Singapore Companies

Published February 28, 2007

Interested parties buy 10 [email protected] units

By UMA SHANKARI



MEDIA group Singapore Press Holdings (SPH) said yesterday that directors and related parties have bought 10 apartments at its [email protected] condominium for a total of $24.9 million.

The company said in a filing to the Singapore Exchange that its board has approved the proposed sale of the 10 units to 'interested parties' related to four directors - chairman Tony Tan, Lee Ek Tieng, Sum Soon Lim and Willie Cheng Jue Hiang. No discounts were given, SPH said.

Dr Tan's son and daughter-in-law bought a unit for $1.9 million. And Bee Kiang Pte Ltd, a company in which Dr Tan and his immediate family have an interest of at least 30 per cent, bought one unit for $3.1 million and another for $2.8 million.

Mr Lee and members of his family bought four units worth a total of $10.4 million, at individual prices ranging from $2.2 million to $3 million. An apartment bought by Mr Lee and his wife cost $3 million.

Mr Sum and his family bought two units worth $4.5 million. An apartment bought by Mr Sum and his wife cost $2.2 million.

Mr Cheng and his wife bought a unit for $2.3 million.

SPH soft-launched the 273-unit freehold [email protected] condo on Jan 28. It said later that all units in the four-tower luxury project at Thomson were snapped up within 30 hours. The average selling price was $975 per square foot and the highest recorded price $1,200 psf.