Thursday, October 18, 2018
Sentosa villa owner sues over defects
$14m Sentosa Cove villa owner sues developer over defects
Businessman Thio Keng Thay, who is in his 70s, is claiming damages of at least $2 million from developer Sandy Island, which is part of the YTL Group.
The businessman is part of the Thio family which owns Malayan Diary Industries Pte Ltd. The company created the Vitagen brand of cultured milk drinks.
The Thio family has for over 10 years been involved in numerous family lawsuits with the chairman of the company Thio Keng Poon and his children being the key figures.
Tuesday, June 23, 2009
Chew Hua Seng
Chew Hua Seng is one of Singapore's richest businessmen according to Forbes magazine. He is founder and CEO of listed Raffles Education Corporation, which started as Raffles Design Institute.
He is owner of 2 bungalows at 32K and 32H Nassim Road. The later, about 13,000 square feet, was bought from Madam Lam (wife of Malayan Diary Industries director Thio Keng Thay) for $25.5 million. Its sale was the subject of a recent lawsuit between Madam Lam and the real estate agent handling the sale, during which the agent sued for its 1.5% commission and won.
Mr Chew has started a $100 million charitable foundation named after himself.
He is owner of 2 bungalows at 32K and 32H Nassim Road. The later, about 13,000 square feet, was bought from Madam Lam (wife of Malayan Diary Industries director Thio Keng Thay) for $25.5 million. Its sale was the subject of a recent lawsuit between Madam Lam and the real estate agent handling the sale, during which the agent sued for its 1.5% commission and won.
Mr Chew has started a $100 million charitable foundation named after himself.
Saturday, June 20, 2009
Tommie Goh
Former army officer and now well-known businessman, Tommie Goh, is co-founder of 2G Capital. He has now bought a bungalow at 2A Ridley Park for over $30 million, next to his existing home.
Thursday, June 18, 2009
Buying landed property
As mentioned previously, the Residential Property Act (RPA) restricts non-Singapore citizens from purchasing landed property in Singapore. They are not allowed to effect such purchases unless permission has been given by the Comptroller of Housing. It is rare that permission will be given.
Example where permission might be given - a foreign multi-national corporation agrees to set up a half billion dollar plant in Singapore, and wants permission to buy a bungalow for its chief executive officer. A company like Exxon-Mobil might fit this description.
It should be noted that a Singaporean who assists a foreigner to buy property under the RPA by agreeing to act as the foreigner's nominee is committing an offence. One example was lawyer Rick Tham who agreed to act as a nominee for an Indonesian.
To avoid problems for foreigners buying landed property, any agreement signed should be stated to be subject to the approval of the relevant authorities. Check with your lawyer.
Example where permission might be given - a foreign multi-national corporation agrees to set up a half billion dollar plant in Singapore, and wants permission to buy a bungalow for its chief executive officer. A company like Exxon-Mobil might fit this description.
It should be noted that a Singaporean who assists a foreigner to buy property under the RPA by agreeing to act as the foreigner's nominee is committing an offence. One example was lawyer Rick Tham who agreed to act as a nominee for an Indonesian.
To avoid problems for foreigners buying landed property, any agreement signed should be stated to be subject to the approval of the relevant authorities. Check with your lawyer.
Jet Li
Action superstar Jet Li is reported to have become a Singapore citizen. However, because of privacy reasons, the Immigration and Checkpoints Authority would not confirm this.
However, recent detailed newspaper reports (June 2009) state that he has spent Singapore $19.8 million dollars to buy a bungalow in Binjai Rise which is off Dunearn Road/Bukit Timah Road.
There are strict rules on foreigners buying landed property like bungalows (standalone houses), semi-detached houses (a house joined to just one other house), and terrace houses (houses joined in a row). The relevant law is called the Residential Property Act.
However, recent detailed newspaper reports (June 2009) state that he has spent Singapore $19.8 million dollars to buy a bungalow in Binjai Rise which is off Dunearn Road/Bukit Timah Road.
There are strict rules on foreigners buying landed property like bungalows (standalone houses), semi-detached houses (a house joined to just one other house), and terrace houses (houses joined in a row). The relevant law is called the Residential Property Act.
Tuesday, June 9, 2009
Hong Kong and China stars
Actor Jet Li is supposed to have sent his wife, Nina Li-Chi and 2 daughters to Singapore in 2007 of the children's education.
Actress Gong Li became a Singapore citizen last year.
Actress Gong Li became a Singapore citizen last year.
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