Tuesday, January 31, 2012

Spotlight on S'pore investors in NZ homes

Straits Times: Mon, Jan 30
SINGAPOREANS' appetite for investing in overseas properties, in particular, some apartments in Auckland, has made the headlines in New Zealand.

A report earlier this month in The New Zealand Herald said homes in two apartment blocks in Auckland's central business district were being sold to Singapore investors - even though investors there had filed a lawsuit to back out of buying homes in the project.

The paper noted that an advertisement in the Jan 8 edition of The Sunday Times here, in marketing the units in the development called Bianco Off Queen, had guaranteed returns of

28 per cent over four years and promised potentially huge capital gains.

The report, casting doubt on the wisdom of investing in the units, quoted one lawyer who raised questions about who was selling the units and issuing the guarantees to Singaporeans...

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Martin Koh/ Sherry Tang
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