Sakae Holdings founder...selling bungalow for $16.13m

[Lmws214]

Sakae Holdings founder Douglas Foo selling bungalow for $16.13m  

 

 

http://www.asiaone.com/business/sakae-holdings-founder-douglas-foo-selling-bungalow-1613m?xtor=EREC-16-4[Emarsys_Newsletter]-20181107&extid=6934d0cfb7b252f1ae9f0dbddf5ff88ca8637e77

 

Sakae Holdings executive chairman and founder Douglas Foo is understood to be selling a bungalow in Cassia Drive in District 11 for nearly S$16.13 million.

The price works out to S$1,542 per square foot based on the freehold land area of 10,458 sq ft.

Located in the Raffles Park Good Class Bungalow (GCB) Area, the two-storey property is on a squarish plot.

Mr Foo has been in the news recently after Sakae Holdings lost US$4.3 million selling sugar to a disappearing customer.

 

The sugar sale had been invoiced in December last year and remained unpaid for months before Deloitte, Sakae's auditor, flagged the issue to the board on Aug 27.

Mr Foo has a direct and deemed interest in 65.91 per cent of Sakae Holdings.

The Cassia Drive bungalow which Mr Foo and his wife are selling is an investment property; they live elsewhere.

Another recent transaction in a GCB Area was along Windsor Park Hill, at S$23.5 million or S$1,068 psf on the sprawling freehold site of about 22,000 sq ft. It is being bought by a member of the Wang family that controls JMD Investment. The Wangs are the paternal relatives of the family of Charles & Keith CEO Charles Wong, according to an earlier article.

Meanwhile, fashionista Pek Lay Peng, owner of multi-label omnichannel retailing platform SocietyA and executive director of the Shingda Group of Companies founded by her father Pek Ah Leck, has picked up a bungalow along Jalan Kampong Chantek, for S$15.3 million or S$1,372 psf on land area.

Standing on an elevated site of about 11,155 sq ft, the property was renovated a few years ago and is understood to have five ensuite bedrooms; the master bedroom has a big walk-in wardrobe and its own lounge/study area. The house also has an infinity pool. It is currently tenanted.

Along Bishopsgate in the Chatsworth Park GCB Area, a bungalow is transacting for nearly S$27.89 million or S$1,849 psf on land area of 15,085 sq ft. It had been jointly owned by Liu Cheng Chan, the founder of Parakou Shipping who died last year, and his wife Chik Sau Kam.

Spanning two levels, an attic and a basement, the house has seven ensuite bedrooms, a family entertainment room and a lap pool. The buyer is involved in a host of businesses including tea leaves, ship bunkering and passenger ferry services.

According to List Sotheby's International Realty's analysis of caveats captured by URA Realis, year to date, 35 deals totalling S$871.4 million have been sealed in GCB Areas.

For the whole of last year, there were 42 transactions amounting to S$888.6 million.

Market watchers note that in addition to the S$871 million in caveated deals since the start of this year, there have been at least S$215 million in transactions completed in the same period for which caveats were not lodged by buyers.

Bungalows in GCB Areas are the most prestigious form of landed housing in Singapore, with strict planning conditions stipulated to safeguard their exclusivity and low-rise character. There are only about 2,500 bungalows in the 39 GCB Areas.

William Wong, founder of Realstar Premier, observed that since the second quarter of this year, demand for bungalows in GCB Areas has been very selective. "For those in prime locations such as Tanglin, Cluny and Dalvey, there is still a strong pool of demand from buyers prepared to pay a premium; it takes a shorter period of one to three months typically to move a property that comes on the market.

"In comparison it could take six to nine months to find a buyer in locations further away."

[Kusje]

 

Mr Foo has been in the news recently after Sakae Holdings lost US$4.3 million selling sugar to a disappearing customer.

 

The sugar sale had been invoiced in December last year and remained unpaid for months before Deloitte, Sakae's auditor, flagged the issue to the board on Aug 27.

 

I read the news about this trade.

 

Whoever approved it is either brainless or in cahoots with the buyer.

[Angcheek]

How the hell they touch on commodity ... dangerous if they dont know abt the trade. Unless desperado ....... 

[Lotr]

Buy one bungalow to buy a bigger one?

[Ash2017]

How the hell they touch on commodity ... dangerous if they dont know abt the trade. Unless desperado .......

please also ask why tc bought Lehman brothers

[t0y0ta]

I read the news about this trade.

 

Whoever approved it is either brainless or in cahoots with the buyer.

 

The high level story from newspaper is that:

 

- wanna go into commodities

- some middle man intro them some small deals; all succeed with profit

- same guy intro them 2 big deals; 1st smaller one ok; 2nd one take goods and run road

- middle man also run road

 

On hindsight, is classic scam... give some small success to hook in the greedy victim.

 

Overall, the feel is that this Douglas is super-desperate to diversify, but unlike success stories like BreadTalk - he die die wanna do things he is not familiar with; away from F&B. So bo pian carrot head lor.

[Kusje]

The high level story from newspaper is that:

 

- wanna go into commodities

- some middle man intro them some small deals; all succeed with profit

- same guy intro them 2 big deals; 1st smaller one ok; 2nd one take goods and run road

- middle man also run road

 

On hindsight, is classic scam... give some small success to hook in the greedy victim.

 

Overall, the feel is that this Douglas is super-desperate to diversify, but unlike success stories like BreadTalk - he die die wanna do things he is not familiar with; away from F&B. So bo pian carrot head lor.

 

Yes, I read the same story from the newspapers.

 

Actually nothing to do with hindsight or foresight. Why give 4 mil credit to an unknown party?

[Mustank]

High ses stuff

[Angcheek]

This duck is a fool .... jialiat

[t0y0ta]

He read Robert Kuok's book and inspired by the Sugar King's story ?

Soon he will go into electric cars.... Inspired by dyson

[Beehive3783]

Isn't progressive payment the norm for new accounts? How stupid can they get? lol

[Kusje]

Isn't progressive payment the norm for new accounts? How stupid can they get? lol

 

What's progressive payment? How does it work for new accts.

[Beehive3783]

Payment in % according to amount of supply lor.

 

What's progressive payment? How does it work for new accts.

 

[Kusje]

Payment in % according to amount of supply lor.

 

I see. From my reading of the papers, seems to be 1 cargo worth 4 mil...

[BenTong]

Wa piang at least he can say he has 4m to blow..

[Beehive3783]

Well, with such significant amount at stake, I would have asked for progressive payment as such (for example only):

 

20% deposit upon order confirmation

50% upon readiness to ship or sight of BL

30% upon FOB

 

But WTH, usually such big amounts should be covered by banker's guarantee or letter of credit leh.

 

I see. From my reading of the papers, seems to be 1 cargo worth 4 mil...

 

[Kusje]

Well, with such significant amount at stake, I would have asked for progressive payment as such (for example only):

 

20% deposit upon order confirmation

50% upon readiness to ship or sight of BL

30% upon FOB

 

But WTH, usually such big amounts should be covered by banker's guarantee or letter of credit leh.

 

is 4 mil a big amount for a commodity trade?

 

Wah.... progressive payment sounds so complicated just for 1 shipment. No wonder he just delivered the goods upfront. Isn't progressive payment also very risky for the buyer? I go sakae sushi also won't pay up until i makan full full so why would a buyer pay them a 20% deposit?

Edited November 7, 2018 by Kusje

[Jman888]

heng I dun take so much sugar