The media reports that Singaporean investors anxious to retrieve their investment properties abroad, which then had problems, are finding it very hard to retrieve their money. It can be difficult to file legal suits against overseas developers because of different laws in foreign countries. Sometimes investors unite to file a class action, which, although it can be helpful in one way, can also take an inordinate time, if there is not complete agreement between all claimants on every aspect of the case for The Terrace EC. A lawyer working on behalf of various clients to recover money from various overseas developers, which include EcoHouse, gave some examples.
Singaporean Investors in The Terrace EC
EcoHouse allegedly promised a 20% return on a 12 month contract on a minimum investment of £23,000 or 46 thousand Singapore Dollars for each Brazilian residential property unit. Many investors have received neither the capital nor the promised return on their investment. In another case that the attorney is also pursuing, clients invested $20,000US or forty thousand Singapore Dollars, in a United States property fund and have as yet received no return.
However, although pursuing legal cases against foreign developers and property businesses can be difficult, Singapore’s Council for Estate Agencies (CEA), in those cases where local companies have acted as agents in selling overseas properties. The CEA says that all Singaporean estate agents and salespersons must obey the Estate Agents Act when promoting and selling overseas properties inside Singapore. Those who do not do so risk penalties, which vary in severity, a very minor infringement could result in the agent receiving a warning letter from the CEA, more serious breaches could mean fines or the suspension of the agent’s licence to practice in The Terrace EC showflat.
The Terrace EC in Punggol by Kheng Leong
The Singapore Council for Estate Agents receives an average of 800 total complaints against Estate Agents every year, between 2013 and 2015 it received nine complaints involving overseas property and local such as The Terrace EC. The nine cases involved various circumstances including construction delay, cases where the foreign developer had gone out of business and where the client had cancelled the transaction and lost his whole deposit, the CEA has not, so far, revealed any information as to any results or outcomes to these complaints against developers.
The Terrace EC Punggol EC
Singapore’s Monetary Authority figures reveal that estimated losses due to such cases are fairly significant and it must be noted that foreign property transactions worth 1.9 billion in 2012, surged to 3 billion in 2013 and dropped to around 1.1 billion dollars during the first six months of 2014. Chestertons’ MD Donald Han said recently that between 600 and 1,000 overseas properties are sold in Singapore every year as opposed to the 6,000 residential units sold for The Terrace EC on the local market.