In order to prevent giving misleading information, the property advertisements must follow a more austere guideline in Singapore. Channel NewsAsia reported recently that some of the overseas property classified ads today are more based on conjecture and often presents details that aren’t validated prior to the airing or flyer distributing.
Thanks to the support of Consumers Association of Singapore or CASE, the Advertising Standards Authority of Singapore highly suggested this new guideline. The goal of these latest instructions is to set a higher standard for giving property disclosures. This includes any word of caution and advice that would highlight whatever risks that may come as they invest in these real estate properties.
In their statement, CASE said that most of the top buyers in this industry are from Singapore. For the past couple of years, more and more Singaporeans have bought overseas properties as part of their investments abroad. Thus, the number of advertisements has dramatically increased at the same time.
In relation to that, more flawed transactions were also reported by Singaporean complainants. Since 2013 alone, there were about 23 people who appealed for help. Most of them protested that they didn’t receive any of the investments that were promised to them, as mentioned in the advertisements.
On top of that, there were also 41 more complaints received at the Advertising Standards Authority that were also related to the real estate products and services. For about two years and a half, there were also scams about foreign investments as well as training seminars on how to properly invest in overseas at the same time. Most of these promised them high returns and guaranteed profits since there were no warnings that risks would also come along with these investments.
The Advertising Standards Authority of Singapore received 41 complaints relating to advertisements on financial services and products, such as foreign property investments as well as investment training seminars over the past two-and-a-half years. Promising high, guaranteed returns, the advertisements lack sufficient warning against risks, noted the consumer watchdog.
However, with the changes that will take place next week, the advertisements regarding foreign properties like Focus Ploenchit in Bangkok, The Peak @ Cambodia or Marine Wharf East in London, should clearly give vivid information regarding the features and the updated development of the property. They also have to include the various restrictions that overseas investors may have as well as the tax liabilities that comes with their investment.