Star Bamboo Singapore

Last week, I wrote about a Singapore start-up which plans to build electric cars in Singapore.

The Today journalist Mr Loh clarified that the S$3m initial investment outlay went towards purchasing 8 units of the Myers Motors chassis, and other expenses. The registration of the company with a S$2 paid-up capital happened earlier in the year.

There was also a follow-up article in the Straits Times by their motoring correspondent Mr Christopher Tan on 12 Jul 2008. It clarified that buyers of the first 8 units are not simply buying a “collector’s item” as previously reported in Today, but also shares in the company.

According to The Green Car Company web site,

The first vehicle will include 2% of the company share. This means the buyer will also become the investor/shareholder of the company.

The starting price will be S$1,800,000

Price: S$8800000.00

There’s some ambiguity on the prices, but these prices value the company at S$90m to S$440m. It remains to be seen if any investors will bite at such valuations.

A Facebook group has been set up for The Green Car Company Pte Ltd. You can check out some interesting photos of the Myers Motors NMG vehicle, which the SEV-1 is based on.

I’ll get in touch with the founder Mr Clarence Tan, and post any further updates here.