SINGAPORE - Member of Parliament Lee Bee Wah has purchased an apartment unit developed by Tee Homes.
The Straits Times (ST) reported that the Nee Soon GRC MP bought the unit at 91 Marshall, located at in Katong, for $826,000.
The developer, Tee Homes, is wholly owned by Tee International, in which she is an independent and non-executive director.
Ms Lee reportedly received a 2.4 per cent discount for the purchase, according to records of the Singapore Exchange filing by Tee International on Wednesday.
Being the interested party in the transaction, Ms Lee abstained from the audit committee's and board's review and approval process in respect of the proposed sale to avoid conflict of interests.
The audit committee found that the number and terms of the proposed sale are "fair and reasonable and are not prejudicial to the interests of the company and its minority shareholders", said the ST report.
The board was also satisfied.
Based on the floor plans, Ms Lee's unit is a 570 sq ft two-room apartment on the fourth floor.
The one-block 3-unit freehold condominium is located near Dakota MRT and is within walking distance of Tanjong Katong Primary School.
91 Marshall is expected be launched in the middle on this month. The projected completion date is 2016.