EXCLUSIVE: Singapore bank OCBC has admitted that is was at fault for cheques issued to EcoHouse investors, some of which were not honoured by what it described as ‘new signing conditions’.
PropertyGuru was swamped with emails from angry and confused investors when news emerged yesterday that payments were not being honoured, but the developer acted quickly and contacted affected investors to advise them of the situation. PropertyGuru has now seen a copy of an OCBC letter in which they have apologised for the inconvenience caused.
EcoHouse has been selling social housing investments, and more than 700 Singaporeans have purchased the investment over the course of the last two years.
The developer has also confirmed that, despite rumours to the contrary which have surfaced on the Internet, work on all sites has been continuing at a great rate.
Picture: Roads being put down at the Casa Nova development earlier this week. Picture supplied by EcoHouse.
Andrew Batt, International Group Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email andrew@propertyguru.com.sg
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