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$36 million Sentosa Cove deal called off

Published : Asiaone, 22 Dec 2010

 

The house has a land area of 14,983 sq ft and a built-up area of about 17,000 sq ft. The S$36 million sale price translates to S$2,403 psf. It was first sold in April 2007 by the developer, Ho Bee, for S$18.1 million (S$1,208 psf).

 

36m Sentosa Cove House on Paradise Island The $36m house is the 2nd unit from the left.  Private Pool The 2 1/2-storey bungalow has a private pool.

 

36m house on Sentosa Cove, Paradise Island

At 14,983 sq ft and a built-up area of about 17,000 sq ft, the two-and-a-half storey bungalow has one of the larger land area in the development. It also faces a waterway with a berth for a yacht.

 

 The buyer, who is believed to be a 31-year-old Chinese permanent resident Shen Bin, is the son of Shen Wen Rong, the president of Chinese firm Sha Steel. The elder Mr Shen is listed as the 13th richest person in China this year in China's Hurun Wealth Report.

 

Shen Bin is currently the chief financial officer of the company, and is slated to take over the company from his father.

 

According to the daily, he mistakenly believed that $36 million was the market price for the property until media reports said otherwise. He then chose to withdraw from the deal.

 

He lost about S$500,000 in deposit, agent fees, legal fees, and procedural fees.

 

Reporters were unable to contact him yesterday as he was at a meeting, then later could not be reached on his hand phone.

 

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