Another case of a property "believer". Worse still, this guy has no "worst investment"! I find that pretty hard to believe. Somehow the questions never revolve around - how leveraged are you and how much debt are you taking up for your property investments?
The Straits Times
Jul 1, 2012
me and my money
A firm believer in property
Arts supporter Samuel Seow also tries to imprint his style on the units that he sells
By Joyce Teo
Known as an entertainment lawyer, an organiser of the male pageant Manhunt and a keen arts supporter, Mr Samuel Seow is on the go 24/7.
But he does not neglect his investments. He bought his first property in his late 20s and has not looked back.
Mr Seow, 39, has gone on to buy a few more properties and is now looking to put his money into Malaysian property.
'I haven't figured out what I should do with the profits after I sell my property. That's why I am now venturing abroad,' he says.
He has also invested in a Malay horror movie in recent years. 'In due course, hopefully entertainment will be something that people will invest in.
'I invested a five-figure sum and was prepared to lose money but I made $1,000.
'Once you have a basic level of comfort, money becomes less important.'
Mr Seow, who is single, founded Samuel Seow Law Corporation in 2005, a firm which has become known for representing media and entertainment clients. As a Distinguished Patron of the Arts award recipient, his firm is up there with big names such as the Lee Foundation, Keppel Corp and HSBC.
Q: Are you a spender or saver?
I would say I am both.
I spend most on suits, fashion stuff, holidays, and first-class or business-class flights.
I also travel every three months to the region. These are my own holidays and they are necessary. I spend at most five days away and can spend up to $2,000 for a suite a night.
I attend a lot of functions so I spend on clothes every three months. But I do save during those months that I don't spend. I am quite good at saving.
Q: How much do you charge to your credit cards every month?
An average of $5,000.
Q: What financial planning have you done for yourself?
I invest in my businesses and property. I also have life insurance and endowment policies.
I currently have four businesses - my law firm, Samuel Seow Corporate Services, artiste management company Beam Artistes and an associated firm in Kuala Lumpur called Seow Associates.
I've decided to have a base in the Iskandar region of Malaysia so I am looking to buy a semi-detached house there.
I'm set on a 4,000 sq ft house that costs RM700,000 (S$280,000). It will make a nice holiday home for my mother, who is in her late 60s. I am also eyeing a fully furnished 1,300 sq ft condo somewhere near Pudu that will cost RM1 million.
My firm is moving into a new space soon. With rental so expensive, I would like to get an office property in future instead of renting one. I will buy it myself and then rent it to the firm.
I don't buy stocks and I won't invest in something that I do not understand.
Q: Moneywise, what were your growing-up years like?
I have two elder sisters. My father owned an insurance brokerage firm and tended to be easier about spending.
He was a policeman and then went into the insurance business. He started his business the year I was born, and the year that I started my business, he died.
My mother, a housewife, was into saving everything. She came from a well-to-do family and my father had to prove himself when he married her so there was a lot of drama when I was young.
Q: How did you get interested in investing?
I bought a property with my sister about a decade ago but my first major investment would be a studio condominium unit in Mandarin Gardens in Marine Parade.
I bought it on my own when I was 31 years old, lived there for two years and sold it off for a modest profit of $50,000. At that time, I was still stupid.
I then bought and profited from the sale of a condo unit in Venezio in Upper East Coast Road. It made me realise that I could make quite a lot of money from property investments.
I also try to imprint my style on the properties and people either love it or hate it. The ceiling of my current living room is black.
Q: What property do you own?
A 1,033 sq ft condominium unit in Joo Chiat that I bought about 18 months ago for slightly less than a million.
I always buy direct from developers as I find that a better deal. I like small developments. They are usually not so popular so there's a good chance of negotiating the price down.
The latest deal done at the development was at $1.25 million so I am putting my unit up for sale. I am trying for $1.35 million. If I get it, I will move. I get the itch to move after six to seven months and I move every two to three years.
I also co-own a 1,300 sq ft condominium unit in Bukit Timah with my sister. We bought it for $1.3 million around a decade ago and it is now being rented to a Japanese tenant for $3,800 a month. I lived in it for a short while. When the MRT in the area is up, we will sell it.
Q: What's the most extravagant thing you have bought?
I guess it would be my Rimowa luggage bags. I have five of them and one can cost as much as $2,000.
Q: What's your retirement plan?
I want to be financially independent by 45 and pursue some artistic pursuits in future, perhaps something to do with music.
Q: Home is now...
The condominium in Joo Chiat.
Q: I drive...
My staff up the wall.
I don't know how to drive a vehicle but I am determined to learn to do so and to drive a luxury sedan by the middle of next year.
Now, when I go to work, I call for cabs or get my colleagues to pick me up at my home.
[email protected]
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WORST AND BEST BETS
Q: What's your best investment to date?
It was a condo unit in Venezio in Upper East Coast Road.
I bought it some years back, lived in it for a while and then sold it for a profit of more than $200,000.
I had some knowledge of the property market and luck on my side.
Q: And your worst...?
None so far.
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