29 Feb '16, 3am

#singapore #property UOB suing over inflated housing loans: Singapore’s High Court has ...

Singapore’s High Court has allowed United Overseas Bank (UOB) to proceed with legal action against two property agents, five individuals and Lippo Marina Collection (LMC), a subsidiary of Lippo Group, reported The Straits Times . The defendants are being sued by the bank for their alleged failure to disclose the lavish furniture rebates offered by the developer to buyers of 38 apartments at the Marina Collection condominium. UOB claims that because they were not informed about the rebates, they granted a higher loan amount to the condo buyers. Otherwise, they would have cut the mortgage quantum. For example, the buyer of a $5.98 million unit was given a furniture rebate of $1.78 million. But the purchaser got a bank loan of $4.79 million, which is higher than the actual sales price of $4.2 million. The bank also alleged that the distorted prices for the 99-year leasehold u...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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