Singaporean paid $1.5m for overseas properties, but no titles transferred

A condominium development under construction in the Manila Bay area. Overseas properties are cheaper, but investors should still do their own checks before parting with their money. PHOTO: BLOOMBERG
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SINGAPORE - With even studio apartments here costing upwards of $1 million, it’s no wonder Singaporeans are heading overseas to buy property. It’s true that real estate can be markedly cheaper in many other countries, but as one investor found to her distress, there can be pitfalls in those enticing bargains.

The woman paid about $1.5 million to buy five small condominiums in the Philippines in what looked like a sure thing.

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