Page 1 of 2 12 LastLast
Results 1 to 30 of 39

Thread: Anybody here ever lost $$$ in property...

  1. #1
    Join Date
    Jun 2011
    Posts
    6,134

    Default Anybody here ever lost $$$ in property...

    Just curious....seems like i hear a lot of people make tonnes of $$$...but good to share wats the downside risks...i personally just a normal working singaporean and made some decent $$ in investing over past few years but i know that this is also a RISKY business...

    share share if u got story to tell maybe about your friends relatives,....IN-LAWS

  2. #2
    ikan bilis's Avatar
    ikan bilis is offline i'm Buaya ! Girls BEWARE !!...
    Join Date
    Apr 2011
    Posts
    1,385

    Default

    you never read news meh??... lots of those last time...

    ~~~~~~~~~~~~~~~~~~~~~~~~~~~~

    http://finance.groups.yahoo.com/grou...e/message/1093


    April 7, 2006
    OCBC'S SUIT AGAINST FAMILY
    Retirement plan turns into $23m nightmare
    They took overdraft to build houses on plot, hoping to sell later - but plan goes awry


    By K.C. Vijayan



    IT COSTS the Moeys some $3,500 every day in interest payments alone to keep the District 10 properties a court ordered on Tuesday to be returned to a bank.


    They owe OCBC Bank $23 million in all, much more than the $14 million the three bungalows are expected to fetch in the current property market.

    Now the family of three has to hand over two units to the bank within a week and has three weeks to vacate the third bungalow in which they live.

    What had started out as a money-making retirement plan for Mr Moey Keng Weng, 70, former chief financial officer of Malaysia-Singapore Airlines, the forerunner of Singapore Airlines, his wife and daughter, has left them homeless.

    The saga began in 1996 when Mr Moey's daughter, Meng Yee, 33, took a Tat Lee Bank (TLB) overdraft guaranteed by Mr Moey and his wife to develop four units on a plot of land in Jalan Ampang.

    With Mr Moey's Central Provident Fund money and his daughter's skills as an architect, the plan was to build the bungalows, sell three of the units and live in the fourth at No 48.

    Two years later, they refinanced the loan when the overdraft was exceeded.

    They managed to sell off one unit, but were still saddled with the remaining three.

    Speaking to The Straits Times yesterday, Mr Moey said the monthly interest exceeded $100,000. But after May 2003, he stopped receiving the statement of accounts and legal proceedings ensued instead.

    He said the family went into the project at a time when prospective property 'vultures' were willing to pay between $3.5 million and $5 million for a unit.

    But the market dipped in the wake of the Asian financial crisis in June 1997 and the regional financial meltdown that followed.

    Two units were left unsold and have been unoccupied since.

    'I was just unlucky and was financially run over, just like a car accident then,' he said.

    So what happened?

    As he told it, the arrangement with TLB then was that the loans were not to be repaid until the units were sold.

    He claimed that in 1998, the bank, which was negotiating merger terms with Keppel Bank, decided to make provisions for or write off his daughter's debt as part of the $487 million 'adjustments' before the takeover.

    It made commercial sense to do so, he said, or Keppel Bank would have had to issue additional stock to TLB shareholders if it were to take over the debt and this would have affected the share exchange ratio.

    Mr Moey is clearly upset with OCBC's assertion in court that he had fabricated the story about having being told by TLB officers that the debt had been written off.

    'The decision to write off was a professional one and should be seen in perspective. There was no question at the time that I was indebted and was running away from paying what was due to Tat Lee Bank,' he said.

    'It is not as if a decision was made between two close friends to write off a bad loan or that I've fabricated a story.'

    The merged entity, Keppel TatLee Bank, started legal action against the Moeys in April 1999 to recover the money but did not follow through.

    In 2001, Keppel TatLee merged with OCBC Bank, which sued the family the following year.

    What was a $13 million debt in 1998 had now soared by an additional $10 million through interest and related costs.

    Mr Moey claimed that he was not allowed to lease or sell the two units from the time they were completed even though he had ready buyers with cheques in hand and tenants for $10,000 a month because of the disarray following the merger and no one could be located to give the go-ahead.

    He said he ended up paying the full property tax of about $117,000 annually for the three units.

    On Tuesday, OCBC's lawyer Kenny Chooi argued successfully that even if the debt had been written off, the bank could still sue to recover the money. A write-off is merely an 'internal accounting entry' - not the same as 'forgiving' a debt which means a mutual agreement where the bank waives the debt, on some condition.

    The day after the court decision, hordes of motorists drove past to gawk at the properties.

    Mr Moey is considering an appeal through his lawyer Andre Arul.

    Asked about his future plans, he said half in jest: 'Do you know a place I can rent? I have no choice but to move out.'

    vijayan@...

  3. #3
    Join Date
    Nov 2008
    Posts
    1,385

    Default

    Quote Originally Posted by radha08
    Just curious....seems like i hear a lot of people make tonnes of $$$...but good to share wats the downside risks...i personally just a normal working singaporean and made some decent $$ in investing over past few years but i know that this is also a RISKY business...

    share share if u got story to tell maybe about your friends relatives,....IN-LAWS
    those who lost probably vanish into thin air lolx. where will look back and surf for properties or props forums...

  4. #4
    ikan bilis's Avatar
    ikan bilis is offline i'm Buaya ! Girls BEWARE !!...
    Join Date
    Apr 2011
    Posts
    1,385

    Default

    Quote Originally Posted by jwong71
    those who lost probably vanish into thin air lolx. where will look back and surf for properties or props forums...
    umm... how'bout they become no happy with burnt backside, come back forum and everyday/10-minutes shout bear/crash can or not ??...

  5. #5
    Join Date
    Nov 2008
    Posts
    1,385

    Default

    Quote Originally Posted by ikan bilis
    umm... how'bout they become no happy with burnt backside, come back forum and everyday/10-minutes shout bear/crash can or not ??...
    this group probably missed the boat, or never profit.. or being priced out.

    but not the lose money group

  6. #6
    teddybear's Avatar
    teddybear is offline Global recession is coming....
    Join Date
    Mar 2009
    Posts
    10,800

    Default

    You probably can guess who these are?

    Quote Originally Posted by ikan bilis
    umm... how'bout they become no happy with burnt backside, come back forum and everyday/10-minutes shout bear/crash can or not ??...

  7. #7
    Join Date
    Jun 2008
    Posts
    1,569

    Default

    The story is very sad...
    but who suggested betting the farm on doing the 4 bungalows?
    How come don't be more conservative and do 2 instead ?
    Earn slowly better than die in a blaze of "gory"

  8. #8
    Join Date
    Nov 2008
    Posts
    1,385

    Default

    Quote Originally Posted by focus
    The story is very sad...
    but who suggested betting the farm on doing the 4 bungalows?
    How come don't be more conservative and do 2 instead ?
    Earn slowly better than die in a blaze of "gory"
    don't died cock standing

  9. #9
    Join Date
    Jun 2009
    Location
    Southbank
    Posts
    9,531

    Default

    Quote Originally Posted by radha08
    Just curious....seems like i hear a lot of people make tonnes of $$$...but good to share wats the downside risks...i personally just a normal working singaporean and made some decent $$ in investing over past few years but i know that this is also a RISKY business...

    share share if u got story to tell maybe about your friends relatives,....IN-LAWS
    Downside risks.
    1. Interest payment.
    2. Maintenance payment.
    3. Property tax.
    4. Lost all deposit and still have to pay different of price drop.

  10. #10
    Join Date
    Nov 2008
    Posts
    8,013

    Default

    Quote Originally Posted by ikan bilis
    umm... how'bout they become no happy with burnt backside, come back forum and everyday/10-minutes shout bear/crash can or not ??...
    The resemblance is uncanny!

  11. #11
    Join Date
    Feb 2009
    Location
    峨眉山
    Posts
    5,512

    Default

    Lost $16k on timeshare (still have it la, so maybe not considered lost)

    Lost $35k on a boathouse. Literally boat house. Not that condo.

  12. #12
    Join Date
    Jun 2011
    Posts
    6,134

    Default

    i dunno but personally i feel if you dont overlevarage and you buy within your means and affordability things should be ok....but human nature is such once you taste easy money you tend to be greedy and act irrationally...correct me if i am wrong...

    i think thats why our good govt has stepped in to prevent DISASTER from happening...seems like singapore property market is driven by the monkey sentiment....i.e monkey see monkey DO..

    Honestly if things dont slow down i think we can expect cm 6/7/8/9...10

    Anyway good to share amongst all bros here so many years from now we can continue to share ideas and hope we can all do well in our investments...

    Cheers my

  13. #13
    Join Date
    Apr 2009
    Posts
    5,841

    Default

    Important lesson is buy only if you can afford to lose in a downturn.

  14. #14
    Join Date
    May 2011
    Posts
    145

    Default

    1 word sum it all GREED!
    If one buys better buy within one's affordability.

  15. #15
    Join Date
    Dec 2011
    Posts
    95

    Default

    Quote Originally Posted by focus
    The story is very sad...
    but who suggested betting the farm on doing the 4 bungalows?
    How come don't be more conservative and do 2 instead ?
    Earn slowly better than die in a blaze of "gory"
    ya, one shot do 4 bungalows.. a bit much

  16. #16
    Join Date
    Nov 2011
    Posts
    689

    Default

    I have 2 overseas properties vacant....is that considered a loss?

  17. #17
    Join Date
    Jan 2011
    Posts
    1,636

    Default

    So how much is over leverage? how much leverage is the limit?

  18. #18
    Join Date
    Jun 2009
    Posts
    2,309

    Default

    Quote Originally Posted by Eastboy
    I have 2 overseas properties vacant....is that considered a loss?
    Yes. Vacant properties are considered loss.

    Most people dont realise that while other asset class like shares, gold, etc require u to come up with an initial sum and thats it! Property is one of the few assets that can become a liability.

    All here should know the monthly payments required for a property, so if there is not rental, they u are holding on to something that requires u to fork out cash each month.

    DKSG
    Stay Calm and Cool

  19. #19
    Join Date
    Aug 2011
    Posts
    1,516

    Default

    Quote Originally Posted by DKSG
    Yes. Vacant properties are considered loss.

    Most people dont realise that while other asset class like shares, gold, etc require u to come up with an initial sum and thats it! Property is one of the few assets that can become a liability.

    All here should know the monthly payments required for a property, so if there is not rental, they u are holding on to something that requires u to fork out cash each month.

    DKSG
    Stay Calm and Cool
    Gold should be under liability category right?

    Cars are assets for car rental companies.

  20. #20
    Join Date
    May 2011
    Posts
    616

    Default

    some of the HDB in far reach of SG has been known to be non performing.

    For those, I think loose money , Should owners move on or hold in the hope of a comeback ?

  21. #21
    Join Date
    Nov 2008
    Posts
    8,013

    Default

    Quote Originally Posted by DKSG
    Yes. Vacant properties are considered loss.

    Most people dont realise that while other asset class like shares, gold, etc require u to come up with an initial sum and thats it! Property is one of the few assets that can become a liability.

    All here should know the monthly payments required for a property, so if there is not rental, they u are holding on to something that requires u to fork out cash each month.

    DKSG
    Stay Calm and Cool
    However, there are some vacant properties which are intentionally left unoccupied. These are vacation homes, some call them summer homes. They should not be occupied and the cost have been factored initially. Hmmmm... these houses help to save on accomodation cost during holiday. Just like during holiday, one's homes are also left vacant but we don't consider them losses!

  22. #22
    Join Date
    Apr 2008
    Posts
    4,364

    Default

    Quote Originally Posted by ikan bilis
    umm... how'bout they become no happy with burnt backside, come back forum and everyday/10-minutes shout bear/crash can or not ??...


    stupid moron......

  23. #23
    ikan bilis's Avatar
    ikan bilis is offline i'm Buaya ! Girls BEWARE !!...
    Join Date
    Apr 2011
    Posts
    1,385

    Default

    Quote Originally Posted by basic
    stupid moron......
    hello!!, you cannot scold those people who keep kpkb property to crash on forums as stupid moron hor, as they could be....

    - lost too much in properties liow... burnt until no backside
    - pitching tents at changi beach now, and heavy rain outside
    - kena dumped by girl friend because cannot afford a condo
    - landlord knocking at the door now, chasing for rent payment...
    - or, missed the boat jialat jialat, and very "eye-red-red" now...

    can you imagine how sad state they are in.... and please be more understanding...

  24. #24
    Join Date
    May 2011
    Posts
    600

    Default

    Quote Originally Posted by DKSG
    Yes. Vacant properties are considered loss.

    Most people dont realise that while other asset class like shares, gold, etc require u to come up with an initial sum and thats it! Property is one of the few assets that can become a liability.

    All here should know the monthly payments required for a property, so if there is not rental, they u are holding on to something that requires u to fork out cash each month.

    DKSG
    Stay Calm and Cool
    I won't really call it a loss if the value of the property is still appreciating.

    Just like any other commodities like gold that you have mentioned.

    Even equities like stocks. If dividend is not paid, would you call investing in equities a loss?

  25. #25
    Join Date
    Apr 2008
    Posts
    4,364

    Default

    Quote Originally Posted by ikan bilis
    hello!!, you cannot scold those people who keep kpkb property to crash on forums as stupid moron hor, as they could be....

    - lost too much in properties liow... burnt until no backside
    - pitching tents at changi beach now, and heavy rain outside
    - kena dumped by girl friend because cannot afford a condo
    - landlord knocking at the door now, chasing for rent payment...
    - or, missed the boat jialat jialat, and very "eye-red-red" now...

    can you imagine how sad state they are in.... and please be more understanding...

    coward....be a man....

  26. #26
    ikan bilis's Avatar
    ikan bilis is offline i'm Buaya ! Girls BEWARE !!...
    Join Date
    Apr 2011
    Posts
    1,385

    Default

    Quote Originally Posted by basic
    coward....be a man....
    those people cannot afford the 20% downpayment for condo lah...
    most of them already do not even have the 5% option fee....
    so they can only kpkb property to crash on forum lor... free of charge...


  27. #27
    Join Date
    Apr 2008
    Posts
    4,364

    Default

    Quote Originally Posted by ikan bilis
    those people cannot afford the 20% downpayment for condo lah...
    most of them already do not even have the 5% option fee....
    so they can only kpkb property to crash on forum lor... free of charge...

    who are they? how do you know they can't afford??....

  28. #28
    ikan bilis's Avatar
    ikan bilis is offline i'm Buaya ! Girls BEWARE !!...
    Join Date
    Apr 2011
    Posts
    1,385

    Default

    Quote Originally Posted by basic
    who are they? how do you know they can't afford??....
    haha... i know you are very free the whole day...
    me not so free to play with you...
    can you go look for devilplate....


  29. #29
    Join Date
    Apr 2008
    Posts
    4,364

    Default

    Quote Originally Posted by ikan bilis
    haha... i know you are very free the whole day...
    me not so free to play with you...
    can you go look for devilplate....

    moron salted fish.....

  30. #30
    Join Date
    May 2011
    Posts
    689

    Default

    Quote Originally Posted by basic
    moron salted fish.....
    Now you come out to scold people in other thread
    Why don't you get lost if you don't like what people said here, as you always suggest?

Similar Threads

  1. Have property cooling measures lost their punch?
    By reporter2 in forum Singapore Private Condominium Property Discussion and News
    Replies: 1
    -: 17-05-20, 07:41
  2. Bear News. Have property cooling measures lost their punch?
    By Arcachon in forum Singapore Private Condominium Property Discussion and News
    Replies: 1
    -: 16-05-20, 10:21
  3. Property buyers sued over 'lost opportunity' costs
    By reporter2 in forum Singapore Private Condominium Property Discussion and News
    Replies: 6
    -: 30-03-14, 11:52
  4. She lost baby, then she lost hubby
    By reporter2 in forum Coffeeshop Talk
    Replies: 0
    -: 26-03-14, 11:23
  5. Has CCR property lost its shine?
    By Ringo33 in forum Singapore Private Condominium Property Discussion and News
    Replies: 107
    -: 28-10-13, 15:02

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •