Foreign property investments could lead to big-time losses, warns CASE

Beware against bogus property investment firms.

The Consumers Association of Singapore (CASE) today warned Singaporeans to be cautious on foreign property investments.

According to CASE, it received 13 complaints in 2013 and 2014 from consumers who had invested in foreign properties but were unable to get back their promised returns or payouts.

CASE noted that many of these consumers were lured into making the overseas property purchase by promises of high rental yields or high capital growth.

"However, after making this investment, many of the consumers were unable to obtain any update on their investment and in some cases, have lost contact with the property investment company. Some of these cases involved a loss of large sums of moneys of more than $100,000 by the consumer," stated CASE.