Despite soaring property prices, Mustaq Ahmad, the owner of Mustafa Centre believes that building his own 10-storey apartment complex for S$11 million was a practical decision.
“A home is the most important necessity for any person…Big or small, owning your own home is better than renting, which could add to your financial pressure,” he said in a local media report.
Mustaq, together with his wife, children and grandchildren, moved into the property earlier this year. The 27,000 sq ft building is valued at S$45 million and has nine units with three to five rooms. There is also a swimming pool and gymnasium.
But the businessman explained: “It is only a home. The design may be a little different, but what is important is that the building is strong and safe.”
The property is also close to his office and Mustafa Centre on Syed Alwi Road.
Mustaq bought the 10,000 sq ft site between 1985 and 1990 for just S$6.5 million. While aware that the price has appreciated over the years, the businessman said: “This happened by chance, but we do not know what is going to happen in the future.”
“If given the chance to build an apartment like this at the (current) property prices, I probably could not do it again.”
In fact, Mustaq “never considered buying land and building an apartment as an investment…I only did it to put a roof over our heads so we can live together as a family”.
In 2011, Mustaq was ranked the 37th richest individual in Singapore by Forbes Asia. Mustafa Centre offers 24,000 sq m of retail space and over a million types of products.
Source – PropertyGuru – 4 Jul 2013