istock

Wednesday, January 26, 2011

I love my job! My earlier commercial property call reaffirmed by industry watchers!

After I shared with everyone my enthusiasm regards commercial property, it seems the whole world is bullish on this sector now. The Sunday Times did a BIG feature highlighting the whole sector but I don’t totally agree with the journalist’s analysis. Anyway, everyone is entitled to his/her opinion, only time will tell who is right.

If you had read the Business Times yesterday, you will know that our North Bridge Complex, which we acquired in end 2009 will be up for en bloc. The asking price is $110 to 115 million. The journalist did a good job but the final ppr price per square foot works out to be $1600 instead of over $2000. I had many calls and smses congratulating me. This fund manager even wanted to quit his job and join me instead as he managed to work out that we made quite a few tens of millions in the span of about 1 year.

For those of you who believed in us, you will be getting a big huge ang pow soon. Please remember your promise to me, I made you money, you pledged to donate a portion to charity! This is important to me as a person’s word is everything. I will make more opportunities available to those who oblige.

I stick to a very disciplined approach when it comes to investing in property as you might know. That approach of risk management above all else has paid off handsomely for the ERC group of companies.

In case I don’t post a blog before CNY, I wish you happiness and prosperity in the year of the Rabbit!


Your Friend,

Andy Ong
26/01/11