22 Jan '15, 1am

S’pore property firms under scrutiny for issuing vouchers

S’pore property firms under scrutiny for issuing vouchers

Perks used by property firms in Singapore to entice buyers of luxury apartments are under scrutiny after a bank sued a developer for allegedly conspiring with borrowers to inflate about S$182 million (RM492 million) of home loans. With Singapore’s real estate market on the slide, developers regularly try and court potential home buyers by offering incentives ranging from small cash rebates to discounts on cars, rather than cutting the sales price. United Overseas Bank says a unit of Indonesia’s Lippo Group took this practice to an extreme by giving buyers at a development in the wealthy enclave of Sentosa Cove furniture vouchers worth as much as S$2.4 million for each flat they bought. Buyers are meant to disclose such incentives when applying for a loan, but UOB claims it granted mortgages, worth an average of S$4.8 million each, on 38 flats in the development unaware of ...

Full article: http://www.kinibiz.com/story/singapore/137735/spore-prope...

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SINGAPORE Jan 22 (Reuters) - Perks used by property firms in Singapore to entice buyers of luxury apartments are under scr...

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