no, first lot is given priority, and to owners first, then to tenants. 2nd lots are almost double the price, and given only if there are available lots. lots are 'balloted' every quarter based on the above system.
first lots are $120
no, first lot is given priority, and to owners first, then to tenants. 2nd lots are almost double the price, and given only if there are available lots. lots are 'balloted' every quarter based on the above system.
first lots are $120
http://www.straitstimes.com/Breaking...ry_376509.html
May 14, 2009
Man with the $15m view
Spice Group chief to invest $100m in entertainment and real estate in S'pore
By Joyce Teo
Dr Modi yesterday moved into an apartment at The Sail @ Marina Bay which he bought last August for $15.46 million. He plans to live in it with his family. -- ST PHOTO: NG SOR LUAN
INDIAN billionaire Bhupendra Kumar Modi moved into his $15.46 million penthouse at Marina Bay on Wednesday and immediately set about unpacking some ambitious plans for his new home country.
The founder and chairman of conglomerate Spice Group - it has interests in telecommunications, technology, financial services and entertainment - has set up two funds worth more than $100 million to invest here.
The tycoon also wants to open a 24/7 'Hollywood meets Bollywood' entertainment centre at one of two floating crystal pavilions coming up at the Marina Bay Sands integrated resort.
Speaking to The Straits Times at his 63rd storey apartment at The Sail @ Marina Bay, Dr Modi said he plans to spend 'tens of millions' on the project and is in talks with Sands to either buy or lease a pavilion.
'We are getting designers from Hollywood and from Bollywood to design it,' he said, adding that the IR could use his design or do its own. But the idea is to entice Hollywood and Bollywood stars to entertain crowds here on a regular basis.
Dr Modi, 60, also owns a film production company and wants to attract directors. Indian star Anil Kapoor has been lined up to act in a movie to be shot here. The businessman, who relocated the global headquarters of Mumbai-based Spice Corp to Singapore last year, said he is here to stay.
Dr Modi said that his two new funds involve nuts and bolts investment strategy and their share of risk-taking. One fund is a special-situation real estate vehicle. This will target half-completed projects here or projects that are delayed due to a lack of funds.
'The world is going through a special situation...you need people to take special risks,' he said. 'We are looking for 25 per cent returns...high risks, high returns. We are not looking for immediate returns. We are willing to wait two, three years.'
His team is assessing about 20 possible projects. Dr Modi said they are keen on joint ventures, and Marina Bay Sands is certainly on his radar screen. He also said he is discussing a deal to buy a residential building in the eastern part of Singapore. The other fund will focus on investment in entertainment.
'Singapore is very much the right place for me,' said Dr Modi. It is cosmopolitan, secular, very secure, has a growing population, well-connected.'
Penthouse 'like a hotel suite'
HIS new home sprawls across 5,834 sq ft and has spectacular Marina Bay views that match the apartment's colour scheme of cream and baby blue.
Everything in the apartment - from the interior design, custom-made furniture, prints, paintings and even the coffee-table books in the living room - was planned by a design team from Beverly Hills, where he was based previously.
An integrated high-tech system ensures round-the-clock entertainment at a click.
Dr Modi is moving here with his family, but says his son Dilip, 33, who is the group president for global operations at Spice Corp, wants to stay on his own at a family owned apartment in The Claymore, a condominium in the Orchard Road area.
Dr Modi bought the The Sail apartment last August, but his investment took a huge hit with the slump in the property market here.
Unfazed, he said: 'It is a home. I am not here to sell it. I will be using it also to entertain people. That way, I can justify the cost.'
Dr Modi plans to hold meetings as well as parties at his penthouse. He even broached the idea of inviting girl band Pussycat Dolls to a party, although he does not know them personally.
While Dr Modi himself expects to spend about 100 days a year in Singapore, his penthouse - 'like a hotel suite' and a 24/7 entertainment zone - will be open 365 days of the year to friends, business associates and celebrities, he said.
wow, you guys are neighbours with a billionaire. Many millionaires living in condos, but few billionaires around. I think this could push Sail prices up.
Originally Posted by gfoo
aiya ... he foreigner mahOriginally Posted by Regulators
cannot buy landed ... bopian then buy condo ...
i think he is stuck with his buy coz he paid something like $2k plus psf for his unit. IMO although it boasts of spectacular view, i think most singaporeans would rather buy a landed bungalow with that money...A more than 15000 sqft good class bungalow in Astrid Hill costs around 10-15 million and if you happen to drive past 7 Astrid hill, you will see our very own Minister for Law's house perched on the hilltop overlooking lush greenery...
Originally Posted by proud owner
wait till you see Lily Neo's ... she acquired 80 000 sqft land ...and built 3 more GCB .. sold one , 15000 sqft land .. and the remaining 65000 sqft stands 3 GCB ..one for herself + hubby, and 1 for each of her 2 daughters ... thats 35000 + 15000+15000 = 65 000Originally Posted by Regulators
Taxpayers >>>
Originally Posted by proud owner
where is her house, sembawang?
Originally Posted by proud owner
Leedon .... walking distance to future MRT ...opps ... poor people like me always relate to near MRT as good ...Originally Posted by Regulators
It is no surprise our MPs live in such places coz they are among the highest paid MPs in the world with more than 1 mil a year in ministerial salaries (tax free) and many more millions from their private businesses and many more millions from sitting as boards of directors....What can i say, Tong Ren Bu Tong Ming, can go to same uni as them but your income will always only be a fraction of theirs.....
Originally Posted by proud owner
Uh.. i think Lily Neo is already rich before becoming MP..
80,000 sqft ... even at $500psf is around $40million..
*Gulp*... how rich is lily ..or is it her husband?
I heard that lily is rich from inheritance ie family business in indon palm oil.Originally Posted by focus
Her daughter drives to med sch in a porche boxster...wat do u expect.
Can, buy Sentosa loh. But he mentioned he don't like staying too near the Sea.Originally Posted by proud owner
I'm 1st owner.....used to be.Originally Posted by gfoo
They will tell us, expect more job cuts, deeper recession....and so on. What they know???? They are not in the front line. Recession take a bit pay cut only mah, but still have a FIX pay day every month!!!!!Originally Posted by Regulators
Without proper family value, 富不过三代 .. Lehman Brothers a good exampleOriginally Posted by sufri
You supposedly educated and informed people cannot tell the difference between Minister and MP....
i wish i cud be 1st owner for sale. I thot a lady i knw was seow for buying the sail during launch but guess she is having the final laugh nw.Originally Posted by Property_Owner
That's wat my wife called me when I told her I had bought 5 units. We were in NZ holiday then. She asked had the weather freezed my brain?Originally Posted by Regulators
dont like to be near the sea .. ??? but by a lagoon is ok ?Originally Posted by Property_Owner
talk cxxk sing song
5 units means at about 2 mil in deposit payments. How did u manage that?Originally Posted by Property_Owner
Regulators you mountain tortoise or what? 2 million cash only.... many people have... why, you see him no up ah?
May people have but you don't
Originally Posted by orange
Orange, forgot to ask you earlier. How are you getting on with your gay movement in Bukit Timah? Maybe you can have a chat with Siew Kum Hong and concentrate on how you can advance your gay movement there.....LOL
Originally Posted by orange
I mentioned before, I'm a property investor. My rice bowl 40% comes from property. 07 alone I make more then 20m. Most of my kakis same, we can hold about 30 to 50 units at a time.Originally Posted by Regulators
oic, very impressive. I am definitely not in the same league as u. U got any gd recommendations for small investors out there?Originally Posted by Property_Owner
Woo! Your Ricebowl is property? I'm a newbie.Originally Posted by Property_Owner
Got any tips to impart on :-
1) What are the consideration that goes thru your head when you make a purchase?
2) Is it better to buy and hold for rental?
3) Or would it be better to buy at Launch and just flipped it.
4) How much must you put in for 30-50units? Is your banker structuring a different deal for you or the same 20% downpayment, 80% LTV?
5) How do you determine the fair price for a unit?
6) Is MBR studio a good buy at $2000psf? or Sail studio at $1500psf?
Appreciate your advice. Thanks!
siew kum hong?? shld be LHL lah, remember he loves to wear pink and walk with a certain sway ~~ lolOriginally Posted by Regulators
Many of the men in white walk with swayOriginally Posted by august
Got any tips to impart on :-Originally Posted by focus
1) What are the consideration that goes thru your head when you make a purchase?
Capital gain mainly. Or rental yield. All depends. Private properties are mainly for capital gain, sell when you have a 30% gain. Or 10% loss. For rental yield, private properties are the worst to me! Orchard condo how much can you get for rental? below $5 psf? I have some shops and shop houses that are rented out, yield is about 10% at least. I can rent out both level, downstair for shops and upstair for hair salon or tuition agency. Best rental yield property!
2) Is it better to buy and hold for rental?
Demand and supply is the answer. Also if you are the first owner your yield is much more attractive. Market not good rent out loh. Still about 4% yield at least. Also depends on holding power! If the property have upside protenial can you can hold then wait.
3) Or would it be better to buy at Launch and just flipped it.
I prefer to flip it if I can make good money. But now is not a good time to buy new launches. Why! Did you see much sub sale for new launches? Buying sub sale may not be bad, remember I mentioned I bought one amber, now agents calling me telling me got buyers willing to pay 950psf for my unit. Well, i can sell now but making 50 to 80psf is not attractive to me. Why buy and sell when mine profit is only 10%. Hold and wait.
4) How much must you put in for 30-50units? Is your banker structuring a different deal for you or the same 20% downpayment, 80% LTV?
Don't have some much units with me right now. Less then 40 units. For me only 30% of my properties are with loans. The rest fully paid. Out of the 30%, those TOP and rented out are with 50% loan. Non TOP I covered with 35% down. This way it's safe to me. Goes for all banks, in case anything happens.
5) How do you determine the fair price for a unit?
Depends, for units sell @ loss I would say 100 to 200psf below launch prices I will commit! Why! let's compare Sky@11, guess most of them bought at 1000psf, if I buy at 1000psf, I would have to sell at least 1200psf to make my sale attractive. But let's say there's are some other sellers willing to sell @ cost or loss, then my unit will not sell till those units are sold. Also never buy expressway, noisy road facing. Read my other post and you understand. This one proud_owner agrees with me. Pay a bit more if can afford a better stack, selling it off also easiler.
6) Is MBR studio a good buy at $2000psf? or Sail studio at $1500psf?
I would say MBR, sails too many units. Too many sellers, when I sold my sails i never look back to buying another. Also ...gfoo, don't get angry, finishing is bad. ask gfoo about it and also how long he waits for his lift every morning. MBR you have balcony, a must for expats when comes to rental. Plus some others factors too. Too many to list down.
All these are my comments. I might be wrong. Correct me if you have others thoughts. Have a nice week