[sgbuffett]

The 37-year-old said he has invested over S$70,000 since 2015. "We kept asking them (PIP Holdings) but they couldn't show us anything. If you've built something - roads, hotels or schools - you'll be happy to show your investors... I've stopped paying monthly instalments of S$1,530 since November last year. But I know of many older people who intend to build homes to retire there and continue to pay money to PIP each month. There is a clause in the contract that says what they've put in so far will be forfeited if they stop."

Some investors are considering filing a civil suit against PIP Holdings and its director but they are fearful of the legal cost and are not sure if they will get their money back

It is sometimes remarkable what is on the mind some Singaporeans. To buy a plot of land 400km from Perth then build a house later?


400Km is so far out of the city center ....can you even imagine? Land there cannot be more than 10psf it can even be $2 psf which is what farm land is going for. The man paid $1500 per month instalments totalling $70K to the scam.

Wow.

Land is worth money only when there is population density in the area already.

That is why some landed properties in JB are so cheap because they are far from town and city center. ...nobody wants to live there and land acosts almost nothing.

Australia has far more land than Malaysia. Only city area has value. A developer can actually get free land if be promised to develop the area.....that is what I think PIP did. They went to some rural Australian place show some plans for development, they offer land because it will create construction jobs ....then they sold these to Singaporeans. Same as Landbanking scams a few yrs ago.