Results 1 to 12 of 12

Thread: Ezra's Lee family puts Sentosa bungalow up for sale

  1. #1
    Join Date
    Oct 2011
    Posts
    10,829

    Default Ezra's Lee family puts Sentosa bungalow up for sale

    http://www.businesstimes.com.sg/real...ow-up-for-sale

    Ezra's Lee family puts Sentosa bungalow up for sale

    The price tag is said to be S$26m, and follows sale of a GCB by family last October

    By Kalpana Rashiwala

    [email protected]

    @KalpanaBT

    Anita Gabriel

    [email protected]

    @AnitaGabrielBT


    The Sentosa Cove bungalow (above) is held by Lee Kian Soo, Ezra's founder and chairman and father of Lionel Lee, the group's CEO.
    PHOTO: ARTHUR LEE

    Mar 3, 2016


    EZRA Holdings' Lee family has put their waterway-fronting Sentosa Cove bungalow on the block, months after they sold a Good Class Bungalow (GCB) along Windsor Park Road last October for a cool S$22 million.

    The Business Times understands that the exclusive two-storey five-bedroom property in the South Cove precinct was put on the market after the Chinese New Year festivities. It comes with a price tag of S$26 million, or S$2,258 per square foot on land area, which industry watchers deem "reasonable".

    The property is held by Lee Kian Soo, Ezra's founder and chairman and father of Lionel Lee, the offshore marine firm's chief executive and managing director.

    Based on a corporate profile search, the Sentosa Cove property is listed as Mr Lionel Lee's address.

    The property, which boasts a private berth, has a total floor area of 12,400 sq ft and a land area of 11,515 sq ft. The bungalow is on a site with a balance lease term of about 91 years.

    The most recent transaction of a villa on Sentosa Cove was in the fourth quarter of last year, when a bungalow along Lakeshore View fronting Serapong Golf Course sold for S$23.8 million or S$2,775 psf. This was the highest price (on psf of land) fetched by a bungalow in the waterfront housing district in more than two years.

    In October last year, Mr Lionel Lee and his mother Goh Gaik Choo are said to have sold their Balinese-style GCB located off Upper Thomson Road for S$21.8 million; the price translated to $1,070 psf on the freehold land area of 20,383 sq ft. Completed in 2006, the house has two storeys, a basement carpark and a roof terrace for functions.

    These properties are not the only assets that have been shuffled or sold by the family, particularly by Mr Lionel Lee, in recent months.

    Last month, the 42-year-old unloaded 20 million shares in Catalist-listed Select Group for S$7.1 million to his mother Ms Goh, cutting his stake from 23 per cent to some 9 per cent in the food caterer.

    In late January, he forked out S$60,200 to scoop up one million Ezra shares, barely two weeks after a forced sale of 11.5 million Ezra shares which were held by his private vehicle.

    The forced sale of S$913,341 worth of Ezra shares on Jan 12 was triggered by the sharp fall in the counter which had caused covenants of a banking facility to be breached. It was reported that the shares were pledged for a loan facility for a company unrelated to Ezra.

    Despite its recent pick-up, Ezra's stock price has suffered a hammering, having lost over 20 per cent of its value this year - it's down over 75 per cent from a year ago - amid a slumping oil and gas market with pundits expecting more pain ahead before things look up.

    The oil rout - there have been hopeful intervals of higher prices - has led to spending cuts, layoffs and less contracts to dish out, all of which have hit industry players hard. The Lees' flagship firm Ezra and its other listed subsidiaries have not been spared.

    The gloomy backdrop has led to a complete turnabout in the company's fortunes with Ezra reporting its first ever quarterly loss of US$55 million over the quarter ended Nov 2015.

    Ezra's other divisions, subsea services provider EMAS offshore suffered a similar fate over the period while its fabrication arm Triyards held up relatively better although profits dived 25 per cent largely owing to the absence of a one-off gain reported a year back.

    The company has also seen a string of board and management changes over the past year.

    The elder Mr Lee, a corporate veteran, assumed the post of Ezra chairman - again - in February after Koh Poh Tiong stepped down from the position he held for three years; Mr Lee, the founding chairman had earlier held this position till late 2012.

    In late January, its chief financial officer Eugene Cheng stepped down citing "personal and family reasons" and in place, Triyards chief executive Chan Eng Yew was appointed interim CFO - he holds both positions concurrently.

  2. #2
    Join Date
    Jan 2009
    Posts
    566

    Default

    Perfect, I sense a 2008 moment.

  3. #3
    Join Date
    Jun 2015
    Posts
    307

    Default

    Hopefully it is not like 2008 because 2009 rebounced too quickly many MTB

  4. #4
    Join Date
    Jan 2009
    Posts
    566

    Default

    Quote Originally Posted by Citizen View Post
    Hopefully it is not like 2008 because 2009 rebounced too quickly many MTB
    Always stay invested...but also with ready amunition. You never know when opportunity arrives.

  5. #5
    Join Date
    May 2008
    Posts
    9,279

    Default

    could the 2008 moment have already passed us by (except for the oil & gas sector), for ppty, when the mortgagee sales were there and buyers absent in 2014 and 2015? buying seems to have picked up recently.

  6. #6
    teddybear's Avatar
    teddybear is offline Global recession is coming....
    Join Date
    Mar 2009
    Posts
    10,800

    Default

    Not if you are looking for OCR private properties... still have to wait another year or not and durians will be dropping...............

    Quote Originally Posted by bargain hunter View Post
    could the 2008 moment have already passed us by (except for the oil & gas sector), for ppty, when the mortgagee sales were there and buyers absent in 2014 and 2015? buying seems to have picked up recently.

  7. #7
    Join Date
    May 2008
    Posts
    9,279

    Default

    was referring to CCR and GCBs.

    Quote Originally Posted by teddybear View Post
    Not if you are looking for OCR private properties... still have to wait another year or not and durians will be dropping...............

  8. #8
    teddybear's Avatar
    teddybear is offline Global recession is coming....
    Join Date
    Mar 2009
    Posts
    10,800

    Default

    Oh I see, not too late, just recovering from trough................

    Quote Originally Posted by bargain hunter View Post
    was referring to CCR and GCBs.

  9. #9
    Join Date
    Jan 2009
    Posts
    566

    Default

    Quote Originally Posted by bargain hunter View Post
    could the 2008 moment have already passed us by (except for the oil & gas sector), for ppty, when the mortgagee sales were there and buyers absent in 2014 and 2015? buying seems to have picked up recently.
    I was referring to the economy in general. I feel the recent rout has not really spread to the rest of the sectors. It's mainly contained within the O&G and Financial sectors. In other sectors, provisions for bad debts have increased yoy but I do not see any increase in bad debt expense....yet.

    Personally, I have picked up a resale 4-bedder FH condo in D10. The unit attracted 10 groups of viewers and 5 offers. I was the first to offer, on the spot and without any co-broke agent. Vendor agent was eager to deal with me. OTP received within 24 hours even though seller was overseas, chop chop kalipok!

  10. #10
    Join Date
    Dec 2008
    Posts
    3,721

    Default

    Quote Originally Posted by HP65 View Post
    I was referring to the economy in general. I feel the recent rout has not really spread to the rest of the sectors. It's mainly contained within the O&G and Financial sectors. In other sectors, provisions for bad debts have increased yoy but I do not see any increase in bad debt expense....yet.

    Personally, I have picked up a resale 4-bedder FH condo in D10. The unit attracted 10 groups of viewers and 5 offers. I was the first to offer, on the spot and without any co-broke agent. Vendor agent was eager to deal with me. OTP received within 24 hours even though seller was overseas, chop chop kalipok!
    The seller agent very happy to pick you because you do not have an agent representing you, so he gets all the commission for himself. If you offer a little lower he will still pick you, hehe.

  11. #11
    Join Date
    Jan 2009
    Posts
    566

    Default

    Quote Originally Posted by august View Post
    The seller agent very happy to pick you because you do not have an agent representing you, so he gets all the commission for himself. If you offer a little lower he will still pick you, hehe.
    Actually I was even willing to pay above the asking. I rope in my agent to negotiate on my behalf but I told them no need to co-broke. I pay my agent directly. Adopted this strategy coz I want to be ahead of the pack. True enough, 2 days after giving me the OTP, agent asked if I would consider selling my option.

    I did try to offer a bit lower but seller was adamant. In the end, quite happy to just pay the asking to quickly seal the deal.

  12. #12
    Join Date
    May 2008
    Posts
    9,279

    Default

    yup, similar observations. the key is, no one knows if it will spread to the other sectors but everyone was in fear of how lehman it would get. with the crowd all on that side, the contrarian thinking would be what if it is not as bad as what the crowd thinks? nobody will know which is right or wrong, we just have to measure our risks and invest when we are comfortable.

    Quote Originally Posted by HP65 View Post
    I was referring to the economy in general. I feel the recent rout has not really spread to the rest of the sectors. It's mainly contained within the O&G and Financial sectors. In other sectors, provisions for bad debts have increased yoy but I do not see any increase in bad debt expense....yet.

    Personally, I have picked up a resale 4-bedder FH condo in D10. The unit attracted 10 groups of viewers and 5 offers. I was the first to offer, on the spot and without any co-broke agent. Vendor agent was eager to deal with me. OTP received within 24 hours even though seller was overseas, chop chop kalipok!

Similar Threads

  1. Replies: 0
    -: 23-09-21, 14:36
  2. Ridout bungalow in family row almost sold
    By reporter2 in forum Landed Property
    Replies: 6
    -: 10-04-19, 20:22
  3. Ezra chairman's villa in Sentosa Cove being sold
    By reporter2 in forum Landed Property
    Replies: 0
    -: 05-04-17, 23:02
  4. Family 'celebrates' end of bungalow
    By reporter2 in forum Landed Property
    Replies: 17
    -: 14-05-13, 21:21
  5. Lippo puts in top bid for Sentosa condo site
    By guest in forum Singapore Private Condominium Property Discussion and News
    Replies: 0
    -: 18-09-06, 18:22

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •