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Thread: In a class of their own

  1. #11
    Has Nothing, Is Nothing
    Join Date
    Dec 2008
    Posts
    240

    Default

    From Lawhub:

    "The Residential Property Act defines a "foreign person" as any person who is not a citizen of Singapore, a permanent resident and any foreign company or converted foreign company. Any person or entity falling under this category is totally restricted from owning landed residential property unless approval is obtained from the Controller of Residential Property."

    It would seem that a local company (perhaps with only shareholders who are Singapore citizens) is excluded from the restricted list and should be eligible to buy any landed properties in Singapore.

    Quote Originally Posted by richwang
    For a company owned by Singaporeans, is it eligible to buy GCB?

    Not sure how realistic to pool the money from the forumers to buy a GCB. With the new formula for minister salary, I see GCB will be the only investment grade property in Singapore.

    Thanks,
    Richard


  2. #12

    Default Form Our Own Company

    If we are aiming at a GCB mainly for capital gain purpose, can we form our own company?

    Let's say we need S$50M in total, what is the leverage allowed? LTV 40%? Then we need S$20M owner's capital.

    So we need 20 - 100 people to form this company.

    What is the legal structure? Limited Liability Parteners?

    Any serious takers? I truely believe the new ministers' pay structure (pegged with the richest 500 earners) will make GCB price fly.

    Thanks,
    Richard


  3. #13
    Junior
    Join Date
    Jun 2008
    Posts
    1,569

    Default

    Quote Originally Posted by richwang
    If we are aiming at a GCB mainly for capital gain purpose, can we form our own company?

    Let's say we need S$50M in total, what is the leverage allowed? LTV 40%? Then we need S$20M owner's capital.

    So we need 20 - 100 people to form this company.

    What is the legal structure? Limited Liability Parteners?

    Any serious takers? I truely believe the new ministers' pay structure (pegged with the richest 500 earners) will make GCB price fly.

    Thanks,
    Richard
    If I can get $20mil capital and a few JV partners, I would rather buy land and develop. That one can sell 50% of units and then the rest is yours free to rent out. Or you can sell 100% and try another new landed.

    On a side note, the power of the RICH is scary..
    My dad met an indonesian who lives in IonOrchard. My dad went up to view his apartment of around 3000sqft and he bought it around $11mil(according to the guy). According to my dad, the condo is only for family members to come for holidays stay. Rest of the time, it is empty. And the guy is not in a hurry to dispose his property, talk about holding power....

    Anyway, my dad sour grapes..hehe.. He said nothing special abt the place except got lotsa marbles...


  4. #14

    Default

    Quote Originally Posted by richwang
    ............

    Any serious takers? I truely believe the new ministers' pay structure (pegged with the richest 500 earners) will make GCB price fly.

    Thanks,
    Richard
    errr what is the difference between the top 48 earners (top 8 from 6 groups) and the top 1000 earners?
    from:
    http://www.salary.sg/2007/salary-ben...for-ministers/

    is there somebody that is outside the 6 profession that earn more?
    property developer?


  5. #15

    Default

    Quote Originally Posted by focus
    ........
    On a side note, the power of the RICH is scary..
    My dad met an indonesian who lives in IonOrchard. My dad went up to view his apartment of around 3000sqft and he bought it around $11mil(according to the guy). According to my dad, the condo is only for family members to come for holidays stay. Rest of the time, it is empty. And the guy is not in a hurry to dispose his property, talk about holding power....
    ......
    Who clean the house before they come?
    Hope they dont bring the maids to Singapore.

    I am critical of the way the rich Indonesian Chinese conduct themselves in Indonesia.
    They boast of their expenditure and travel to their employees, maids, servants of native origin. At Changi airport, I overheard one lady telling her maid that she go to singapore like riding a "becak" (trishaw). . Another time, one boss told his employee they spend $1000 on a meal, inclusive of lobster in Singapore. . That employee probably have to work like 3 months to get that amount.

    Hope the rich chinese conduct themselves when amongst the natives.If unrest in Indonesia, they can fly out anytime but common chinese like myself have to bear the consequences of their arrogance.


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