$36m Sentosa Cove deal called off

[second thoughts?]

Merry Xmas everyone! It's been a good year, next year will be much harder... When more people start to realize they have overpaid for their units, no one knows what will happen:


$36m Sentosa Cove deal called off?

Today Paper Dec 23, 2010

SINGAPORE - The record $36 million deal for a bungalow at Paradise Island on Sentosa Cove has reportedly been called off.

According to Lianhe Zaobao, the buyer - identified in earlier media reports as Mr Shen Bin, a 31-year-old Chinese national who is a Singapore Permanent Resident - has backed out of the deal and lost about $500,000 in deposit, agent fees, legal fees and procedural fees.

The newspaper said the buyer called off the deal after he realised he paid over the market rate, after reading media reports surrounding the sale. The deal - touted as the priciest in the upscale waterfront housing district - came to light in June, based on caveat records captured by the Urban Redevelopment Authority and was said to have been signed on May 3.

Currently the chief financial officer, Mr Shen Bin is slated to take over his father, Mr Shen Wen Rong's company, Chinese firm Sha Steel.

[Vulcanl]

I'll bet someone else comes in and snaps this up for at least SGD 40 million...it's a Golden opportunity,don't miss the boat!! 

[Flock wallpaper]

they'll be flocking in to see it!

[Effort]

It seems a bit ironic he's the Chief Financial Officer.....they are usually the one with the tightest grip.

A bit more effort on his part and he might have known the market rate before the journos told him, and before he did the deal. Some people obviously make too much money.

[Agent007]

He wasm't allowed to buy it you soft plate! Get real!

[Contract]

He wasm't allowed to buy it you soft plate! Get real!

No goofball. That silly macaroni has to now buy it. Specific performance.

[neep]

he must have bought it 'off=plan' 

[Local Singaporean]

Foreigners come to Singapore not knowing what the market price is.

Hence, they tend to overpay for the houses they buy.

Locals in Singapore however, try their luck by selling to gullible foreigners who are willing to pay for those prices.

Reason is because foreigners mistakenly compare London / Hong Kong prices to Singapore prices.

These foreigners forget 1 tiny little detail - SALARIES IN LONDON AND HONG KONG ARE SUBSTANTIALLY HIGHER THAN IN SINGAPORE.

I myself am thinking of unloading my own unit to a dumb foreigner who is desperate enough to pay for my lifestyle and retirement.  

Merry Xmas everyone! It's been a good year, next year will be much harder... When more people start to realize they have overpaid for their units, no one knows what will happen:


$36m Sentosa Cove deal called off?

Today Paper Dec 23, 2010

SINGAPORE - The record $36 million deal for a bungalow at Paradise Island on Sentosa Cove has reportedly been called off.

According to Lianhe Zaobao, the buyer - identified in earlier media reports as Mr Shen Bin, a 31-year-old Chinese national who is a Singapore Permanent Resident - has backed out of the deal and lost about $500,000 in deposit, agent fees, legal fees and procedural fees.

The newspaper said the buyer called off the deal after he realised he paid over the market rate, after reading media reports surrounding the sale. The deal - touted as the priciest in the upscale waterfront housing district - came to light in June, based on caveat records captured by the Urban Redevelopment Authority and was said to have been signed on May 3.

Currently the chief financial officer, Mr Shen Bin is slated to take over his father, Mr Shen Wen Rong's company, Chinese firm Sha Steel.

[Realist2011]

You forgot to mention that Foreigners are often misled by real estate agents in search of blood.

The fact that he overpaid and was willing to fork out 36 million is simply a reflection of how real estate agents operate.

Foreigners come to Singapore not knowing what the market price is.

Hence, they tend to overpay for the houses they buy.

Locals in Singapore however, try their luck by selling to gullible foreigners who are willing to pay for those prices.

Reason is because foreigners mistakenly compare London / Hong Kong prices to Singapore prices.

These foreigners forget 1 tiny little detail - SALARIES IN LONDON AND HONG KONG ARE SUBSTANTIALLY HIGHER THAN IN SINGAPORE.

I myself am thinking of unloading my own unit to a dumb foreigner who is desperate enough to pay for my lifestyle and retirement.  

Merry Xmas everyone! It's been a good year, next year will be much harder... When more people start to realize they have overpaid for their units, no one knows what will happen:


$36m Sentosa Cove deal called off?

Today Paper Dec 23, 2010

SINGAPORE - The record $36 million deal for a bungalow at Paradise Island on Sentosa Cove has reportedly been called off.

According to Lianhe Zaobao, the buyer - identified in earlier media reports as Mr Shen Bin, a 31-year-old Chinese national who is a Singapore Permanent Resident - has backed out of the deal and lost about $500,000 in deposit, agent fees, legal fees and procedural fees.

The newspaper said the buyer called off the deal after he realised he paid over the market rate, after reading media reports surrounding the sale. The deal - touted as the priciest in the upscale waterfront housing district - came to light in June, based on caveat records captured by the Urban Redevelopment Authority and was said to have been signed on May 3.

Currently the chief financial officer, Mr Shen Bin is slated to take over his father, Mr Shen Wen Rong's company, Chinese firm Sha Steel.

[Blurblurped]

Absolutely spot on.
Tararam ram ram another one bite the dust.

[sentosavilla]

rumours tat he flank not because he cannot afford it but rather of the intense media publicity at his homeland..

[stopit]

The government should really clamp down on foreigners speculating in Singapore properties and causing massive massive price spikes.

[CFOs and CFOs]

It seems a bit ironic he's the Chief Financial Officer.....they are usually the one with the tightest grip.

A bit more effort on his part and he might have known the market rate before the journos told him, and before he did the deal. Some people obviously make too much money.

Not really. Remember, this is his father's company. More like Chief Funnelling Officer - if you know what I mean.

[Agent007]

The government should stop keeping prices artificially low and attract more foreigners.

[a few points]

1. Prices in singapore are hardly low (artificially or otherwise)

2. Who does the government work for? Singaporeans or foreigners?