Keppel buys Keppel

Published December 27, 2006

KEPPEL Land directors and their families spent $26.4 million buying units at its highly sought after Marina Bay Residences, which sold out completely two weeks ago.
In a statement yesterday, Keppel Land said managing director Kevin Wong and directors including Lim Ho Kee, Lee Ai Ming and spouse, and Heng Chiang Meng and spouse bought units.

Keppel Corp directors Lim Hock San and Yeo Wee Kiong and spouse also bought units, as did chairman Lim Chee Onn's son and daughter-in-law. In total, seven units were acquired.

A spokesman for Keppel Land said that there were no preferential discounts on the prices of the units but a special preview was offered to staff, including the directors, before the project was launched to the public.

For his four bedroom unit, Mr Wong paid $4.2 million, or about $1,780 psf.
The spokesman said that for Marina Bay Residences only, the directors will undertake to hold the units for at least three months before deciding whether to resell. Directors who bought units at another popular Keppel Land development, Sixth Avenue Residences at Sixth Avenue, will not have to hold on to them for any specified period.

In the same statement, Keppel Land announced that director Lim Ho Kee's wife and son bought a unit at Sixth Avenue Residences. Mr Lim's brother, together with his wife and daughter, also bought a unit. Keppel Corp director Yeo Wee Kiong and spouse bought a unit, as did the daughter of Lim Hock San. The four units bought totalled $7.2 million.

'The sale prices and percentage discounts given to the abovementioned purchasers were the same as those given to all other purchasers of similar units released at the same time of sale,' Keppel Land said in its announcement yesterday.
It is not unusual for directors and their families to buy into a company's developments. In June, Cecilia Kok, wife of City Developments chairman Kwek Leng Beng bought two units at St Regis Residences for $8.85 million and $11.4 million. Besides the public discount of about 15 per cent given to both units, the latter had a preferential discount of 2 per cent.

BT's article of 27 Dec, "Directors buy KepLand condos" refers.

Well, look who's buying up these high-end properties?

Isn't Mr Lim Chee Onn once a PAP minister in the Lee Kuan Yew government?

Also, Mr Heng Chiang Meng was also a PAP MP and one-time President of REDAS?

Correct me if I am wrong and if my memory serves me right, but was not Mr Heng asked by then PM Goh Chok Tong to relinquish his REDAS presidency in order to avoid potential/perceived conflict of interest in his lobbying efforts on REDAS' behalf (while acting as CEO of one of Far East Group's property companies) during the last property speculative frenzy 10 years ago?

What about Mr Lim Ho Kee - isn't he the Chairman of SingPost, another GLC?

Of course, all the above's family members also got in the act too, as seen from BT's article below.