Sellers of Sentosa Cove unit revealed

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http://www.businesstimes.com.sg/sub/...18340,00.html?

Published March 2, 2012

Sellers of Sentosa Cove unit revealed

Deepak Sharma, Susan Lim owned bungalow sold for record $39m

By CHEN HUIFEN


(SINGAPORE) The Sentosa Cove bungalow that was recently sold for a record $39 million had belonged to Citi Private Bank chairman Deepak Sharma and his surgeon wife Susan Lim.

Yesterday, BT reported that a seafronting landed property at Cove Drive had set a record selling price for a bungalow sold on Sentosa Cove. The previous record of $36 million was for a bungalow sold in 2010.

A source told The Business Times that Mr Sharma, a veteran banker who also co-chairs the Private Banking Industry Group (PBIG) in Singapore, had purchased the property and also arranged for its subsequent sale.

A land titles search by BT showed up Mr Sharma's wife's name. Dr Lim is known for performing the first liver transplant in Singapore. She made headlines last year when her attempts to block an inquiry by the Singapore Medical Council went to court. She took the case all the way to the Court of Appeal, which dismissed her appeal late last year. Two sets of lawyers were said to have been hired in the legal proceedings.

Mr Sharma, originally from New Delhi before becoming a Singapore citizen, married Dr Lim in 2000.

The search also unveiled the name of the buyer as a Shael Oswal. He is said to be from India and involved in the mining business.

Sentosa Cove has been drawing interest from foreign property buyers as it is the only place in Singapore where foreigners who are not permanent residents can buy a landed home. However, following the 10 per cent additional buyer's stamp duty on foreigners introduced last December, analysts were predicting a slight moderation of prices on Sentosa Cove bungalows.

Considering that the latest transacted site had a land area of 15,929 sq ft, the price works out to $2,448 psf. The 99-year leasehold property is reported to have five bedrooms, a spacious living area and an entertainment room.

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http://www.straitstimes.com/PrimeNew...ry_772662.html

Susan Lim sells home at Sentosa Cove for $39m

Buyer of surgeon's bungalow believed to be an Indian national

Published on Mar 2, 2012


Dr Lim's sea-facing bungalow was priced at $2,448 per sq ft. This sale smashes the old record of $36 million - or $2,403 psf - paid for a 14,983 sq ft bungalow on Paradise Island in the northern part of Sentosa Cove in 2010. -- ST PHOTOS: NEO XIAOBIN

By Esther Teo, Property Reporter


EMBATTLED surgeon Susan Lim has sold her sea-facing bungalow in Sentosa Cove for $39 million, a record absolute price for the upmarket enclave.

It is believed the home - a plush residence said to have five bedrooms and an entertainment room - was bought by an Indian national from the energy sector.

A few months ago, his purchase would have attracted the standard 3 per cent stamp duty, but the measures that came in on Dec 8 imposed an additional 10 per cent duty on foreign home buyers.

So the buyer will now have to stump up about $5 million in levies for the privilege of buying Dr Lim's home.

Sentosa Cove is the only place where non-permanent resident foreigners can buy landed homes, although transactions still need government approval.

Dr Lim's 15,929 sq ft estate in Cove Drive - likely two adjoining plots that had been merged - was priced at $2,448 per sq ft (psf).

That is well above auction prices achieved for 12 vacant Sentosa Cove bungalow plots in the southern precinct where Cove Drive is located.

Each plot went for between $656 and $1,039 psf in August 2006, or between $5.56 million and $8.15 million each. They do not include the construction costs. But even taking into account these costs, Dr Lim most likely has made a handsome profit from the sale.

The Lim sale smashes the old record of $36 million - or $2,403 psf - paid for a 14,983 sq ft bungalow on Paradise Island in the northern part of Sentosa Cove.

Mr Shen Bin, a Chinese national and Singapore permanent resident, is believed to have bought the property in May 2010.

Mr Shen is said to be the son of billionaire entrepreneur Shen Wenrong, chairman of China-based steel manufacturer Shagang Group.

The island experienced tepid sales volumes last year, so this latest mega-deal could revive the sector.

Only 79 caveats - 24 for landed and 55 for non-landed homes - with a total value of $737.6 million were lodged with the Urban Redevelopment Authority last year.

And there were only 12 new home sales last year, forcing some developers to look towards renting out completed but unsold projects.

The lacklustre 2011 followed a better year when 203 caveats - 62 landed and 141 non-landed homes - with a value of $1.7 billion were lodged.

With 75 caveats lodged, 2008 was the only year with lower sales volumes than 2011 since caveats started being lodged for Sentosa Cove in 2004.

Dr Lim was in the limelight after she took the Singapore Medical Council (SMC), which regulates the medical profession, to court. She had wanted to block an inquiry by a second medical disciplinary committee to look into complaints of overcharging.

There were allegations that she charged a member of the Brunei royal family $24.8 million for seven months of treatment and made false representations in invoices rendered to her. The patient died of cancer in 2007. Dr Lim later gave a 50 per cent discount.

After losing her case in both the High Court and the Court of Appeal, she has to bear the cost of her own legal fees as well as those of the SMC.

In such civil suits the losing party has to pay a part of the winning party's legal charges. This is in addition to the fees Dr Lim has to pay her own lawyers. She will also have to pay costs for both hearings.

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