FT bought $36million bungalow !!!

[YellowRibbon]

Despite much caution in the property market, a top-end bungalow at Sentosa Cove sold for a record-breaking $36 million, at $2,403 per sq ft. The home is understood to have a land area of 14,983 sq ft and a built-up area of about 17,000 sq ft.

The 99-year leasehold double-storey bungalow faces the waterway and has its own yacht berth and has been bought by a Chinese national, who is also a Singaporean permanent resident.

Compared to a nearby property sold in March at $19.38 million at $2,390 per sq ft with a smaller built up area of 8,105 sq ft, this bungalow certainly appears to be highly valued by its buyer.

But for most of us mere mortals, a $36 million home is but a dream. Perhaps some would think it absurd to fork out this amount for a bungalow. After all, how many mass market condos can we buy for $36 million?

 

[shelltox]

I got a painting which I bought for $100 and I give to A . B went to A's house and saw the painting like it so much and offered $100,000 to buy the painting. In fact, B was sent by me to buy the painting from A

 

[YellowRibbon]

I got a painting which I bought for $100 and I give to A . B went to A's house and saw the painting like it so much and offered $100,000 to buy the painting. In fact, B was sent by me to buy the painting from A

???

Why would you buy back a painting for $100,000 which u gave to A ?

 

[butoh6050]

C has been watching all this and plan to steal it from A.

 

[Logisex]

???

Why would you buy back a painting for $100,000 which u gave to A ?

This is a bribery or money laundering method commonly used in China.

 

[YellowRibbon]

This is a bribery or money laundering method commonly used in China.

thats means the boss must trust A & B very very much.

 

[hairylee]

This is called Market Manipulation or Marbohtanlation.

 

[Jah_rastafar_I]

This is a bribery or money laundering method commonly used in China.

Hmm okay so they need to get rid of the money they illegally own?


But then wouldn't A and B need to be in cahoots with you then? I mean what's the point of obtaining so much money only to get rid of it?

 

[longbow]

Given the dramatic rise in wealth in China, it is not surprising to find so many billionaires/millionaires.

Many of the top billionaires, made their money within the last 20 years. All are first gen wealth. So we have many, many people with net worth of between $100 to $200 million. So $36M for a house that can give instant PR (I believe that sentosa houses allow buyers instant Singapore PR) is small change.

Take a step back and think - your networth is US$100M. Isn't is a good idea to cash in some chips and hedge your bets. Park some of your $$$ in Singapore and in return get PR just in case there is chaos in China. If China goes to hell, you and your family can move to Singapore and live happily ever after. Pretty sure there is some money laundering but there are many genuine fat cats from PRC out there that can afford to buy a bit of a haven.

Some ask why not USA - please lah - kena double tax, long flight times, need to stay there to maintain PR and if there is conflict USA-China, Chinese might not feel welcome.

Singapore is great place for PRC and Indians from India. And given the dramatic GDP growth for PRC and india in the next 20 years - Singapore is there to benefit.

HK use to be such a bastion for Indians (brotish colony). However since it now belongs to China, Singapore has taken that position.

Where else can an Indian find a place that is clean, English speaking, non of that caste nonsense, many temples and celebration of their culture, british legal system and 4 hours flight from mother India. You hope on private jet at 8am and be in time for lunch, followed by meeting and be back to put kids to bed

Singapore is a great place to park money, hedge bets. And I am not talking about anything illegal here - just great place to live, preserve wealth. And if you have $$$ Singapore is great place to live.

 

[Received_by_Kings]

This is a bribery or money laundering method commonly used in China.

The Italian Mafia does that too in America.