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Kong Hee Might be In Jail, But His Penthouse is Up for Sale Again…at a Higher Price

2017-09-11 , 6:02 pm

You might have forgotten about Kong Hee, but you won’t have forgotten about his penthouse in Sentosa.

Kong Hee, the City Harvest Church pastor who was sentenced to a 3.5-year jail term in a high-profile case, has his penthouse re-listed in the market, this time at a higher price.

In 2015, it was reported that he has put up the penthouse for sale at a whopping $10 million. This attracted unwanted attention due to his upcoming trial then.

The house, co-owned by him and Indonesian Mr Hanafi, was bought in 2007, with Mr Hanafi and Kong each paying $17,000 a month for the repayment of the house.

They have then allegedly bought it for $9.33 million.

Since then, the house has not been sold. According to The Straits Times, there were offers made but it did not match the asking price of $10 million.

According to Kong Hee, it was supposed to be a temporary home until it was sold.

Well, temporary seems to mean two years for him.

So, fast forward to 2017, and the house is still not sold.

Kong Hee was initially found guilty and sentenced to eight years imprisonment, but an appeal in April 2017 reduced his sentence to 3.5 years.

He started serving his sentence from 21 April 2017, and according to Mothership, due to Conditional Remission System (CRS), he could be released on August 2019.

That’s about two years from now. *definition of temporary, yo*

So, it turned out that the penthouse is up for sale again, this time with a higher asking price: at a whopping $11.5 million.

Here, I’ve taken the liberty to show you the listing on propertyguru.com.sg.

Without taking inflation into consideration, that would have been a cool profit of $2.17 million.

So you might think that it’s due to market forces, that prices of luxury condos like Kong’s has increased.

Apparently, it’s the opposite.

It turns out that as luxury condos’ prices going down to prices of normal condos, more people have expressed interest in luxury condos.

So it seems that while there are more interest, the prices have luxury condos are supposed to have dropped.

Therefore, it seems weird that the penthouse is being listed at such a high price.

Maybe it’s just temporary.

We people who live in HDBs will never understand, would we?

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This article was first published on goodyfeed.com

Kong Hee Might be In Jail, But His Penthouse is Up for Sale Again…at a Higher Price

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