ValueMax chief executive acquires Katong freehold bungalow to get S$30 million

The chief professional of outlined pawnshop ValueMax Group, Yeah Hiang Nam, has lodged a caveat to buy a freehold bungalow along Wilkinson Road in Katong to get S$30 million.

It sits on a land area of 2, 453 square metres. The transaction price translates to about S$1, 136 per square foot (psf) of land. The sellers were Ong Tiong Seng and Ong Teck Beng, according to caveat files obtained by The Business Occasions.

When contacted, Mr Yeah’s daughter, Yeah Lee Ching, also an executive director on ValueMax’s board, said that the house was offered available for sale by an agent. “My father went to see it. My parents loved the house greatly, so they offered. It was a little while until some time with regards to the seller to consider, then seller decided i would sell to my dad, inches she explained.

She added that Mister Yeah bought the property with regards to own job, not for booking, and that he does not have plans to redevelop the exact property because he favors the interior design and style. He was as well drawn to the positioning and plan size — which is bigger than the usual size below a couple of, 000 sq m.

In line with the company webpage, Mr Sure has been in the gold and jewellery organization for more than forty-five years, in addition to the pawnbroking industry for over 25 years. Using the his job as a jewelry salesman just before setting up Gold colored Goldsmith Jewellers in 1979 to trade silver precious metal jewellery in the area and offshore. In 1988, this individual forayed in pawnbroking by simply starting Bar Soon Pawnshop with organization partners. Bloomberg data demonstrates that Mr Sure has a 12-15. 46 percent stake in ValueMax.

Building consultants declared the purchase price was at line with recent bargains closed in the vicinity, nevertheless the land size caused the overall quantum to balloon into a hefty add up.

There were several transactions along Wilkinson Highway since the start off of 2015, averaging regarding S$1, 168 psf about land.

Inside the surrounding place, this is one of the primary deals. As the plot dimensions are large, it can be normal should be expected a slightly smaller psf selling price.

Bungalows inside the area (ofcourse not just Wilkinson Road although including various other nearby streets) hover about S$1, 95 to S$1, 400 psf, the upper selection especially for small plots.

Although demand for bungalows of late is actually thin and still selling price weakness because being big ticket items, bungalows are inevitably hard-hit by loan curbs and home cooling steps.

But an analyst said that there will always be a spot in some Singaporeans’ hearts to own a landed house, although bungalows are out of reach for many people. When the market gets to the bottom in the price routine, one of the first sub-sectors to recover may be the landed home market because of its very limited supply.

Another specialist concurred within the general cost trend of landed homes, although your woman noted some higher-priced recent transactions in locations such as Bukit Timah and near Orchard Road and Nassim Road.

Prices of got properties possess weakened for the past 11 quarters. From its maximum in Q3 2013, the Urban Redevelopment Authority cost index to get landed homes has dropped 12. five per cent since at Q2 2016, much more than to get condominiums.

While there is continued demand for landed homes from a latent and growing pool of high net worth individuals who have greater investment capacity and are within the constant lookout for their desired home, you can also get some got property owners with businesses tied to the oil and gas sector who may have recently offloaded their properties to financing their business needs amid gloomy business conditions.