A reader, Gary, asked me for my opinion about something he saw in Bukit Merah Central.
“… Saw a roadshow in Bukit Merah Central which displayed “24% per annum”! Company is Islandia and I’m not so sure if really can get 24% per annum! Sounds like scam but the strange thing is that there are people manning the booths!”
So, with some help from my friends, Victor Chng and Matthew Seah, I discovered that Islandia is actually a proposed integrated resort to be developed on an Indonesian island called Pulau Abang Besar. Apparently, construction work started in the middle of last year.
This project is a joint venture by Cuffz Holdings and Huafa Assets.
Digging around a bit more, we found that Cuffz Holdings is actually partnered with IOC Group Limited…