Scare tactics to lure property investors come under fire

MAS reminds banks to tighten checks on property purchases made through shell companies

Some property investment educators and real estate agents say HDB flats will become worthless after 99 years, so that worried owners will pay to sign up for their investment courses or sell their flats to invest in private or commercial properties. T
Some property investment educators and real estate agents say HDB flats will become worthless after 99 years, so that worried owners will pay to sign up for their investment courses or sell their flats to invest in private or commercial properties. These companies also claim to have investment strategies for those who have little or even no cash.ST PHOTO: LIM YAOHUI

The Singapore authorities have criticised the "irresponsible" actions of some property investment educators and real estate agents who use scare tactics to attract customers to their investment courses.

In particular, these people have been flagged for actively pushing the message that "HDB flats will become worthless after 99 years" on social media, so that worried owners will pay thousands of dollars to sign up for their investment courses or sell their Housing Board flats to invest in private or commercial properties.

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A version of this article appeared in the print edition of The Sunday Times on November 08, 2020, with the headline 'Scare tactics to lure property investors come under fire'. Subscribe