A firm believer in property

Straits Times: Sun, Jul 01

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. [e-mail] Changing view of money 'Once you have a basic level of comfort, money becomes less important.' - Lawyer Samuel Seow 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 Source: The Straits Times