Some claim fingers burnt in Iskandar buy-and-leaseback scheme

Mr Victor Ng, who had paid almost RM1 million (S$327,450) for a 1,178 sq ft apartment, said the rental returns fell to 0.57 per cent a year and losses were carried forward to be deducted from future profits.
Mr Victor Ng, who had paid almost RM1 million (S$327,450) for a 1,178 sq ft apartment, said the rental returns fell to 0.57 per cent a year and losses were carried forward to be deducted from future profits. PHOTO: KELVIN CHNG
Joyce Lim
Senior Correspondent
Updated
Nov 18, 2018, 10:44 PM
Published
Nov 18, 2018, 05:00 AM
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A group of 116 people - mostly Singaporeans - who bought serviced apartments in a waterfront development at Johor's Puteri Harbour are claiming that they have had their fingers burnt in a buy-and-leaseback scheme.

They are accusing a company linked to the developer of giving "unreasonably and inconceivably negligible" rental returns after the first two years of guaranteed returns in a 10-year contract.

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A version of this article appeared in the print edition of The Sunday Times on November 18, 2018, with the headline Some claim fingers burnt in Iskandar buy-and-leaseback scheme. Subscribe

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