Lee Hsien Yang’s in-laws buy unit in F&N-built condo

Lee Hsien Yang’s in-laws buy unit in F&N-built condo

 

FRASER & Neave (F&N) chairman Lee Hsien Yang’s in-laws have bought a unit in one of the company’s condominium projects.

 

Mrs Lim Chong Yah, who is Mr Lee’s mother-in-law, and his sister-in-law, Ms Lin Xueling, paid $2.66 million for an apartment in the 99-year leasehold Soleil @ Sinaran in Novena.

 

The 417-unit twin block project is being developed by Riverside Investments, a wholly-owned subsidiary of F&N’s property arm, Frasers Centrepoint.

 

In a filing with the Singapore Exchange on Friday, F&N said Mr Lee’s relatives were walk-in customers during the public sale.

 

According to the statement, no discount was given and the price was based on the prevailing approved price list at the time of sale.

 

‘The audit committee is satisfied that the number and terms of the sale are fair and reasonable, and the audit committee and board are satisfied that the terms of the sale are not prejudicial to the interests of the company and its minority shareholders,’ said the company.

 

Source: Straits Times

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s