» MP Lee Bee Wah buys unit at
upcoming Tee Homes project
Straits Times: Sat, May 12
MEMBER of Parliament Lee Bee
Wah has invested in a small
apartment in the east.
The Nee Soon GRC MP bought a
unit at upcoming condominium
91 Marshall for a sale price of $
826,000.
This was revealed in a Singapore
Exchange filing by Tee
International, in which she is an
independent and non-executive
director, on Wednesday.
The filing said she was given a
2.4 per cent discount.
Tee Homes, a wholly owned unit
of Tee International, is
developing the 30-unit freehold
project in Katong.
Based on the floor plans, Ms
Lee's fourth-floor unit is a 570 sq
ft two-bedder. This works out to
a price of $1,449 per sq ft.
Smaller apartments have
become more popular in recent
years, given the lower absolute
price and a higher rent giving a
better yield.
The condo is near Dakota MRT
station and has only one block
offering units ranging from one-
bedders to penthouses, which
are on the fifth floor.
The project is within walking
distance of Tanjong Katong
Primary School and is near
places such as Parkway Parade
and East Coast Park.
Property agents said 91 Marshall,
which is expected to be
completed by 2016, is likely to be
launched in the middle of this
month. The show-flat is not
ready yet.
Ms Lee, being the interested
person in this transaction,
abstained from the audit
committee's and board's review
and approval process in respect
of the proposed sale.
The audit committee found that
the number and terms of the
proposed sale are 'fair and
reasonable and are not
prejudicial to the interests of the
company and its minority
shareholders'.
The board was similarly satisfied.
When contacted, Ms Lee
declined to comment on the
purchase.
Source: The Straits Times ©
Singapore Press Holdings Ltd.
Reprinted with permission.