Paradise lost for some Bintan investors from SingaporeInvestors pay $12 million in total for units
Developer pulls plug on condo-hotel project
Buyers say they did not get promised refunds
Buyers were promised annual returns of 9 per cent, and guaranteed they could later sell their unit back to the developer if they wished.
They were told construction would be completed by end-2015, but their concerns mounted as deadline after deadline was missed.
Mr Ng blamed his failing business on the delayed opening of the Bintan international airport, now pushed back to 2020. "
On the delay, Gallant Venture said the airport was originally planned as a regional chartered flight airport, but later got the chance to convert its domestic airport licence to an international one.
Six hotels and resorts opened in the past three years and Bintan Resorts has many more visitors these days, he said.
Tourist arrivals to Bintan Resorts grew from 487,475 in 2012 to 676,034 last year, buoyed by a spike in domestic tourists.
Source: Straits Times
http://www.straitstimes.com/singapore/p ... -investors
It's all about "how much you made when you were right" & "how little you lost when you were wrong"