Senior Minister and former prime minister Lee Kuan Yew, and his son, deputy prime minister Lee Hsien Loong, bought apartments in two of Singapore's most sought after new condominiums at substantial discounts, it has been disclosed.
Singaporeans, not used to their politicians being involved in any kind of apparently favourable business deals, were surprised to find that Mr Lee and his son had been given reductions of between five and 12 per cent in two units of the Nassim Jade block being built in high-class Tanglin Road, and another two in the Scotts 28 development.
A statement from the two politicians was issued on Tuesday night. It said they had informed Prime Minister Goh Chock Tong of the purchases, made in April and October last year.
The discounts were 'unilaterally given', said the statement, and neither Mr Lee nor his son had sought any preferential treatment from the developer, Hotel Properties Limited (HPL).
The company is run by Ong Beng Seng, one of Singapore's richest and most colourful businessmen.
The two also stated that neither HPL nor its associates had sought any favours from them, and pointed out that even with the discounts, they paid more than the going rate for other apartments in the same area.
However, both Nassim Jade and Scotts 28 will be among Singapore's finest condominiums, and sure to attract premiums.