Wednesday, June 30, 2010

Just $15.8m for Sentosa house with grim past

THE three-storey Sentosa Cove bungalow where Chinese national Li Hong Yan's naked body was found floating in a pool has been put up for sale or rental.

An agent from real estate company HSR has placed a small A4-sized sign advertising its availability on one of front windows of the house.

The Straits Times understands that the asking monthly rental for the property of approximately 8,000 sq ft is $28,000, while the asking sale price is $15.8 million - some way below its estimated valuation of $17 million.

Such a price values the property at less than $2,000 per sq ft (psf), thought to be something of a steal considering that a record resale market price for a Sentosa Cove property in Paradise Island was set last month at $36 million - or $2,403 psf.

The bungalow, said to be slightly more than a year old, is believed to be priced for quick sale - below its valuation - because its owner is currently based in Tokyo.

An open house for the prime-sited house was held last weekend and attended by about 20 people, with a number requesting further viewing.

It is believed that an offer of $15 million has already been made on the property, but has been rejected by its owner, Mr Adrian Chua Boon Chye, 39, chief executive and founder of real estate investment management company Roundhill Capital.

Ngee Ann Polytechnic real estate lecturer Nicholas Mak said that a property should stand on its own merit, and the negative association may not deter buyers.

'Some people might walk away regardless, but some may buy the house hoping that the incident might be forgotten in a couple of years and sell it at a profit to buyer number three,' he said.

Mystery continues to surround the death of 24-year-old Ms Li, whose body, which had no apparent physical injury, was found in March.

She is believed to have spent the night at the house with Mr Chua after they met at a party.

Source: Straits Times, 30 Jun 2010

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