Last week (27 Sep), it was reported in the media that the company, ZACD Investments, which earlier constructed an illegal hidden storey floor inside its penthouse unit at The Alexcier in Alexandra Road, has demolished the floor and put the unit up for sale.
ZACD Investments is now asking a cool $4.2 million for its 10,506 sq ft unit. It was reported that the penthouse unit now only has 16 years of lease left. Industry sources revealed that the asking price, at $400 psf, is about double what the company paid for in 2006 at $212 psf.
The company was caught by authorities for illegally constructing an extra hidden floor on top of its 8th floor penthouse unit earlier this year, thanks to a whistleblower.
Living spaces found on secret hidden floor
The hidden ninth floor was found to have various living spaces with workstations, beds, a kitchen and a meeting room. In fact, it’s so secretive that to get there, people will have to enter through an office pantry on the 8th floor, key in a password at the door, which was disguised as a display shelf, before going up a flight of stairs to reach the 9th floor.
ZACD Investments comes under the ZACD Group which was founded by Stanley Yeo Choon Guan. At the time when the illegal construction was exposed, Yeo told the media that it’s not a floor.
He said, “It’s not an additional floor. It’s a racking system (shelving storage system). We built it 4 to 5 years ago for storage purposes. It’s only about 3,000 to 4,000 sqf.” However, inspection by SCDF officers showed that, unlike a racking system, it is constructed like an enclosed floor with interior fittings.
People interviewed at the building said they saw foreign workers taking the cargo lift to the 8th floor late at night. Even security guards were suspecting that foreign workers were living there because they were told to let these people into the building late at night. But Yeo insisted that no one was living in the unit. When asked about the furniture and beds found on the hidden floor, he said they were previously used in his company showroom. As for the workstations, he said he had moved them there from the 8th floor after his company’s IT system was “hacked”.
Stanley Yeo is a grassroots leader at Tampines
Check on the National Day Award site shows that Yeo is the Vice-Chairman of Tampines North CCC (Tampines GRC), who was awarded the Public Service Medal in 2015:
According to the Tampines Town Council’s website, Mr Yeo was appointed a member of the town council for a term of two years with effect from 1 October 2017.
In an article published in LinkedIn in Nov last year, it listed him as the Chairman of Tampines North Citizens Consultative Committee, which meant he has been promoted by the People’s Association.
In the article, Mr Yeo described himself as a “disciplined risk taker”. He said, “To do well in business, you need to know when to take calculated risks and when not to dive in recklessly.”