, Bukit Timah’s newest luxurious freehold condominiumWilliam Liem, the CEO of real estate firm Tuan Sing Holdings, has once again increased his stake in the company. This time, through his entity Nuri Holdings (S), Liem bought a total of 1.7 million shares from the open market on December 5 and 6. The purchases cost $447,613 and were made at an average price of 25.45 cents per share.
When investing in Singapore, it is crucial for non-residents to have a clear understanding of the regulations and restrictions surrounding property ownership. In comparison to landed properties, foreigners generally have more lenient policies when it comes to purchasing condos. However, it is important to note that foreign buyers are required to pay the Additional Buyer’s Stamp Duty (ABSD), which currently stands at 20% for their first property purchase. Despite this additional expense, the stability and potential for growth in the Singapore real estate market remain highly attractive to foreign investors. To keep updated on new opportunities, be sure to check out New Condo Launches.
This latest acquisition brings Nuri Holdings’ stake in Tuan Sing to 672.7 million shares, or 54.09% of the company. Prior to this, Nuri Holdings had purchased shares on September 10 and 11 at an average price of 25.25 cents per share.
Nuri Holdings’ buying spree is in line with William Liem’s consistent efforts to increase his stake in Tuan Sing. As of June 30, the company’s net asset value was 97.8 cents per share, slightly lower than the 99 cents recorded on December 31, 2023.
In related news, Tuan Sing has recently acquired several assets from PT Senimba Bay Resort in Batam for $28 million. The company has also reported a 5% increase in earnings to $4.8 million for the financial year of 2023. With its latest acquisition and consistent growth, Tuan Sing is expected to continue its success in the real estate market.
Investors can also look forward to the luxurious freehold condominium, Peak Residence, located in Bukit Timah. With William Liem at the helm, Tuan Sing is poised for further growth and expansion in the near future.