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ecimbew
04-02-11, 15:12
Drama erupted at a Redhill 4-rm HDB flat on the first day of Chinese New Year. A local Chinese paper reported that the dispute was a result of a will made by a 100-year-old man to his two sons. The elder son, who is the co-owner of the flat, bought the flat with his dad 30 years ago. The 100-year-old man passed away two years ago in 2008 and had, in his will, pledged 25% of the sale proceeds of the flat to his second son. The elder son had a family and moved into his daughter's flat two years ago but had refused to sell the flat. The younger son, who is in his 50s and an odd-job labourer, continued to stay in the flat and had wanted his brother sell the flat so that he could secure an estimated $100,000 (which is much lower than the stated 25% of the flat selling price in the will). It was reported that the 30-year-old flat was Block 120 (but I suspect the paper is referring to the flat in Bukit Merah View) is worth between $550,000 to $600,000. The elder son did not pay for the electricity and water supply as a result the younger son comes home to a dark flat everyday. The desperate younger brother visited the elder brother's flat and hounded him on the first day of Chinese New Year at approximately 10am. The heated arguement attracted this Chinese press to report and policemen to intervene. :sleep:

But the latest HDB transacted price for that block is $480,000 (between 6 to 10 storey). If you were to compare the last transacted price for that block in March 2010, that is a 18.5% jump in Jan 2011. Not bad for a 38-year-old flat.

Bukit Merah 120 06 to 10 88.00
Improved 1973 $480,000.00 Jan 2011Bukit Merah 120 06 to 10 88.00
Improved 1973 $405,000.00 Mar 2010

http://i1220.photobucket.com/albums/dd458/ecimbew/Gossip/DSCN1830-1.jpg

kingkong1984
04-02-11, 21:42
Even brothers fight over it. How about partners? I am not talking about life partners but partners in investing. Don't partner if u can.

EBD
05-02-11, 10:51
Even brothers fight over it. How about partners? I am not talking about life partners but partners in investing. Don't partner if u can.
Absolutely, a great way to ruin a relationship.

Regulators
05-02-11, 11:23
I have a friend who wanted me to pool funds to invest in a property with him, I told him I won't partner anyone in property investments. Just imagine what happens if your partner wants to force sell the property at a loss when he needs the money.