Saturday, May 12, 2012

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...
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Team Marshe
Martin Koh/ Sherry Tang
9383-3992/ 9844-4400

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