Category Archive: Land Banking

Nov
09
2011

Twist in Profitable Plots Saga

And so the Profitable Plots saga drags on.

CAD has asked for more time to conclude it’s investigations into Profitable Plots. I have actually lost count of the number of times CAD has asked for more time to work on the case.

This time round, CAD has found an independent expert witness in the US, and would be able to compete its investigations within the next few months.

And so, the next hearing will be held on March 8 next year.

In a separate twist of events, Profitable Plots is now considering legal action against Securities Investors Association Singapore (SIAS) and its CEO, Mr David Gerald.

It had sent out legal letters alleging defamation based on a webcast that Mr Gerald made in May 2011 on the SIAS website.

Permanent link to this article: http://www.martinlee.sg/twist-in-profitable-plots-saga/

Aug
31
2011

Profitable Plots Directors Allowed to Leave Singapore

This is the kind of news that is stunning, even to a High Court Judge.

Geraldine and John Nordmann, husband and wife directors of land banking company Profitable Plots, were supposed to attend a verdict hearing but were not present as they were both allowed to leave the country.

High Court Judge Choo Han Teck said in disbelief: “Both sides had done something that ran counter to their original positions during the time that I was carefully considering the verdict. How do you expect me to deliver the verdict today?”

The story is that Geraldine Nordmann, one of the Directors of Profitable Plots, had initially submitted an application for the return of her passport on 18th May 2011 but the Attorney Generals’ Chambers (AGC) had objected to it.

The reason given by Geraldine then was that she had no money to stay in Singapore and wanted to move to her properties in Johor Bahru.

Investigations then had shown that Mrs Nordmann and her husband have already shipped three containers of personal belongings back to France from Johor Bahru. This indicated that they have intentions to move to France rather than stay in Johor Bahru.

However, Commercial Affairs Department (CAD) allowed the husband, John Nordmann, to leave the country. They believed that he would be unlikely to jump bail as long as his wife remained in Singapore.

It is therefore remarkable that Geraldine was subsequently allowed to leave Singapore. Geraldine’s lawyer Wendell Wong presented a case for the return of her passport by the CAD under “compassionate grounds” so that she could attend a wedding in Britain. She was allowed to do so.

The AGC said that they “will take note of the judge’s views and will consider it carefully in handling each individual case in the future.”

Singapore Law Watch : Judge stunned by AGC’s decision to return passport to female director before High Court verdict

Permanent link to this article: http://www.martinlee.sg/profitable-plots-directors-allowed-to-leave-singapore/

Jul
12
2011

FSA Warning on Land Banking

The Financial Services Authority (FSA) of UK has recently created a video warning on UK land banking. You can watch the clip below:




Meanwhile, in Singapore, the courts have granted yet another time extension to CAD for their investigation on Profitable Plots.

The new date of hearing is now on 8th November 2011.

Permanent link to this article: http://www.martinlee.sg/fsa-warning-on-land-banking/

May
05
2011

Beware of High Mark-ups on Land Banking Projects

It was reported that a particular plot of land was sold at £150 per square metre, a mark-up of around 5000% to investors in Asia.

Havering Green Belt for Sale in England

If the plot of land does not end up getting planning permission, you can bet that the resale value of the land will be much lower compared to what investors paid for them.

Just think about it. Despite all the “planning permission potential”, the original owner of the land has seen enough value to want to sell the land to the land banking company at around £3 per square metre. Why not keep the land for themselves, apply for planning permission and sell it at £1000 per square metre if they are successful?

Permanent link to this article: http://www.martinlee.sg/beware-of-high-mark-ups-on-land-banking-projects/

Mar
10
2011

Profitable Plots Case Still Unresolved

In a District Court hearing yesterday, CAD reported that their investigation against land banking company Profitable Plots was still ongoing. Deputy Public Prosecutor (DPP) Christopher Ong added that CAD’s investigations would probably be concluded within six months. Investigations first started in August 2010.

229 complaints involving more than $20 million worth of investments have been made to CAD against Profitable Plots.

District Judge Roy Neighbour granted the Public Prosecutor and the CAD a further four months for them to freeze the accounts (with about S$55k) and complete investigations.

A few months ago, the High Court had allowed for more than $200k from the bank account of Profitable Plots to be released in order to pay the for salary of their staff.

CAD has sought overseas help in Profitable Plots investigation
(Today)

CAD’s Profitable Plots probe reaches advanced stage (ChannelNewsAsia)

Permanent link to this article: http://www.martinlee.sg/profitable-plots-case-still-unresolved/

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