MP of Nee Soon GRC, Ms Lee Bee Wah has invested in a 2 bedroom apartment in 91 Marshall in the east.
The purchased unit size is 570 sq ft which was purchased at $826,000 or $1,449 psf.
This was filed by the developer, Tee International to the Singapore Stock Exchange in which the MP is also an independent and non-executive director. According to the record, Ms Lee received a 2.4% discount.
Tee Homes is the developer for this 30-unit freehold residential development in Katong.
Compact residential units are becoming popular due to the lower sales quantum and provided a respectable rental yield compared to the traditional units.
This project is located near to Dakota MRT that comprises of one 5 storey block of 1 bedroom units to penthouses located on the fifth floor. The project is expected to be received T.O.P not later than 2016.
The other selling points for this project are that it is near to Tanjong Katong Primary School and amenities like Parkway Parade Shopping Centre and East Coast Park.
Being an interested party to this transaction, the MP has abstained review for the audit committee and the approval process for this sale.
The audit committee reported that the sales figure and terms of sales are “fair and reasonable and are not prejudicial to the interests” of Tee International and its minority shareholders. The board was also satisfied.
11 May 2012