Mr Oei has made another $14mio.

What is the deal?

On Nov 13, 2007, Mr Oei is selling the 55,000 sq ft freehold site to Mr Freddie Tan (the former publisher of Magazines Incorporated) for about $52 million - realising a gain of almost $14 million or 37 per cent since Feb 2007.

I highlighted the property purchases in my earlier posting in the share swapping exercises.

http://investingwithedgar.blogspot.com/2007/02/what-is-happening-with-mr-oei-novena.html

The two properties, at 98 and 100 Pasir Panjang Road, were acquired from Novena Holdings for some $29.8 million. His total cost, is said to be around $38 million.

Another deal in the bag for Mr Oei. The next question still awaiting an answer would be - Where will Mr Oei house the 10,000 Buddhas? One thing for sure, it will be a very nice place.