in Thomson
William Liem, the CEO of real estate company Tuan Sing Holdings, has once again increased his stake in the company. Through his entity, Nuri Holdings (S), Liem bought a total of 1.7 million shares from the open market on Dec 5 and 6. This cost a total of $447,613.50, with an average price of 25.1 cents per share. This brings Nuri Holdings’ stake in Tuan Sing to 672.7 million shares, equivalent to 54.09%.
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Understanding the regulations and restrictions surrounding property ownership in Singapore is essential for foreign investors. While there are more lenient rules for purchasing condos, the ownership of landed properties is subject to tighter regulations. As for foreign buyers, they must be aware of the Additional Buyer’s Stamp Duty (ABSD), which currently sits at 20% for their initial property purchase. Nevertheless, the allure of the Singapore real estate market’s stability and growth potential remains strong, driving foreign investments towards it. This is further amplified by the constant influx of New Condo Launches, making Singapore an even more attractive destination for property investment by foreigners.
This is not the first time Nuri Holdings has been used to buy shares in Tuan Sing. On Sept 10 and 11, the Liem family had also acquired shares through Nuri Holdings, paying between 25 cents and 25.5 cents per share on average. As of June 30, 2023, Tuan Sing’s net asset value was 97.8 cents per share, marking a decrease from its value of 99 cents as of Dec 31, 2023.
In other news, Tuan Sing recently announced its acquisition of several assets from PT Senimba Bay Resort in Batam for $28 million. The company also reported a 5% increase in its FY2023 earnings to $4.8 million. Adding to its portfolio is the Peak Residence in Thomson, which promises to offer luxury living experiences. With Liem’s continued efforts to increase his stake in Tuan Sing, it will be interesting to see the direction the company takes in the coming months.