He got $3m for two properties in 4 years

He got $3m for two properties in 4 years


THE MONEY from his two previous apartments sold en bloc has allowed Mr Kummar to buy his dream car - a BMW coupe - and given him the luxury of retiring earlier than expected. But he is reluctant to go through a third sale because he gets 'pushed to a more inferior area'. -- SHAHRIYA YAHAYA

SEMI-RETIRED businessman Patrick Kummar has had to take his family and pack up his belongings, to move house twice in four years.

Not that he is complaining.

The 51-year-old has earned close to $3 million after two of his apartments were sold en bloc.

'For us, it's pure luck, we just happen to like living in old buildings because we can renovate and do them up,' he said.

He and his wife lived in one of the 12 apartments in Shanghai Court off River Valley Road for about four years, before such collective sales were allowed in 1994.

Then developers came knocking and the estate was sold was sold for about $15.8 million in 1995. The estate was bought along with the adjacent Shanghai Residence for a total of $24.38 million. The combined site area was 21,480 sq ft.

Mr Kummar then moved to the nearby Kim Lim Mansion, a freehold property on a 125,508 sq ft plot of land in Grange Road.

In 1999, he packed up again when the estate was sold for $251 million.

The money from each sale has given Mr Kummar the luxury of retiring earlier than expected.

It has allowed him to own his dream car - a BMW coupe. 'That's my big splurge,' he said grinning.

He now lives in Orchid Apartments in Eng Neo Avenue with his wife and two dogs. The place is also going through a possible collective sale transaction.

This time, he is less willing to let his ground-floor apartment go.

'Every time I sell en bloc, I get pushed to a more inferior area of living. With the money I get, I can get the same kind of living, but not in the same area. Standard of living drops,' he said.

Also, homes sold en bloc can bring out the worst in neighbours.

Mr Kummar said that at Kim Lim Mansion, things got so ugly that one owner threatened the others who were unwilling to sell by saying: 'If this were Hong Kong, this would be settled by the triads.'