PropertyGuru.com.sg, 12 Nov 2013Several Singaporean investors in EcoHouse, the developer of Brazilian social housing projects in northeast Brazil, have handed their cases to law firms as a result of increasing frustrations with delays to promised payouts from the company.
Last week the developer, under pressure from its investors, updated its websites and offered the clearest indications yet of the probable dates of expected completion for all phases of projects sold to Singaporeans.
In 2012 EcoHouse was likely the most successful single overseas property investment among Singaporeans.
Several EcoHouse investors known to PropertyGuru, both of whom declined to be identified, told me they have put matters into the hands of legal representatives after learning their investments could be delayed for an additional two months on top of the current two-month delays that are already being experienced. Full story
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