Singapore Companies

Published January 20, 2007

F&N CEO buys ClementiWoods condo unit

TWO units at Frasers Centrepoint's 99-year leasehold ClementiWoods condominium project, which was soft-launched two weekends ago, have been bought by a director and a relative of a director of its parent Fraser & Neave.

ClementiWoods: F&N director Nicky Tan's sister has also bought a unit there

F&N chief executive Han Cheng Fong bought an apartment for $758,190 after a discount of 3.5 per cent. Tan Joon Yang, sister of F&N director Nicky Tan, also purchased a unit in the development, said F&N. Ms Tan's unit cost her $1,447,000 after a 3 per cent discount.

The 3 per cent discount was given to all buyers of units sold during the initial launch, while the additional 0.5 per cent discount Dr Han received was given under a loyalty programme for all buyers who had previously bought units in projects by Frasers Centrepoint or F&N.

F&N said both Dr Han and Ms Tan 'enjoyed no more favourable purchase terms than were available to third party buyers at the time of the transaction'.

About half of the 240-unit 'eco-development' project facing Clementi Woods Park was taken up during the soft launch.

The project consists of one- to five-bedroom apartments, ranging from 560 sq ft to 3,197 sq ft. Units were reportedly going for just over $525 per square foot.