Serious phuket property investment turns out to be a scam!

[krafty]

 

[ChristJohnny]

These investors are not naïve, they knew the risk and knew what they are doing. When making good money, I never come across them making noise. I know sometimes scam is difficult to detect until it is too late. Scammers should face the brunt of the law. In such case, Thai authority should step in as the country reputation (if they still have) will be at stake. Investors will not come in if their investment is not protected.

And you wonder why Thailand after so many years still stuck in the middle income trap. Economist had been talking about them 20 years ago. Likewise Indonesia was predicted by economist about its potential when Jokowi became its president. Instead it became worst ...

IQ and Race

 

[laksaboy]

Never 'pre-order' real estate. In fact, never pre-order anything: phones, video games etc.

 

[horny]

Beware.this jiuhukia is also a scammer.u noticed his fist clenched under the table like want to challenged ppl to fight.slap his botak head!!!!!!

 

[krafty]

if there is genuine investment in phuket or any beach resort in asia, go for it! you won't lose, take my word for it.

 

[no_faith]

Castlewood is a sg base developer?
They just want to sweep up all investor funds and run road.

 

[no_faith]

if there is genuine investment in phuket or any beach resort in asia, go for it! you won't lose, take my word for it.

Take your word? But your words carry no weight

 

[Scrooball (clone)]

Never 'pre-order' real estate. In fact, never pre-order anything: phones, video games etc.

u clearly know nothing about the merits of preorder. If an AP dealer offers me preorder of the Royal Oak, i will pounce on it. Easily can flip for $2k profit the next day.

 

[melzp]

AM cheating again ? Sinkees never heard of Profitable Plots before ?

 

[Semaj2357]

Take your word? But your words carry no weight

hanar, and it's way over his league

 

[Valium]

Sinkieland has the largest number of rich naive fools to bluff, looking at the way they voted for PAP to fuck themselves over.

 

[KuanTi01]

Phuket is also famous for all kinds of scams.

 

[halsey02]

Investing with the PAP is the best, your money can build a home, & have an egg nest, so good, PAP is the best.

 

[syed putra]

Must be the same idiots who sold "profitable plots". Smsll plots of swamp in uk that an never be developed were sold to investors in asia. I wonder what happened to that venture!

 

[JohnTan]

A Phuket hotel resort project by a Singapore-based property developer that drew over $90 million in funds has gone sour, with some retail investors going as far as to lodge a police report after the company suddenly went into liquidation.

Some investors of the failed developer, Castlewood Group, now suspect that they may have fallen prey to a scam.

They told The Straits Times that they were informed last month that Castlewood was winding up and that they had to attend a meeting to appoint a liquidator. The investors declined to be named over fears that speaking to the media may jeopardise their chances of getting their money back.

Disgruntled investors are also organising themselves on social media platform Telegram to discuss ways to try to retrieve their funds.

Castlewood Group's key project was a 170-room hotel resort called Dream in the city of Patong, on the island of Phuket, Thailand.

One investor, a 54-year-old businessman, said the recent meeting to appoint a liquidator came as a surprise: "I knew the company was not doing well, but I did not expect to lose my investment."

He had put in $100,000 or so and had expected to get around 8 per cent interest a year, but had received only about $7,000 in the first year and nothing since.

A list by accounting firm Nexia TS passed around during the meeting last month in Jalan Sultan showed that Castlewood Group owed creditors, comprising mostly retail investors, about $107 million.

About 930 retail investors were owed about $91 million, with amounts ranging between $2,877 and $700,000, according to the document. It also owed money to various companies, with some firms telling ST that Castlewood Group had failed to pay for services such as publicity.

The retail investors have contacted lawyers and the government authorities to find out what options are available to them.

Some told ST that they did not know the company had raised so much money - more than what was needed to build the resort.

Investors said they had put their money into Castlewood Group after attending investment fairs or through recommendations. They added that local celebrity Irene Ang had also endorsed the company, a move that lent it legitimacy.

Some investors had visited Dream. A Mrs Goh said she went to the resort with her husband in 2015 on a trip paid for by Castlewood and felt assured she had invested in a credible development. The couple invested about $210,000.

She got back only about $16,000 in the first year, and no payouts since. "I was worried that I had wasted my money, but I felt assured that I had put my hard-earned money into a tangible asset."

The company continued to let investors stay at the resort for free, which gave her the peace of mind that it was a legitimate investment, Mrs Goh added.

The resort, which is currently up and running, is still accepting room reservations for next month, according to an ST check.

A police spokesman confirmed that a report has been lodged against Castlewood Group.

A receptionist at Asia Square Tower 2 in Marina View said that Castlewood Group moved out of its premises two months ago.

Its registered address in the Accounting and Corporate Regulatory Authority (Acra) database led to the liquidator Nexia TS, an accounting and auditing firm. Nexia TS did not respond to queries.

Company directors named in the Acra record are Briton Keith David Blake, Irishman Barry Patrick Lynch and Singaporean Abdul Hani Ibrahim.

Mr Blake and Mr Lynch have registered addresses in the Cayman Islands, while Mr Abdul Hani's registered address is law firm Rajah & Tann's office in Raffles Place.

A Rajah & Tann spokesman said: "While we do not act for Mr Abdul Hani in his personal capacity in this matter, we understand he is merely a third-party nominee director retained by the companies for compliance with Singapore law.

"He is a third party not involved in the business or affairs of the Castlewood group of companies."

Castlewood Group has been on the Monetary Authority of Singapore's Investor Alert List since November 2015.

https://www.straitstimes.com/busine...t-a-scam-as-dream-project-in-phuket-goes-sour

 

[Hypocrite-The]

Is this time share?

 

[Leongsam]

If a "celebrity" endorses an investment I run a mile.

Credible investments never seek celebrity endorsement. They let the facts speak for themselves and due diligence determines the risk profile.

I did not realise there were so many dumb sinkies on the island. I thought the PAP provided an excellent education system that produced well rounded and sensible citizens.

 

[laksaboy]

I did not realise there were so many dumb sinkies on the island. I thought the PAP provided an excellent education system that produced well rounded and sensible citizens.

The parts in bold are quite correlated.

There's no ten-year series for common sense and street smart.

 

[po2wq]

... Company directors named in the Acra record are Briton Keith David Blake, Irishman Barry Patrick Lynch and Singaporean Abdul Hani Ibrahim ...

angmo r ze bestest! ...

 

[laksaboy]

angmo r ze bestest! ...

Sinkies instantly let their guard down when they see an ang moh managing things.