The ST reported yesterday that the sizzling property market is prompting even the developers themselves to snap up units in their new projects. This is especially for high-end properties.
Singapore Exchange filings show that at least four listed developers have sold units in their residential developments to relatives or “interested parties”. An interested party can be a director, a chief executive, a controlling stakeholder or one of their associates.
Among those listed in the ST report, it was said that the wife of CDL executive chairman has bought a third-floor unit in the 228-unit Residences at W Singapore Sentosa Cove for $4.6 million.
We have absolutely no issue with developers selling to their relatives and “interested parties” as long as such sales are transparent and aboveboard. Hey, if the wife and I are a property developer ourselves (one can always dream), we will also want to take care of our “inner circles”.
What really caught our attention was the fact that at the time of the option of purchase was granted, members of the public were being offered a 20% discount on this project! An additional 2% discount was offered to the company’s directors, including their spouses and children, under its preferential discount scheme for buying units in its developments, said CDL in its statutory filing. So Mrs Kwek Leng Beng had supposedly received a 22% discount.
To be able to afford a 20% discount… the wife and I wonder how much CDL is actually making out of Residences at W Singapore.
And for the benefits of those with the spare millions and seeking a “coastal” home in Sentosa, here are some details on Residences at W Singapore that we have managed to scamper together.
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Project: Residences at W Singapore
Description: Integrated development with retail outlets, hotel and private condominium residence under Starwood’s flagship “W” Hotels brand.
Developer: City Developments Limited (CDL)
District: 4
Address: 1, 3, 5, 7, 9, 11, 13 Ocean Way
Tenure: 99-years with effect from 31 Oct 2006
Site Area: 250,407sqft
Plot Ratio: 1.6
# of Towers: 7
# of Storeys: 6
# of Units: 228
Carpark Lots: 244 basement parking lots, excluding 2 buggy lots
Location Map
Unit Types & Sizes
• 2-Bedrooms Typical (36 units): 1227 – 1259sqft
• 2-Bedrooms PES (6 units): 1270 – 1292sqft
• 3-Bedrooms Typical (70 units): 1625 – 1755sqft
• 3-Bedrooms PES w/Spa Pool (16 units): 1948 – 2616sqft
• 4-Bedrooms Typical (54 units): 2067 – 2131sqft
• 4-Bedrooms PES w/Spa Pool (12 units): 2422 – 2486sqft
• Penthouse – 2-Bedrooms+Study (4 units): 2217 – 2228sqft
• Penthouse – 3-Bedrooms (12 units): 2508 – 2573sqft
• Penthouse – 4-Bedrooms (10 units): 3240 – 3348sqft
• Penthouse – 4-bedrooms+Study (3 units): 3972 – 3929sqft
• Penthouse – 5-Bedrooms (5 units): 4898 – 6297sqft
Site Map
Pricing: Between $2,500 - $3,000psf
Putting things in perspective,
20% = at least $500psf in discount!
The wife and I had originally wanted to check out Residences at W Singapore after our “Grill & Chill” Sunday lunch at The Capella last weekend. But our little son’s bout of stomach flu put paid to our dining plans. It looks like we’ll have to leave this one till next month. Meantime, the rich and well-connected continue to prosper...
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