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

http://www.channelnewsasia.com/stori...008137/1/.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

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Originally Posted by mr funny

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

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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: