Media reports have stated that, due to a higher risk that is involved with property investments overseas, the government is planning stricter regulations for foreign developers who advertise in Singapore for High Park Residences.
Furthermore, the advertising code is being reviewed currently by ASAS (Advertising Standards, Authority of Singapore), CEA (Council for Estate Agencies), and MAS (Monetary Authority of Singapore), all working en masse.
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Presently, it is only general principals that are covered by the code. One example is a stipulation that advertisements should in no way mislead buyers via exaggeration, inaccuracy, omissions, ambiguity on Fernvale Singapore condos website or otherwise.
The proposed amendments to the code would require that advertisers need to disclose any investment risks that are involved, what their financial position is, and whether the necessary approval has been secured from the relevant agencies by the project property such as High Park Residences.
According to Tan Sze Wee, Chairman of ASAS, the group in considering the imposition of fines on any advertisers who repetitively use misleading ads, while also increasing the punishments that already exist.
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The agency received 9 complaints last year in regard to property ads, a figure that is up from 6 reported in 2013. 13 complaints were recorded by Consumer Association of Singapore for 2013 and 2014 involving property purchases that were foreign such as High Park Residences.
One case example was a complaint by a consumer against a Philippine developer who refused to give the consumer updates regarding his property investments regardless of the fact that he had paid out over $100,000 for High Park Fernvale Condo option.
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Any investment in a foreign market will come with high risks, explained Lim Biow Chuan, President of CASE. When the prices had a sharp downturn a few of the deals made went bad and resulted in a large loss of the investors own money. He further added that there are other instances in which a foreign developer had gone bankrupt and abandoned a project.