankers almost always seem to be that they trust market sentiment and analyst reports way too much...
aiya, now i regret not listening to bullman. he told me good to buy D15 :(
I already vested there and my unit value up 30% over 1.5 yrs liao...
I already vested there and my unit value up 30% over 1.5 yrs liao...
1.5 years ago i was serving my nation. too early lar
1.5 years ago i was serving my nation. too early lar
What... Why so late... You overseas graduate?
What... Why so late... You overseas graduate?
okay to be exact, 2 years ago. no lar poly grad. then studied in army
MM - low risk? now i feel so much better. every article i read been saying MMs are the riskiest of all
MM is low risk because of its low quantum. However, if one has no buffer and need to borrow up to 80%, it is very risky. More so if the buyer is relying totally on rental to cover the loan. Imagine property prices fall 30% (your 800K MM become 560K) and rental yield from 4% to 2%. There is also a possibility of being left vacant for long period of time without tenant. Bank may require cash top up since loan is 10% more than valuation.
The one with buffer will have no effect at all even if price falls by 30% or even 50%. At worst, the yield sucks but still better than putting the 800K in FD.
It is good to bear this mind in property investment.
MM is low risk because of its low quantum. However, if one has no buffer and need to borrow up to 80%, it is very risky. More so if the buyer is relying totally on rental to cover the loan. Imagine property prices fall 30% (your 800K MM become 560K) and rental yield from 4% to 2%. There is also a possibility of being left vacant for long period of time without tenant. Bank may require cash top up since loan is 10% more than valuation.
The one with buffer will have no effect at all even if price falls by 30% or even 50%. At worst, the yield sucks but still better than putting the 800K in FD.
aiya, now i regret not listening to bullman. he told me good to buy D15 :(
This is the only case that has to be declared due to vested interest. What it possibly means is that the political leaders are confident in MM units, but not necessarily just D15. But if another reported case in D15, then something might really be brewing there. Lightning doesn't strike twice!
aiya, now i regret not listening to bullman. he told me good to buy D15 :(
Still have buying opportunities in D15. I like the low lying buildings and the general living environment.
Sometimes we have to be a bit more careful about the amount of positive impact of MRT stations. The most striking case is the Holland Village:
http://www.straitstimes.com/BreakingNews/Singapore/Story/STIStory_786512.html
MRT is going to "nationalise" goods and services, as customers become more mobile. Hence the positive impact may not be as much as when NS and EW line were built.
By coincidence: another victim - fresh from today's Straits Times:
http://www.straitstimes.com/BreakingNews/Singapore/Story/STIStory_798448.html
It also seems that Saw's vision of shopping mall within MRT stations has met resistance. No wonder SMRT is refocusing on engineering - but that will be probably mean more control from LTA directly and injection of more tax payers' money.
rattydrama
13-05-12, 11:06
Perhaps need to be in an estate with many HDB blocks and big mall around the mrt station to support it.
Lot one classic example. Very successful.
Still have buying opportunities in D15. I like the low lying buildings and the general living environment.
The general anti talk about areas like TK being oh so hot and stuffy is pure BS. Due to lack of tall buildings, from level 2 up is very windy. And Penthouse view is simply breathtaking, esp now that no more MM and small plots allowed, likelihood of another modern 5 storey with attic type of project sprouting up next door or nearby is greatly reduced.
Sometimes we have to be a bit more careful about the amount of positive impact of MRT stations. The most striking case is the Holland Village:
http://www.straitstimes.com/BreakingNews/Singapore/Story/STIStory_786512.html
MRT is going to "nationalise" goods and services, as customers become more mobile. Hence the positive impact may not be as much as when NS and EW line were built.
The beauty of HV was its bohemian attribute and relative inaccessibility. Makes one feel like a field trip or special visit. MRT right at doorstep, the magic is gone.
The beauty of HV was its bohemian attribute and relative inaccessibility. Makes one feel like a field trip or special visit. MRT right at doorstep, the magic is gone.
Maybe from a destination to a stop by area. Too many people might also be a turn off. Never fancy crowded areas, such as D5, although it's a good place to work.
Sometimes we have to be a bit more careful about the amount of positive impact of MRT stations. The most striking case is the Holland Village:
http://www.straitstimes.com/BreakingNews/Singapore/Story/STIStory_786512.html
MRT is going to "nationalise" goods and services, as customers become more mobile. Hence the positive impact may not be as much as when NS and EW line were built.
u are right, be careful of paying too much premium for the MRT factor.
u are right, be careful of paying too much premium for the MRT factor.
This is a good pt. Foreigners and rental market tend to favour mrt nearby development but when all the cm start to deter foreigner buying, the market is generally supported by singaporean to intend to upgrade. And as the price of those projects rise crazily, more will tend to look for those outer area whereby they find more value for money type. So potentially those far away from mrt has a lot potential: )
buy far away, get yourself a Audi or vw. And maybe still some left...:D
MM is low risk because of its low quantum. However, if one has no buffer and need to borrow up to 80%, it is very risky. More so if the buyer is relying totally on rental to cover the loan. Imagine property prices fall 30% (your 800K MM become 560K) and rental yield from 4% to 2%. There is also a possibility of being left vacant for long period of time without tenant. Bank may require cash top up since loan is 10% more than valuation.
The one with buffer will have no effect at all even if price falls by 30% or even 50%. At worst, the yield sucks but still better than putting the 800K in FD.
Thats true, but actually these points may be similar to other investment property types as well? or it may be worse for the bigger quantum units as holding power may be weaker? :beats-me-man:
Still have buying opportunities in D15. I like the low lying buildings and the general living environment.
yes, if u can find any 1.1-.12k psf in D15 now may be a steal!:scared-2: (must be less than 500 sqft MMs)
rattydrama
14-05-12, 19:37
Maybe from a destination to a stop by area. Too many people might also be a turn off. Never fancy crowded areas, such as D5, although it's a good place to work.
This is in D5. 600m to MRT.:p
http://www.propertyguru.com.sg/listing/8541650/for-rent-the-peak
Only 20 units.
Sleepyhead
14-05-12, 21:25
The layout of the 2B is truly awesome. Can somebody do some calculation that it's possible to fit in NORMAL size beds in the 2 bedrooms. Presume it's Queen in MBR and single in BR2. Looks too good to be true. :eek:
Yalar... I have a 520sqft MM, just a standard one bedder, bedroom for queen size only.
This one only 50sqft more, can squeeze another bedroom, bathroom, bomb shelter and balcony some more! Amazing!
What's wrong with an MP doing investment?
I think it's better for her/him doing investment rather then doing a screw job like someone. Because of him now we have a by erection. lol
This purchase might b part of monitoring MM... O'rly? :p
What's wrong with an MP doing investment?
I think it's better for her/him doing investment rather then doing a screw job like someone. Because of him now we have a by erection. lol
you don't like elections?
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