Wee Hur Holdings to buy 70% stake in Villas@Gilstead development

[mr funny]

http://www.channelnewsasia.com/stories/singaporebusinessnews/view/1008137/1/.html

Wee Hur Holdings to buy 70% stake in Villas@Gilstead development

By Irene Chan, Channel NewsAsia | Posted: 29 September 2009 2112 hrs


SINGAPORE : Wee Hur Holdings said it plans to buy a 70 per cent stake in the Villas@Gilstead development for S$9 million.

It said the proposed acquisition is in line with its growth strategy to diversify into the property development business.

Villas@Gilstead is a residential property project at Gilstead Road, near Novena MRT station.

It is a strata housing development comprising 10 semi-detached houses, 6 terrace houses and 2 bungalows.

It is around 50 per cent sold and is expected to obtain Temporary Occupation Permit (TOP) in the third quarter of 2011. - CNA /ls

[jlrx]

It said the proposed acquisition is in line with its growth strategy to diversify into the property development business.

Now it seems like every company in Singapore is going into properties ... :doh:

I just went to Wee Hur's website and their motto reads:

"Prudence in our ways; Excellence is our aim"

Perhaps the motto should now be changed to:

"Caution to the winds; Speculation is our aim"

Well ... it can't be helped that the richest tycoons in Singapore are property speculators. :spliff:

So the moral of the story is that you get richer speculating in properties than producing real work like construction (Wee Hur), computers (Aztech), books (Popular), garments (Wing Tai), jewellery (Aspial). :doh:

Perhaps I should also "diversify into the property development" by redeveloping some small old single-storey landed houses into new 3-storey houses ... wonder anyone here will "queue up" to buy? :confused: