Sentosa Cove: God tells Khong to wait 5 yrs?

In Property on 27/01/2015 at 2:19 pm

(Update on 2 July at 1.30pm: He and an Indon millionaire sugar daddy are asking S$10 million for the duplex unit, more than the S$9.33 million they paid in 2007. Based on recent sales, he’s expecting a miracle. If they they get the price, they’ll have lost money on the loan servicing. Devil !, Peosperity Gospel Nil.)

Can Sun Ho wait that long? Prosperity gospel? What prosperity gospel?

Those were my tots my I read yesterday that Khong’s trial was resuming. I then tot of last week’s

— URA reports that for the whole of 2014, private property prices fell by 4% – the first year of overall price decline since 2008; and

— prices of resale flats fell by 6 per cent in 2014 – the second straight year of decline – while the number of resale transactions declined 4.3%, according to the HDB.

All this led me to remember some reports I read about Sentisa Cove a month ago.

Condominium prices in Sentosa are close to their lowest level since the end of 2006, according to Maybank Kim Eng Securities in mid December. Some house prices on the island have halved since 2012.

Remember Prosperity gospel pastor and wife promoter Khong has a Sentosa penthouse that is underwater and causing him S$17,000 a month.

But God has given him a break: only five yrs more of suffering. It was reported on 19th December last yr: Blackstone Group LP, which is taking part in the refinancing of luxury Singapore properties, is prepared to wait as long as five years for a turnaround in residential prices to see higher returns on the transaction.

Blackstone and Malaysia’s CIMB Bank Bhd. agreed to take part in a financing for a luxury hotel, retail and residential development, owned by City Developments Ltd. (CIT), Singapore’s second-largest developer, on Sentosa island.

“We have a positive long term view of Singapore,” said Singapore-based Kishore Moorjani, a managing director who oversees Blackstone’s Tactical Opportunities Group. Blackstone wouldn’t be satisfied with just a 5 percent return on its Sentosa investment and is eyeing the long-term potential of the residential properties, he said. “We will do very well on this in the long term. We will be better off in five years than we are today,” he said.

Both Blackstone and CIMB said they are willing to wait several years before selling to give prices time to recover.

Under the terms of the refinancing agreement, City Developments has to achieve a price of at least S$2,400 per square foot before it can sell the residential properties.

City Developments has sold only 25 of the 228 apartments in the Sentosa development and has leased about half of the rest.

The refinancing, announced Dec. 16, involves Blackstone, CIMB and City Developments investing a total S$750 million in a capital instrument called a profit-participation security. Separately, DBS Bank Ltd. and Oversea-Chinese Banking Corp. will provide S$750 million in loans.

Don’t Sell

City Developments will receive about S$1.2 billion from the transaction. That will allow the company to reduce debt and gives it a freer hand for overseas acquisitions, Chief Executive Officer Grant Kelley said.

The developer is looking for purchases in China and Australia, after spending $1 billion on overseas investments this year, he said. The company will also focus on Japan, the U.S. and the U.K.

Kelley said it will take time for Sentosa residential property prices to recover, though he expressed confidence that prices will rise well above the minimum S$2,400 per square foot within five years.

“Now is not the time to be selling,” Kelley said. “The base case assumption of S$2,400, there is an ultra high probability, almost a certainty, of achieving that. We expect it to be significantly beyond that by the time 2018-2019 comes around.”

CIMB also said it expects to wait to realize a return on the residential properties included in the transaction.

“This gives us a fixed income and also an equity kicker at the end of the five years,” Carol Fong, country chief executive officer, investment banking, for Singapore at CIMB Securities (Singapore) Pte said.

  1. Jack posted

    It is very likely that the GOD that Khong serves is SATAN

  2. Jack posted
    Eschatological theology: Revelation about “Satan”
    38. sad – The Noble Qur’an
    71 [So mention] when your Lord said to the angels, “Indeed, I am going to create a human being from clay.
    72 So when I have proportioned him and breathed into him of My [created] soul, then fall down to him in prostration.”
    73 So the angels prostrated – all of them entirely.
    74 Except Iblees; he was arrogant and became among the disbelievers.
    75 [ Allah ] said, “O Iblees, what prevented you from prostrating to that which I created with My hands? Were you arrogant [then], or were you [already] among the haughty?”
    76 He said, “I am better than him. You created me from fire and created him from clay.”
    77 [ Allah ] said, “Then get out of Paradise, for indeed, you are expelled.
    78 And indeed, upon you is My curse until the Day of Recompense.”
    79 He said, “My Lord, then reprieve me until the Day they are resurrected.”
    80 [ Allah ] said, “So indeed, you are of those reprieved
    81 Until the Day of the time well-known.”
    82 [Iblees] said, “By your might, I will surely mislead them all
    83 Except, among them, Your chosen servants.”
    84 [ Allah ] said, “The truth [is My oath], and the truth I say –
    85 [That] I will surely fill Hell with you and those of them that follow you all together.”
    Satan in the Holy Quran

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