Tag Archives: City Harvest Church

Rich, famous living it up in Sentosa Cove

Posted on 4 Jul 2012 | Comments Off on Rich, famous living it up in Sentosa Cove

The appeal of a Sentosa Cove home lies in its exclusivity and the lifestyle it offers, according to a report by AsiaOne.

Among famous personalities drawn to its appeal is Addy Lee, celebrity hair stylist and CEO of Monsoon Hair Group, who owns a three-room apartment in the enclave.

Interestingly, his neighbour at The Oceanfront condominium is controversial City Harvest Church pastor kong hee, who’s accused of misappropriating church funds. Along with four other senior church members, he faces three or more charges for allegedly using the funds to finance his wife’s music career.

According to Lee, he’s never crossed paths with the pastor, although he has known his wife for over 10 years.

Meanwhile, Sentosa Cove is known for its serenity, luxury and exclusivity. It is the only neighbourhood in Singapore where residents can berth their yachts next to their backyard.

“The moment I open my window, I can see the sea, and it makes me very happy.. I’ve recently discovered the amazing sunsets I get,” said Lee.

“I feel very safe and peaceful living here. It gives me a lot of ideas for my work and businesses.”

One of the most talked about properties in Sentosa Cove is the Fish House, home to Australian-born Stephen Fisher. The two-storey property was recently named one of the most relaxing homes in the world by tech site Gizmodo.

Fischer, a hedge fund manager at First Degree Global Asset Management, bought the 7,800 sq ft land site for S$3.5 million in 2005. He then spent S$2.4 million to build a 5,800 sq ft house.

While Fischer was unaware of the recent recognition, he also wasn’t surprised. “The home was built for living in, not a showcase.”

“Water plays a big part in the design and we swim every day. We all laughed when we read the Gizmodo rating.”

“Where else can you live in a resort yet be 10 minutes from the CBD (central business district)? There are times when we don’t leave the island for days,” he added.

Designed by Singapore-based firm Guz Architects, the eco-friendly home is no stranger to the limelight. In 2010, it was recognised at the Architectural Design Awards organised by the Singapore Institute of Architects.

Commenting on Sentosa Cove’s exclusivity, Eugene Lim, Key Executive Officer at ERA, said: “A Sentosa home is a status symbol. It’s sort of a must-have if you are one of the who’s who.”

Source : CNA – 2012 Jul 3

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Posted in Luxury Property, Property Market / Real Estate, Sentosa Property

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Profits should not be charities’ aim

Posted on 24 Mar 2010 | Comments Off on Profits should not be charities’ aim

I REFER to last Saturday’s report, “Charity commissioner questions City Harvest” and the letter from the Ministry of Community Development, Youth and Sports, Urban Redevelopment Authority and Inland Revenue Authority of Singapore, on the same day (“Drawing the line on commercial deals”), which said: “A charity’s main purpose is to provide public benefits through its charitable activities.”

Churches like other religious organisations are classified as charitable institutions. The core business of a religious community is to cater to the religious needs of its members and to provide charity to the poor and needy. Funds from members and the public are solicited primarily for that purpose. Its purpose is not profit-making and accumulation of financial assets for further investment in the business and commercial sectors.

Historically, business activity in printing and publishing, religious supplies, media and communication is meant to enhance the religious outreach. The investment of surplus funds is directed to equity blue chip stocks and rental of properties. As has been rightly pointed out by the Government they are “not to subject the charity’s assets and resources to unacceptable risks”. And that includes speculating in the stock market. It is further questionable for the religious community to set up a separate business entity in order to avoid taxation.

Whatever surplus funds the religious institution gets each year is not meant to be accumulated for the purpose of engaging in business and commercial activities. Exceptional risks are taken in profit-making activities and they deviate from the nature of charitable institutions.

The relevant authorities should provide regulations and enact legislation to address this situation.

Yap Kim Hao

Source : Straits Times – 24 Mar 2010

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