Today, there was an article on Straits Times that Brazilian property developer EcoHouse has been placed on MAS Investor Alert List.
The sales network manager of EcoHouse, Simon Dawson, did not respond to Straits Times calls or emails for more information. To my knowledge, Simon Dawson previously worked in Profitable Plots.
In my earlier article on EcoHouse back in March 2014, we knew that investors who took part in the 1 year plan that offered a 20% return were stranded.
They were given an option to extend their maturity to 3 years. In return, they would get an immediate 20% return.
Based on today’s article in the Straits times, it seemed that even investors who took up the extension option were not paid the immediate 20% that they were promised. This looks very bad indeed.
Anyone who invests in property related kind of projects should keep in mind that:
I could be wrong, but personally, I don’t think the investors will be getting any money back. They will probably be stuck with a title deed to a land in a far away place and an uncompleted property.
EcoHouse has come out strongly to say that they will deliver on their promises and that being place on the MAS investor alert list is not an issue.
EcoHouse : We will deliver (Property Guru)
Watch Listing isn’t a worry for EcoHouse says Chief Ops Officer (Property Guru)