Morning Breakfast with Sing Holdings (7th Mar 2020)
Met Lee Sze Hao in his favourite kopitiam on Beach Road for breakfast. Over fried bee hoon, the CEO of Sing Holdings lamented that he just lost out on piece of government land in Fernvale by a whisker. The winning bid came in at $286.5m, while Sing Holdings’ offer was off by a mere $1.4m, or 0.5%.
I told him that’s karma. Back in Sep 2016, Sing Holdings won a piece of land in the same area for $287.1m. The next highest bid was $287.09m, a razor thin difference of 0.006%! That has got to be a Singapore record. This plot was developed into the 735-unit Parc Botannia. It was launched in Nov 2017 and just last week, the final unit was sold.
Congrats, Sze Hao! And shareholders who will be enjoying a bumper dividend.