I refer to my letter to The Straits Times Forum titled “Questionable property ads popping up on social media” which was published on 3 May 2019 as follows:
Questionable property ads popping up on social media
MAY 3, 2019
When the Government implemented property cooling measures last July, individuals were cautioned against over-leveraging in property purchases.
Recently, Facebook has been flooded with property ads offering free seminars and free guides advocating owning “multiple properties with no money down”, or “a condo on a $6k combined salary”, or “buy 2 private properties without paying ABSD”, among other examples.
There was a report that highlighted an unusual spike in the number of options-to-purchase (OTPs) being reissued in December (PropNex calls for easing of curbs for HDB upgraders, March 15).
A Credit Suisse report said two-thirds of options in last December’s developer sales lapsed, noting that some developers were “continually reissuing OTPs to