He buys properties and art as investments to secure a steady flow of money.
Wed, Jan 19, 2011
The New Paper
By Kwok Kar Peng
CELEBRITY hairstylist Addy Lee has a motto that has kept him successful all these years.
|Art and property as investments|
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He believes a person has to always look forward, and to look towards money.
For this reason, the 40-year-old upgraded to a new home a month ago.
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» Inside a Sentosa Cove villa
The CEO of Monsoon Hair Group is now the owner of a swanky $3.3 million three-bedroom condominium unit at The Oceanfront@Sentosa Cove.
He hosted The New Paper at the apartment recently and said: "My first apartment (at Bayshore Road) was 1,000 sq ft and cost $800,000. My second apartment (at Meyer Road) was 1,300 sq ft and cost $1.65 million.
"Now, this is 1,700 sq ft and a few million dollars. My dream is to upgrade to the landed property opposite and own a yacht."
Lee is referring to the villas at Sentosa Cove with a private marina.
He made a six-figure profit when he sold his second apartment.
His home is his sanctuary, which is why he splurged on renovating and furnishing it.
The chief crimper to MediaCorp celebrities like Quan Yifeng and Michelle Chia spent $150,000 on his home's interior design and $60,000 on furnishings like wallpaper and carpets.
His bed cost $10,000, his sofa $20,000 and he bought a $12,000 55-inch LED television.
He explained: "I love to entertain friends at home because I charge too much to my credit cards when we go out. So I wanted a good sofa and TV set."
Lee chose his new apartment because of the unblocked views of the sea, the hills and the yachts.
"My fengshui master also said the huge expanse of water will bring me lots of money," he added.
But this doesn't include winning at the lottery it seems.
Lee's block and unit numbers were winning numbers in the lottery four times recently, but he never won.
When he bought the numbers, they didn't win. When he didn't, it came out a winning number, he said.
Still, it's not like he's short of dough.
The Malaysian, who said he earns a five-figure sum a month, has 13 hair salons in Singapore and Malaysia and one haircare line.
He co-hosts a radio show every Monday at Love 97.2FM.
And on the side, Lee invested a six-figure sum to launch New York skincare line Bioequa with local actor Mark Lee in March, and is planning to start a recycled wood furniture business.
From clothes to homes
Said Lee: "Around five years ago, money was very important to me because I enjoyed buying branded goods. I spent $300,000 a year buying clothes, bags, shoes and watches."
However, in the last two years, he began to invest in property and paintings after being influenced by his friends.
"Now I prefer to make money grow and spread out my business, which is better than spending it on shopping," he added.
"I still spend on what is necessary and spend a few thousand dollars a year on shopping."
His apartment at Sentosa Cove is one such investment. He told us a neighbour who lives two floors below him is selling the apartment for more than $4 million.
He also has a three-storey house in Damansara, Kuala Lumpur, which he bought three years ago for RM1.55 million ($654,000).
He said the freehold property is now valued at RM4 million and he believes the price will continue to rise to RM6 million within two years.
He has also invested $300,000 in about 15 paintings, all by up-and-coming Asian artists. One painting by Japanese artist Ayako Rokkaku, which he bought for around $30,000, is now valued at $100,000, he claimed.
He also commissioned one of his favourite artists, Yin Jun from China, to do two special paintings for him.
One is of him and his good friend Quan, while the second one is of Quan with fellow actress-host Chia.
The work was done in Yin's signature style where the subjects are crying.
Each piece cost "tens of thousands of dollars" and will be sent to Singapore from China soon.
Said Lee: "Earning money is a hobby to me. I love to make money and feel successful."
This article was first published in The New Paper.