Bungalow of former Citiraya chief up for auction
The Paya Lebar Crescent house of former Citiraya CEO Ng Teck Lee, whose whereabouts are unknown, is going up for auction on Tuesday with an indicative price of $2.3 million to $2.4 million.
The two-storey freehold detached house - 97 Paya Lebar Crescent - is being put up for sale by its mortgagee bank, which is understood to be United Overseas Bank.
Knight Frank is conducting the auction. The property has a land area of about 7,308 sq ft and a gross floor area of about 5,000 sq ft. The bungalow has four bedrooms, each with an attached bathroom.
The property was in the news in March last year when it was advertised in The Sunday Times’ classified section. The ad had a housing agent’s contact number and the agent subsequently said the ‘very serious seller’ who had ‘emigrated’ was asking for $3.4 million, BT reported at the time. The Corrupt Practices Investigation Bureau (CPIB) then stepped in to say that no sale would be allowed pending the bureau’s investigations at Citiraya.
CPIB said then it had asked the Registrar of Titles & Deeds to lodge a caveat on the property. A title search yesterday showed a Registrar’s caveat lodged on the property on March 8, 2005.
Potential buyers may wish to note that next week’s auction conditions for the property state that it is being sold free from encumbrances. If, however, the vendor (in this case, the mortgagee bank) is unable to remove any caveat charge order or other encumbrance, the sale will be cancelled and any deposit paid will be refunded to the buyer.
Ng is understood to have bought the house for $2.6 million in 2000. He is now at large, and the property is being offered with vacant possession.
Eleven people have been charged so far with corruption at Citiraya, an electronic-waste recycler.
Of the eleven, nine have been jailed. The jailed people include Ng’s younger brother, Teck Boon, who was formerly Citiraya’s assistant general manager. He was sentenced to eight years’ jail.
Citiraya, listed on the Singapore Exchange, has filed for judicial management. Knight Frank auctioneer Mary Sai, who confirmed that the house will go under the hammer on Tuesday, said the property has drawn a fair amount of interest since it appeared on its auction list - from those intrigued by its previous occupant as well as potential buyers.
Source : Business Times - 22 Feb 2006
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