Duchess residences: Wee Cho Yaw and family bought six units

[ahlahdin]

July 6, 2007

Duchess residences: Wee Cho Yaw and family bought six units

UNITED Overseas Land (UOL) chairman Wee Cho Yaw and his family have picked up six units in UOL's latest project, Duchess Residences in Bukit Timah.

Mr Wee bought a third-floor, 1,485 sq ft apartment for $2.31 million, UOL said in a statement yesterday.

This works out to about $1,555 per sq ft (psf).

UOL said earlier this week that prices for the development went up to $2,100 psf.

Two of Mr Wee's children also bagged units.

Daughter Wei Ling paid $2.57 million for a 1,604 sq ft unit, while son Ee Cheong bought a 3,035 sq ft unit for $4.72 million.

The in-laws of another son, Ee Chao, picked up a fourth unit of 1,604 sq ft for $2.59 million.

The other two units were taken by Mr Wee Cho Yaw's nephew, Mr Wee Boo Tee, and his sister-in-law, Madam Cheng Soh Chin.

Each bought a 1,485 sq ft unit.

Mr Wee Boo Tee forked out $2.59 million for his, while Madam Cheng paid $2.46 million for hers.

Read the full report in Saturday's edition of The Straits Times.

[Observer.]

Southbank they bought.
One-North Residences they also bought.
Now Duchess Residences they .....

All with discounts.

[Unregistered]

That's the trick for riches to get riches through special priviledges.

[durian]

That's the trick for riches to get riches through special priviledges.

Steep discount to subsequent buying price. Why SIA never make noise?

[mr funny]

July 7, 2007

DUCHESS RESIDENCES

Wee Cho Yaw, family buy units in UOL project


UNITED Overseas Land (UOL) chairman Wee Cho Yaw and his family have picked up six units in UOL's latest project, Duchess Residences, in Bukit Timah.

Mr Wee bought a third-floor, 1,485 sq ft apartment for $2.31 million, UOL said in a statement yesterday.

This works out to about $1,555 per sq ft (psf). UOL said earlier this week that prices for the development went up to $2,100 psf.

Two of Mr Wee's children also bagged units. Daughter Wei Ling paid $2.57 million for a 1,604 sq ft unit, while son Ee Cheong bought a 3,035 sq ft unit for $4.72 million. The in-laws of another son, Ee Chao, picked up a fourth unit of 1,604 sq ft for $2.59 million.

The other two units were taken by Mr Wee Cho Yaw's nephew, Mr Wee Boo Tee, and his sister-in-law, Madam Cheng Soh Chin.

Each bought a 1,485 sq ft unit. Mr Wee Boo Tee forked out $2.59 million for his unit, while Madam Cheng paid $2.46 million for hers.

Duchess Residences units were also bought by UOL director James Koh, as well as Madam Low Rowee, the wife of UOL's president and chief executive Gwee Lian Kheng. Mr Koh paid $2.37 million for a 1,485 sq ft unit, while Madam Low paid $4.59 million for a 2,971 sq ft unit.

Mr Koh, Madam Low and Mr Wee Cho Yaw all enjoyed a 2 per cent discount. The other buyers did not receive a discount.

FIONA CHAN

[bargain hunter]

Since teddybear reminded me of launch price hotness, I am reposting what I posted in the Volari post here:

Near the peak in 2007, Wee Cho Yaw, Wee Ee Cheong, 1 director and wife of CEO bought at near the lowest psf of 1546, 1554, 1556, 1591psf as declared in the 2007 announcement of sales to related parties. Then they sold more units to their related parties biz associates etc at 16xx to 17xx over the next 2 days. This was followed by launch to the public FROM 18xx in the following 2 days. In less than a week, some units were sold at more than 2000psf and a few units were even mad enough to be transacted as high as 2300psf! recently, a caveat is lodged for a firesale at 1399psf bought at 1811psf. That's a 22.7% loss. Can imagine the forcesales coming up for this development and you can bet prices can never recover to the peaks for this development. I pity the poor fella who bought at 2300psf.

[bargain hunter]

In the 7th July 2007 article by Fiona Chan,

"Mr Koh, Madam Low and Mr Wee Cho Yaw all enjoyed a 2 per cent discount. The other buyers did not receive a discount."

2% discount? more like 20% discount, they left out the zero behind I think. They declared on sgx 2% and no discounts. you are right, why SIAS never question this kind of obscene discounts?




Steep discount to subsequent buying price. Why SIA never make noise?

[focus]

They should ban buying of new launches by entities directly related to the company.

Those directors and such can only buy after soft-launch to the public.

That will eliminate the profiteering.

[bargain hunter]

that's true, but now even related parties are underwater for Duchess Residences as a new record low is set. :D

But just look at the margin of safety that these insiders and associates have for this project. If 1399psf valuation, all the insiders who bought at below 1749psf have still lost less than 20%. According to URA's June 2007 sales data, 95 units sold at median price of 1745psf meaning 48 units were just nice bought within this range. With a total of 120 units, it appears that half the units were bought before the public VIP preview at < 1800. The other half who bought at 1800 to 2300psf just a few days after the privileged had bought are all technically in negative equity already. This is the most terrible case of a big gap between the ultra rich and the rich within a short span of time.



They should ban buying of new launches by entities directly related to the company.

Those directors and such can only buy after soft-launch to the public.

That will eliminate the profiteering.

[bargain hunter]

For the longest time since 2007, the developer was left with 1 unsold unit. This month, the data shows 2 unsold units so 1 more unit has been taken back by developer.

[bargain hunter]

OK, the 2 balance units (Garden Mansionettes) for Duchess Residences has been put up for sale (advertisement on sat). asking price 1800psf for 3003sq ft unit so quantum is $5.4m. :doh: Anyone keen? :D

[devilplate]

5mil can buy a big piece of landed....:scared-3:

[bargain hunter]

yeah, even in duchess area, $5.4m can get a decent sized, just under 4000sq ft land size semi-d.

but some pple like to pay $500 (or maybe more?!) for maintenence to use the facilities mah. :doh:


5mil can buy a big piece of landed....:scared-3:

[devilplate]

for 5mil..can buy big piece landed in suburb and build ur own swimming pool, etc...

[bargain hunter]

yeah, if u want to talk about suburb, it will be a VERY BIG piece of land hahaha. :)

was just trying to get close to apples vs apples but oh well,

there are 24 penthouses (1 cut loss at 1399psf at bottom of the market)and 24 garden mansionettes (oops 2 returned) sold in 2007 peak at just under 5m to above 6m. So let's see what happens upon TOP coming up later this year. :D Maybe UOL trying to bring up the valuation so that some of these units don't default?


for 5mil..can buy big piece landed in suburb and build ur own swimming pool, etc...