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26-07-2014, 12:40 AM
An honorable member of the Coffee Shop Has Just Posted the Following:
PAP GRASSROOTS LEADER BECOMES BILLIONAIRE THANKS TO HDB CONSTRUCTION CONTRACTS
.node-article .field-name-ad-box-in-article {float: left;margin: 15px 15px 10px 0;}.node-article .field-tags{clear: both;} Post date:
25 Jul 2014 - 6:30pm
http://therealsingapore.com/sites/default/files/styles/large/public/field/image/limm.jpg?itok=bddMp0tS (http://therealsingapore.com/sites/default/files/field/image/limm.jpg)
Forbes recently released their rich list, naming the wealthiest individuals and families in Singapore.
An extra 5 people became Billionaires in US$ terms compared to last year to make to total number of billionaires in Singapore 26.
(see: Forbes Asia: Singapore now has 26 Billionaires (http://therealsingapore.com/content/forbes-asia-singapore-now-has-26-billionaires))
However, when considering those who have become S$ Billionaires, there were many more who made the list with PAP Grassroots Leader, Mr Lim Chap Huat, being one of them.
Mr Lim is the Chairman of construction company Soilbuild and he was listed as the number 31 most wealthiest person in Singapore with a net worth of US$890 million, or S $1.1 billion.
Mr Lim was described by Forbes as a self made man:
“Son of a rickshaw driver, Lim Chap Huat set up a small construction outfit with two partners in 1976 at age 22, contributing $4,000 that he’d earned teaching math part-time while studying engineering. He expanded the Soilbuild Group into property development and listed it in 2005. Five years later he took the company private, buying out his partners who retired. Last year he listed a REIT and the construction unit. Soilbuild’s first overseas foray is in Myanmar where it is developing luxury residences. Wife Jee Lin heads sales and marketing in group.”
His company, Soilbuild, has benefitted greatly from several public contracts to build HDB projects. Even Mr Lim himself boasted that Soilbuild has benefited from being able to tender for public sector projects of "unlimited value" when he was writing in the Soilbuild Annual Report in 2013. [Link (http://infopub.sgx.com/FileOpen/Soilbuild%20Construction%20Group%20Ltd%20Annual%20 Report%202013.ashx?App=Prospectus&FileID=20840)]
However, it would seem that the residents who have bought Soilbuild projects have not entirely been happy. In fact, one of their recent BTO projects in Tampines was in the media as residents complained of finding hundreds of defects in their houses.
(PAP Grassroots leader owns company that is behind low quality BTO flats in Tampines (https://www.google.com.au/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&cad=rja&uact=8&ved=0CB8QFjAA&url=http%3A%2F%2Ftherealsingapore.com%2Fcontent%2F pap-grassroots-leader-owns-company-behind-low-quality-btos-tampines&ei=GCbSU8zwN9fd8AXl7ICACQ&usg=AFQjCNEaBYfF92s0mAg4_xXyjyZHvYObuQ&sig2=d31o7W8Hy9QLjf_KJiuuWg&bvm=bv.71667212,d.dGc))
Mr Lim is also a high ranking PAP Grassroots leader working in the Nee Soon GRC. He serves a high ranking position as the vice-chairman of the CCC in Chong Pang. He also serves as assistant treasurer of the PAP's branch office in Chong Pang.
Mr Lim is well known by the PAP and has previously received the public service medal (PBM) and the public service star (BBM) for his outstanding community services.
It would appear that he has benefitted greatly from winning high value HDB projects but has left residents with many frustrations as they have to try and get the defects in their brand new houses fixed.
These projects have helped Mr Lim become a billionaire in S$ terms and Soilbuild was even quoted in the media as saying that the government's 6.9 million population target would be good for the business.
Do you think he really understand the everyday struggles of average Singaporeans?
Click here to view the whole thread at www.sammyboy.com (http://www.singsupplies.com/showthread.php?186587-Pap-grassroots-leader-becomes-billionaire-thanks-to-hdb-construction-contracts&goto=newpost).
PAP GRASSROOTS LEADER BECOMES BILLIONAIRE THANKS TO HDB CONSTRUCTION CONTRACTS
.node-article .field-name-ad-box-in-article {float: left;margin: 15px 15px 10px 0;}.node-article .field-tags{clear: both;} Post date:
25 Jul 2014 - 6:30pm
http://therealsingapore.com/sites/default/files/styles/large/public/field/image/limm.jpg?itok=bddMp0tS (http://therealsingapore.com/sites/default/files/field/image/limm.jpg)
Forbes recently released their rich list, naming the wealthiest individuals and families in Singapore.
An extra 5 people became Billionaires in US$ terms compared to last year to make to total number of billionaires in Singapore 26.
(see: Forbes Asia: Singapore now has 26 Billionaires (http://therealsingapore.com/content/forbes-asia-singapore-now-has-26-billionaires))
However, when considering those who have become S$ Billionaires, there were many more who made the list with PAP Grassroots Leader, Mr Lim Chap Huat, being one of them.
Mr Lim is the Chairman of construction company Soilbuild and he was listed as the number 31 most wealthiest person in Singapore with a net worth of US$890 million, or S $1.1 billion.
Mr Lim was described by Forbes as a self made man:
“Son of a rickshaw driver, Lim Chap Huat set up a small construction outfit with two partners in 1976 at age 22, contributing $4,000 that he’d earned teaching math part-time while studying engineering. He expanded the Soilbuild Group into property development and listed it in 2005. Five years later he took the company private, buying out his partners who retired. Last year he listed a REIT and the construction unit. Soilbuild’s first overseas foray is in Myanmar where it is developing luxury residences. Wife Jee Lin heads sales and marketing in group.”
His company, Soilbuild, has benefitted greatly from several public contracts to build HDB projects. Even Mr Lim himself boasted that Soilbuild has benefited from being able to tender for public sector projects of "unlimited value" when he was writing in the Soilbuild Annual Report in 2013. [Link (http://infopub.sgx.com/FileOpen/Soilbuild%20Construction%20Group%20Ltd%20Annual%20 Report%202013.ashx?App=Prospectus&FileID=20840)]
However, it would seem that the residents who have bought Soilbuild projects have not entirely been happy. In fact, one of their recent BTO projects in Tampines was in the media as residents complained of finding hundreds of defects in their houses.
(PAP Grassroots leader owns company that is behind low quality BTO flats in Tampines (https://www.google.com.au/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&cad=rja&uact=8&ved=0CB8QFjAA&url=http%3A%2F%2Ftherealsingapore.com%2Fcontent%2F pap-grassroots-leader-owns-company-behind-low-quality-btos-tampines&ei=GCbSU8zwN9fd8AXl7ICACQ&usg=AFQjCNEaBYfF92s0mAg4_xXyjyZHvYObuQ&sig2=d31o7W8Hy9QLjf_KJiuuWg&bvm=bv.71667212,d.dGc))
Mr Lim is also a high ranking PAP Grassroots leader working in the Nee Soon GRC. He serves a high ranking position as the vice-chairman of the CCC in Chong Pang. He also serves as assistant treasurer of the PAP's branch office in Chong Pang.
Mr Lim is well known by the PAP and has previously received the public service medal (PBM) and the public service star (BBM) for his outstanding community services.
It would appear that he has benefitted greatly from winning high value HDB projects but has left residents with many frustrations as they have to try and get the defects in their brand new houses fixed.
These projects have helped Mr Lim become a billionaire in S$ terms and Soilbuild was even quoted in the media as saying that the government's 6.9 million population target would be good for the business.
Do you think he really understand the everyday struggles of average Singaporeans?
Click here to view the whole thread at www.sammyboy.com (http://www.singsupplies.com/showthread.php?186587-Pap-grassroots-leader-becomes-billionaire-thanks-to-hdb-construction-contracts&goto=newpost).