Thursday, August 11, 2011

Have you heard about the woman who bought an entire tower at Reflections?

The Strait Times today reported that an investor paid $226,472,460 for a whole tower block (i.e. Tower 1A consisting of 83 units) at Reflections at Keppel Bay in 2007.

This certain madam Lily Lai, in her 50s, was born in Taiwan but is now a Singapore citizen. She is said to be a low-profile real estate investor who is interested in long-term developments.

It is understood that she first caught sight of the development while she was returning from a trip to Batam. She decided to invest in an entire tower block because a Buddhist shifu, or master, told her that the condo, which is “backed by a mountain and faces water”, has good fengshui, said a close friend of Madam Lai. The friend, who did not want to be named, told The Straits Times: “We had just driven past a banner advertising the property and decided to take a look. After bringing shifu there, we decided that it was a good investment.”

Madam Lai’s friend said the units will be marketed and sold by Leadway Properties, which also operates from and owns an 18th floor office space at The Central Mall. According to the friend, Madam Lai spends most of her time overseas.

It must have been quite an interesting conversation between madam Lai and the marketing agent that served her, which might have sounded something like this:

Madam Lai: I want to buy Tower 1A
Agent: Excellent choice, madam. So how many bedrooms are you looking for and which floor do you like?
Madam Lai: No, Tower 1A
Agent: Yes, yes…I understand. But there are many different unit types in Tower 1A. So which type are you looking to buy? And do you want high or low floor??
Madam Lai: All of them
Agent: All of them…as in one whole floor?
Madam Lai: No… whole block.
Agent: *stunned* Er... er...

But seriously, only time will tell if madam Lai's investment is really sound, good fengshui notwithstanding. This is especially when the project is only about 70% sold since its launch in 2007…

The wife and I wish her luck and success nonetheless.



Anonymous said...

Foreigners playing Singapore market. Anyway IRAS will get her for trading gains unless she proves to the IRAS' satisfaction that the properties are to be held for long term purposes.

Ah heng said...

Are you actually blind to not see it? It is stated in the very first sentence that she is Singaporean.
Some people are just too happy to blame foreigners on everything

Anonymous said...

Perhaps you don't read between the lines. She was born in Taiwan, a native of Taiwan first. So, do read carefully and open your eyes.

Anonymous said...

Though migrant, still a Singaporean.

Ah heng said...

Please be less obnoxious and open your own eyes to see that she is older than Singapore itself. What if she moved here even before Singapore became independent? Still classified as "foreigner playing with local market"?

What a clown

Anonymous said...

Singapore is 46 years old. But obituaries' Singaporeans born-in-Singapore can be 85 years old. She was born in Taiwan, now a citizen.

She can be a Singapore citizen, but still a non resident for tax purposes (she spends her time overseas) ... So, please do not sleep with eyes wide shut or maybe this is too difficult a concept for some.

IRAS would require traders who are non-residents to be charged at 20% withholding tax.

The Folks @PropTalk said...

Hello all,

While we appreciate vigorous discussions and differing view points, we like to appeal to everyone for civility in their comments please.

Thanks in advance for your kind cooperation.


Anonymous said...

Since she bought the entire tower.....I m not sure of fengshui of reflections entirely, but at least I know tower 1A is good fengshui since it is fully sold.

Anonymous said...

Guess what i heard? Somebody is now selling :) some at slight loss (i dont believe slight loss part).

Anonymous said...

steady lar, good news for everyone that many people believe in singapore properties.

zero natural disaster and on track government policies. good news

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