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MDA Chief to buy $10 MILLION condo

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Old 01-06-2013, 12:58 PM   #1
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MDA Chief to buy $10 MILLION condo

http://www.tremeritus.com/2013/05/31...buy-10m-condo/
CEO of MDA

According to an SGX filing by Keppel Land on Tuesday (28 May), its associate company Keppel Bay Pte Ltd has granted options to family members of Mrs Koh-Lim Wen Gin, a director of the company, to purchase its own upcoming property known as Corals at Keppel Bay [Link].

Two units were sold to the family members of Mrs Koh-Lim Wen Gin:
Unit #02-08 (3,477 sf – 4 bedroom)
Purchasers: Lawrence Low Kok Leong and Koh Lin-Net
Date of Option to purchase: 19 May 2013
Purchase Price: $10,085,250 ($2,901 psf)
Discount: 10%+10%+3%

Unit #01-08 (3,660 sf – 4 bedroom)
Purchasers: Kevin Koh In-Chuen
Date of Option to purchase: 20 May 2013
Purchase Price: $10,306,820 ($2,816 psf)
Discount: 10%+10%+3%
According to BusinessWeek [Link], Mrs Koh-Lim Wen Gin was URA’s Chief Planner and Deputy Chief Executive Officer from 2001 to 2008. She has also been an Independent Director of Keppel Land Ltd since January 20, 2010.

She was presented the Public Administration Medal (Silver) in 1986, the Public Administration Medal (Gold) in 2002 and the Meritorious Service Medal in 2009. She has served on several government boards such as the STB Hotel Licencing Board; Land Transport Authority Board; Board of Architects, Singapore; and Preservation of Monuments Board. She has chaired many URA Design Advisory Panels, Committees and Design Competition Juries. She continues to serve on the URA, Land Transport Authority and Public Utilities Board Advisory Panels. She graduated with a Bachelor of Architecture from the University of Singapore in 1971.

Mrs Koh-Lim’s daughter, Ms Koh Lin-Net, has also been granted options to purchase a unit or units at Corals at Keppel Bay.

Who is Ms Koh Lin-Net?

Ms Koh Lin-Net is none other than the CEO of MDA. She has been MDA Chief since 1 November last year.

According to BusinessWeek [Link], she served as Deputy Secretary of Ministry of Information, Communications and the Arts from 2007 to 2008 and as Deputy Secretary (Trade) at the Ministry of Trade and Industry from 2008 to 2012. She was involved in the negotiation and implementation of free trade agreements (FTAs) with other countries.

She was with the Singapore Tourist Promotion Board from 1994 to 1997. She held concurrent positions in the EDB and Infocomm Development Authority (IDA) of Singapore, before moving to Biomedical Research Council at the former National Science and Technology Board (now A*STAR) in 2000. From 2001 to 2004, she was concurrently the Director for Intellectual Property Policy Division as well as Strategic Planning Division in the Ministry of Law. In 2004, she was posted to MICA as Director of Arts and Heritage Development. In 2007, she was appointed as Deputy Secretary (Infocomm, Media and the Arts) at MICA.

She has also been Director of Singapore Health Services Pte Ltd since 1 July 2012. Ms Koh Lin-Net serves as a Director of The Esplanade Co Ltd and Singapore Land Authority. She was awarded the Public Administration Medal (Silver) in 2009. She obtained her MBA from Harvard Business School in 1999.

According to a mainstream media report [Link], there have only been 9 transactions of condo units worth $10 million or more so far this year. This is according to caveats lodged with the URA. Including the 2 units to be soon bought by family members of Mrs Koh-Lim Wen Gin, the number will come to 11.

In 2009, Keppel Land also announced that one of its associated companies had granted options to then director of Keppel Land, Mr Niam Chiang Meng, to purchase a unit of its property, Marina Bay Suites [Link]:
Unit #32-02 (2,045 sf – 4-bedroom)
Purchasers : Mr Niam Chiang Meng and Mrs Niam Chiang Meng nee Loh Loy Ming Linda
Date of Option : 8/12/2009
Purchase Price : $4,577,000 ($2,238 psf)
Mr Niam is a permanent secretary at the Prime Minister’s Office and currently the Chairman of MDA.

With regard to the MDA CEO’s i.e. Ms Koh Lin-Net’s purchase of a $10 million condo at Keppel Bay, some netizens are questioning the timing of her purchase. On the same day that Keppel Land announced the granting of the option for her to buy her $10 million condo, MDA issued a statement announcing the new regulations to license online websites.

Popular blogger, Void Decker, commented on his blog:
“Speaking of shooting yourself in the foot, the Straits Times reported today that the CEO of MDA just bought a Corals at Keppel Bay condominium unit for $10 million. This is hardly the best time to show off your riches, knowing that the MDA will come under fire after the announcement.”
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Old 01-06-2013, 01:00 PM   #2
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Moi saw kok leong.
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Old 01-06-2013, 01:00 PM   #3
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People may question

Is the condo a rewardb for sucking cocks
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Old 01-06-2013, 01:00 PM   #4
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Wah civil servant 10m condo.
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Old 01-06-2013, 01:02 PM   #5
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Kok Leong so rich wor..
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Old 01-06-2013, 01:02 PM   #6
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no wonder need $50k
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Old 01-06-2013, 01:05 PM   #7
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She damn suay, she shouldn't have approved the MDA news restriction crap. Now everybody is looking at her.
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Old 01-06-2013, 01:06 PM   #8
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The report on st is too stupid a mistake, I wondering if this is a way to fix her? Maybe she disagreed with yakult? Or maybe she's just a smoke screen.
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Old 01-06-2013, 01:08 PM   #9
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civil servant?

should be civil masters
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Old 01-06-2013, 01:11 PM   #10
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You know who is her husband or not?
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Old 01-06-2013, 01:11 PM   #11
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You know who is her husband or not?
who who who? got source?
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Old 01-06-2013, 01:16 PM   #12
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now u all know where the taxpayers money went.
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Old 01-06-2013, 01:19 PM   #13
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she is just a ceo. she can say no but the rest say yes. she still llst.
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Old 01-06-2013, 01:21 PM   #14
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civil servant?

should be civil masters
Only GE time than they are servants


PAP lies n bs
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Old 01-06-2013, 01:22 PM   #15
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Rich get richer!!!!!!
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