Peter Lim's Rowsley creates money out of thin air, despite Lee Kuan Yew's warning

These two stories make the point that Rowsley's value is predicated on proprietary rights that are far from secure, and that the share price of yet another SGX counter rises despite obvious concerns about itts underlying value.
What makes this interesting is that the warning has come, in part, from none other than Lee Kuan Yew GCMG:



How Singapore Billionaire Peter Lim Makes Money From Thin Air

Not a single brick has been laid and the ground has yet to be broken on Singapore billionaire Peter Lim’s real estate venture in Malaysia’s Iskandar project. But it has already added around $95 million to his net worth on the basis of 29.9% shareholding of his investment vehicle Rowsley. Shares of the company are up around 370% since the real estate venture was announced.
http://www.forbes.com/sites/neerjajetley/2013/09/02/how-singapore-billionaire-peter-lim-makes-money-from-thin-air/


Singapore’s Lee Kuan Yew sounds a warning on Iskandar

 

In his book "One Man's View Of The World" (pic) launched yesterday, elder statesman Lee Kuan Yew, said, “Let’s wait and see how Iskandar develops. This is an economic field of cooperation in which, you must remember, we are putting investments on Malaysian soil.
“And at the stroke of a pen, they can take it over.
“When we go there, we must understand that any real estate or building that you plant on the ground belongs to the owner of the ground."
http://www.themalaysianinsider.com/malaysia/article/the-fathers-not-the-son-singapores-lee-kuan-yew-sounds-a-warning-on-iskanda

An example of what LKY means:

 

Medini Iskandar uses a different mechanism to sell land/property to foreigners who enjoy certain exemptions

Instead of foreigners directly buying the freehold land, Iskandar Investment Berhad (IIB) has appointed  Master Concessionaire Lease Developer (MCLD) / Subsequent Layer Investor (SLI) who would sell leases to end purchasers. 

 

This means that what the end purchasers acquire is only a lease for a certain period of time, namely 99 years, and in some cases, an option for a further 30 years. Since the investment and development concept in Medini involves local retention of freehold ownership, the concept of ownership for foreigners in Medini is based on a lease structure whereby at the end of the lease period, the land will revert to IIB. 

 

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