Jump to content

Private property prices... Up or Down?

Kelfinity

By Kelfinity,
in Property Buzz

 Share

Recommended Posts

Wyfitms

Wyfitms

Twincharged

Arrested China exec said to be buyer of Sentosa villa


 


Zhang Min, the Chinese businesswoman involved in the Ezubao ponzi scandal, is believed to have been the buyer of a SGD23.8 million bungalow along Lakeshore View in Sentosa Cove, the purchase of which has not been completed.


 


Market watchers reckon that Zhang would have paid a 5 per cent deposit of the purchase price, that is, SGD1.19 million - which would have been forfeited when she did not complete the transaction. The bungalow in question, which fronts the Serapong Golf Course and overlooks the sea, is now back on the market. It is owned by three siblings from a Hong Kong family, two of whom are British citizens and the third, a Singapore citizen.


 


The SGD23.8 million price it was to have been sold for, translates to SGD2,775 per square foot (psf) on the land area of 8,576 sq ft. The property is on a site with a balance lease term of 89 years at the time that the deal was entered into last October.


 


Just six houses from the bungalow in question at Sentosa Cove, another property was bought in 2013 for SGD26 million or SGD2,922 psf by Zhu Xingliang, whom The Edge has identified as the founder of Shenzhen-listed interior design and construction firm Suzhou Gold Mantis Construction Decoration Co. Ltd. In January 2014, he was reported to have been arrested. He was implicated in the investigation of Nanjing mayor Ji Jianye, who was removed from office in a graft probe in October 2013.


 


News of the more recent, SGD23.8 million or SGD2,775 psf transaction along Lakeshore View in Q4 last year, had boosted sentiment, given its relatively high psf price despite the general lack of transactions in the waterfront housing district.


 


Link to story:


http://www.businesstimes.com.sg/real-estate/arrested-china-exec-said-to-be-buyer-of-sentosa-villa

↡ Advertisement
  • Praise 3
Link to post
Share on other sites
Donut

Donut

Supercharged

 

Arrested China exec said to be buyer of Sentosa villa

 

Zhang Min, the Chinese businesswoman involved in the Ezubao ponzi scandal, is believed to have been the buyer of a SGD23.8 million bungalow along Lakeshore View in Sentosa Cove, the purchase of which has not been completed.

 

Market watchers reckon that Zhang would have paid a 5 per cent deposit of the purchase price, that is, SGD1.19 million - which would have been forfeited when she did not complete the transaction. The bungalow in question, which fronts the Serapong Golf Course and overlooks the sea, is now back on the market. It is owned by three siblings from a Hong Kong family, two of whom are British citizens and the third, a Singapore citizen.

 

The SGD23.8 million price it was to have been sold for, translates to SGD2,775 per square foot (psf) on the land area of 8,576 sq ft. The property is on a site with a balance lease term of 89 years at the time that the deal was entered into last October.

 

Just six houses from the bungalow in question at Sentosa Cove, another property was bought in 2013 for SGD26 million or SGD2,922 psf by Zhu Xingliang, whom The Edge has identified as the founder of Shenzhen-listed interior design and construction firm Suzhou Gold Mantis Construction Decoration Co. Ltd. In January 2014, he was reported to have been arrested. He was implicated in the investigation of Nanjing mayor Ji Jianye, who was removed from office in a graft probe in October 2013.

 

News of the more recent, SGD23.8 million or SGD2,775 psf transaction along Lakeshore View in Q4 last year, had boosted sentiment, given its relatively high psf price despite the general lack of transactions in the waterfront housing district.

 

Link to story:

http://www.businesstimes.com.sg/real-estate/arrested-china-exec-said-to-be-buyer-of-sentosa-villa

 

 

everyone aware that our properties are for these foreigners to wash wash wash

  • Praise 4
Link to post
Share on other sites
RadX

RadX

Moderator

everyone aware that our properties are for these foreigners to wash wash wash

 

 

eh ello...not EVERYBODY hor...knn... :yuush:  :a-aggressive:

 

:grin:  :grin:

Link to post
Share on other sites
RadX

RadX

Moderator

.u have the BIGGEST washing machine lor!!!

 

 

lol...you wait....my fen look for you den u know.... [bounce2]

Link to post
Share on other sites
Donut

Donut

Supercharged

hmmmm hmmmm im getting curious :grin:

Don't get too curious.

 

@Radx will send his friend to look for u too. Hahaha

  • Praise 1
Link to post
Share on other sites
Angcheek

Angcheek

Hypersonic

Don't get too curious.

 

@Radx will send his friend to look for u too. Hahaha

 

hahhaha   :D  hope they dont be like Kong Hee..... later wan me to donate more $ 

  • Praise 5
Link to post
Share on other sites
Staff69

Staff69

Hypersonic
(edited)

Recommended by

 

 

 

 

 

 

 

 

 

 

Buyer of Sentosa villa said to be arrested China exec Zhang Min from Ezubao ponzi scandal

   bungalow65.jpg?itok=fLafPadQ

 

 

 

 

Zhang Min was president of Ezubao, a ponzi scheme that cheated 900,000 investors of 50b yuan. PHOTO: FILE

S$23.8m deal believed to have been aborted; caveat on property withdrawn in February

SINGAPORE (THE BUSINESS TIMES) - Zhang Min, the Chinese businesswoman involved in the Ezubao ponzi scandal, is believed to have been the buyer of a S$23.8 million bungalow along Lakeshore View in Sentosa Cove, the purchase of which has not been completed.

Sources as well as documents viewed by The Business Times suggest that the deal, which had been entered into last October, did not go through.

Zhang is understood to have been uncontactable when the completion date for the property's purchase fell due earlier this year. Shortly thereafter news broke that a person bearing the same name had been arrested in the Ezubao scandal in China.

 

Zhang had been granted an option for the bungalow's purchase in October last year; she exercised the option later in the same month and lodged a caveat on the property in November.

In early February this year, she withdrew the caveat. This was shortly after news broke of her arrest in China.

 
 

Market watchers reckon that Zhang would have paid a 5 per cent deposit of the purchase price, that is, S$1.19 million - which would have been forfeited when she did not complete the transaction.

The bungalow in question, which fronts the Serapong Golf Course and overlooks the sea, is now back on the market. It is owned by three siblings from a Hong Kong family, two of whom are British citizens and the third, a Singapore citizen.

The S$23.8 million price it was to have been sold for, translates to S$2,775 per square foot (psf) on the land area of 8,576 sq ft. The property is on a site with a balance lease term of 89 years at the time that the deal was entered into last October.

Ezubao was one of China's biggest Internet peer-to-peer (P2P) lenders. Launched in July 2004, the platform had collected over 50 billion yuan (S$10.8 billion) from an estimated 900,000 investors.

In late January this year, the official news agency Xinhua reported executives at Ezubao's parent company, Yucheng Group, as saying that it was a "complete Ponzi scheme" that used monies raised from investors to support a lavish lifestyle. Among the gifts that Yucheng chairman Ding Ning gave to Zhang, who was its president, were a S$20 million Singapore villa, a US$1.8 million (S$2.5 million) pink diamond ring, luxury limousines and watches and more than US$83 million in cash, Xinhua had reported.

The company is reported to have fabricated most of the projects on its website and paid old debts with money from new investors.

When Ezubao's fraud was uncovered late last year, executives buried 80 bags of documents in a six-metre hole on the outskirts of Hefei in Anhui province, where the company originated from.

Back to Lakeshore View on Sentosa Cove, interestingly, just six houses from the bungalow in question, another property was bought in 2013 for S$26 million or S$2,922 psf by Zhu Xingliang, whom The Edge has identified as the founder of Shenzhen-listed interior design and construction firm Suzhou Gold Mantis Construction Decoration Co. Ltd. In January 2014, he was reported to have been arrested. He was implicated in the investigation of Nanjing mayor Ji Jianye, who was removed from office in a graft probe in October 2013.

News of the more recent, S$23.8 million or S$2,775 psf transaction along Lakeshore View in Q4 last year, had boosted sentiment, given its relatively high psf price despite the general lack of transactions in the waterfront housing district.

 

 

 

 

 

 

 

so got fire sale now???  70% discount? :grin:

 

Edited by Staff69
  • Praise 6
Link to post
Share on other sites
Mercs

Mercs

Hypersonic

Recently had been running some volunteer work delivering food packs to the needy living in rental flats.

 

Some of them are living in quite atrocious environment that smell, are severely cramped, smelly and non-conducive environment. In one case, the mother was scantily dressed with another male (the father?) in the presence of many kids in the living room. Very worried what those food packs can do for them in the long run...

 

But at least they still have a shelter over their heads and the children do not appear to be starved.

 

Those who can give time or pay more tax, please give generously. OK, maybe not ABSD tax unless really need to.

Yes bro, indeed there are families struggling to cope, simple things we take for granted, PUB bills, 3 meals a day, etc.

Adults still can skip some meals at times, but I feel for the young kids.

We just do what we can to assist, whenever possible.

 

Good man, keep up the good work! [thumbsup] RESPECT [:)]

  • Praise 6
Link to post
Share on other sites
RadX

RadX

Moderator

Recently had been running some volunteer work delivering food packs to the needy living in rental flats.

 

Some of them are living in quite atrocious environment that smell, are severely cramped, smelly and non-conducive environment. In one case, the mother was scantily dressed with another male (the father?) in the presence of many kids in the living room. Very worried what those food packs can do for them in the long run...

 

But at least they still have a shelter over their heads and the children do not appear to be starved.

 

Those who can give time or pay more tax, please give generously. OK, maybe not ABSD tax unless really need to.

 

 

commendable effort and yes, we should do our part and help those WHO NEED.  

 

Often, due to the nature of the social circumstances, the help normally is not put to proper use and that is sad.  We should empower these who have challenging lives to make it on their own and rise up to their own level of independence

  • Praise 1
Link to post
Share on other sites
Mercs

Mercs

Hypersonic

haha bro, i am ashamed to admit this year i have been quite lazy... seldom go to showflats...

 

seriously speaking, one should acknowledge that 40% sold in one day is spectacular even during normal times.

 

Some people do not realize that a developer is sitting pretty comfy if they can just sell around 30-40% per year. Sufficient to fund development cost already. So when they see after one year just sold 50% they get very excited thinking that the developer will start to firesale his units. [laugh]

Haha yes bro, I see developers still launching new projects at rather high prices.

Dun seem to be too worried, about not being able to attract buyers [laugh]

 

http://www.straitstimes.com/business/property/more-launches-in-the-offing-as-residential-market-picks-up

More launches in the offing as residential market picks up

APR 26, 2016

 

More launches are in the works in the coming months as the residential market continues to show signs of waking from its slumber.

 

The Sturdee Residences in Jalan Besar, by Sustained Land, sold 122 of 305 units at an average price of $1,550 psf at its preview. It will be officially launched on Saturday. Most of the units sold were one to two bedders while three of eight penthouses have been taken. Two of these were 1,830 sq ft units that went for $3.2 million each.

 

The show gallery for Gem Residences by Evia Real Estate, Gamuda and Maxdin is opening this weekend as well. Bookings for the 578-unit project in Toa Payoh start end-May with average prices at about $1,480 psf.

 

Pre-sales for Stars of Kovan by Cheung Kong Property are also expected to start next month. Condo prices at the mixed-use project, which has 390 condo units, five strata terraces and 46 shops, are about $1,550 to $1,600 psf.

  • Praise 8
Link to post
Share on other sites
Newbie26

Newbie26

Hypersonic

The Steady Sturdee very very Steady man...

 

went past the showflat without checking in, looked crowded

 

1550pfs for a 99 LH property, while location is convenient, should go around and walk the area at night,

see you like it or not

 

In the area the breakthrough condo was kerrisdale many years ago, those who bought and cashed out subsequently had made a pile

 

Still quite a walk to the mrt though

 

Quantum was key, the 420sfeet studio was just above 600k.

 

City sq residence, FH, location is better 

 

Looks like coming GEMs and the STARs launches are going to do as well

 

Perhaps all these STurdee Gems have all been written in the STARs

 

to tell us Market launches picking up

 

Like that how to remove CMs?

 

 

Haha yes bro, I see developers still launching new projects at rather high prices.
Dun seem to be too worried, about not being able to attract buyers [laugh]

http://www.straitstimes.com/business/property/more-launches-in-the-offing-as-residential-market-picks-up
More launches in the offing as residential market picks up
APR 26, 2016

More launches are in the works in the coming months as the residential market continues to show signs of waking from its slumber.

The Sturdee Residences in Jalan Besar, by Sustained Land, sold 122 of 305 units at an average price of $1,550 psf at its preview. It will be officially launched on Saturday. Most of the units sold were one to two bedders while three of eight penthouses have been taken. Two of these were 1,830 sq ft units that went for $3.2 million each.

The show gallery for Gem Residences by Evia Real Estate, Gamuda and Maxdin is opening this weekend as well. Bookings for the 578-unit project in Toa Payoh start end-May with average prices at about $1,480 psf.

Pre-sales for Stars of Kovan by Cheung Kong Property are also expected to start next month. Condo prices at the mixed-use project, which has 390 condo units, five strata terraces and 46 shops, are about $1,550 to $1,600 psf.

 

  • Praise 10
Link to post
Share on other sites
Mercs

Mercs

Hypersonic
(edited)

The Steady Sturdee very very Steady man...

 

went past the showflat without checking in, looked crowded

 

1550pfs for a 99 LH property, while location is convenient, should go around and walk the area at night,

see you like it or not

 

In the area the breakthrough condo was kerrisdale many years ago, those who bought and cashed out subsequently had made a pile

 

Still quite a walk to the mrt though

 

Quantum was key, the 420sfeet studio was just above 600k.

 

City sq residence, FH, location is better

 

Looks like coming GEMs and the STARs launches are going to do as well

 

Perhaps all these STurdee Gems have all been written in the STARs

 

to tell us Market launches picking up

 

Like that how to remove CMs?

Agreed, to me Sturdee location wise just so so, not really near mrt, yet selling $1550psf.

Furthermore, 3 big unit penthouses sold, $3.2mil each you know, go figure! [laugh]

 

New launches still moving units, prices also not coming down.

Moving forward, less supply too as private new completed unit numbers will start to drop significantly from just next year onwards.

So, unlikely to remove CM near term, maybe just some tweaks.

 

The other 2, Gem and Stars should be able do well too.

 

GEM -no new launch there for some years, pent up demand.

http://www.propertyguru.com.sg/property-management-news/2016/4/122800/new-condo-to-launch-in-toa-payoh-after-seven-years

New condo to launch in Toa Payoh after seven years

 

Stars - developer seems pretty confident, 10mil showflats, maybe should go check it out [:)]

http://www.theedgeproperty.com.sg/content/stars-kovan-unveiled

Stars of Kovan unveiled

 

According to Wong, Cheung Kong plans to spend $10 million on the showflats and sales gallery of Stars of Kovan. “We want our sales gallery and showflats to reflect the quality of the future project,”

 

Pent-up demand

No doubt, housing prices in Singapore have corrected since 3Q2013. As at end-1Q2016, the URA private property index was back to 4Q2010 levels, points out Wong. “That means prices are more affordable, and it’s a good time to buy property,” he says. He reckons there is pent-up demand of more than 10,000 units built up over the last two years because of the property cooling measures.

 

Based on the government land sales awarded over the last few years, the number of private residential units scheduled for completion next year is about 14,000, with another 10,000 targeted to come onstream by 2018. However, the supply of new completions is expected to fall off significantly to 6,000 units in 2019 and just around 2,000 units by 2020. “Even if a developer were to buy a piece of land today, the [Temporary Occupation Permit] will be in 2021. With future supply slowing and pent-up demand building up, property prices should be bottoming,” reckons Wong.

post-18880-0-97208200-1461682065.png

Edited by Mercs
  • Praise 8
Link to post
Share on other sites
Porker

Porker

Turbocharged

 

Arrested China exec said to be buyer of Sentosa villa

 

Zhang Min, the Chinese businesswoman involved in the Ezubao ponzi scandal, is believed to have been the buyer of a SGD23.8 million bungalow along Lakeshore View in Sentosa Cove, the purchase of which has not been completed.

 

Market watchers reckon that Zhang would have paid a 5 per cent deposit of the purchase price, that is, SGD1.19 million - which would have been forfeited when she did not complete the transaction. The bungalow in question, which fronts the Serapong Golf Course and overlooks the sea, is now back on the market. It is owned by three siblings from a Hong Kong family, two of whom are British citizens and the third, a Singapore citizen.

 

The SGD23.8 million price it was to have been sold for, translates to SGD2,775 per square foot (psf) on the land area of 8,576 sq ft. The property is on a site with a balance lease term of 89 years at the time that the deal was entered into last October.

 

Just six houses from the bungalow in question at Sentosa Cove, another property was bought in 2013 for SGD26 million or SGD2,922 psf by Zhu Xingliang, whom The Edge has identified as the founder of Shenzhen-listed interior design and construction firm Suzhou Gold Mantis Construction Decoration Co. Ltd. In January 2014, he was reported to have been arrested. He was implicated in the investigation of Nanjing mayor Ji Jianye, who was removed from office in a graft probe in October 2013.

 

News of the more recent, SGD23.8 million or SGD2,775 psf transaction along Lakeshore View in Q4 last year, had boosted sentiment, given its relatively high psf price despite the general lack of transactions in the waterfront housing district.

 

Link to story:

http://www.businesstimes.com.sg/real-estate/arrested-china-exec-said-to-be-buyer-of-sentosa-villa

 

 

What did Stephen Chow say about his former on screen girlfriend being arrested?

  • Praise 2
Link to post
Share on other sites
Guest
This topic is now closed to further replies.
 Share
Go to topic listing
×
×
  • Create New...