MP buys into shoebox home

[carbuncle]

» 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.

[carbuncle]

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.

[Kelonguni]

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!

[evergreen]

MP can't be wrong. Chiong now or regret later!

[Kanarazu]

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.

[Leeds]

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]

MP buy shoe box also become news?

MP buy GCB then is news worthy leh...

[price]

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

[carbuncle]

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.

[carbuncle]

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.

[carbuncle]

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

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.

[DC33_2008]

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]

Buy b4 ban? Suntec also full of mm shops same for reits malls

[chiaberry]

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.

[price]

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]

MM good for the more elite 30k immigrants

[carbuncle]

MM good for the more elite 30k immigrants

Imagine if Eduardo buys an MM next...

[dtrax]

is as good as issuing an IMMEDIATE BUY CALL for MM.. wtf

[phantom_opera]

Imagine if Eduardo buys an MM next...

A man with his calibre can develop super-wired-MM, not buy MM

[carbuncle]

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)

[Kelonguni]

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.

[price]

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?

[carbuncle]

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.

[DKSG]

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

[land118]

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...?.

[DKSG]

May be they know more CM coming, so buy 1st...?.

They will always win in any such investments.

They have access to information which we doesnt. There is no insider "investment" laws. Haha!

DKSG

[DKSG]

May be they know more CM coming, so buy 1st...?.

Chances are they know more money coming in and CMs not coming!

DKSG

[Rysk]

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.

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..

[carbuncle]

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!!!!!

[carbuncle]

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..

Eh......eh eh eh.... From one BW to another BW, overheard. Nice title for tabloid...