United Overseas Bank (UOB) advertised 12 new property launches on its website but removed them immediately after queries were made.
According to The Business Times, the advertisement for One Dusun Residences, which had a ‘sold out’ banner, provided information on the facilities, number of units, developer and the temporary occupation period (TOP) of the project.
UOB’s disclaimer stated that the company was not an agent of the developer, adding that all queries must be addressed to the developer.
But when contacted, the bank did not comment on the ads and removed them from the website, noted The Business Times.
As competition for home loans gets more intense, many banks have devised ways to attract more consumers. In the case of UOB, it is the only bank that offers 50-year mortgages, but it is unclear how long the bank has been advertising properties.
Other banks said that they do not advertise property launches on their website, although some do send notifications to selected customers.
“Currently there are no plans to put property launches on the website…we do send similar notifications on new launches to selected customers,” said Fen Peh, a spokeswoman at DBS Bank.
One banker said: “When we have tie-ups with developers, we will share the details of the property launch with our RMs or relationship managers, who will then share it with clients.”
Harmander Mahal, Head of Customer Value Management at HSBC Singapore, said that the bank has an arrangement with developers when offering preferential interest rates for mortgage loans to premier customers.
“Such arrangements include special previews at show flats and talks by investment advisers. Our focus is on completed residential projects, usually of higher end developments.”
Related Stories:
US mortgage rates hover above record lows
Aussie borrowers not shopping around for better deals