May 11 2009, 12:24 PM
QUOTE(cuebiz @ Mar 28 2009, 12:26 PM)
You should know that landbanking scheme is not approved by Bank Negara and a few of them has been investigated by BNM. It is in the press and been discussed in this forum.
Please get your facts right. Real estate and property have never been in the jurisdiction of Bank Negara. They are within the control of SSM. Bank Negara only controls bank related matters (refer to BAFIA act).The proper jurisdiction is as follows :-
Min of Finance
SC Bank Negara SSM
Bank Negara - Bank related matters
SC - Unit Trust, Insurance etc
SSM - all others
* Recently the issue with Walton's Bank Negara raid was because of foreign exchange, which is a bank related matter. However its business is still under SSM's jurisdiction.
Added on May 11, 2009, 12:40 pm
QUOTE(bwrcalgary @ May 11 2009, 12:11 AM)
re Profitable Group / Profitable Plots / Syndications Canada. My personal experience investing with these people has not been a good one. I purchased two AAA land products in Feb 2008. The AAA are promised as of the highest quality and that you may double your investment in 3-6 months. After the one year investment anniversary you are entitled to 12.5% interest if the investment hadn't yet doubled. You can also exit the investment after one year with your principal and interest. It has been two and a half months since I chose to exit and I haven't seen a penny yet. I am tired of their excuses, don't trust them and have hired legal counsel to sue them for what they owe me.
They are quick to take your money and are very poor at keeping you informed.
I will never do business with this organization again.
What is the location of the land you've invested in? As far as I know there is no 3-6mth exit for land investments and it is highly unlikely appreciation over 3-6 mths is double based on the following facts :-They are quick to take your money and are very poor at keeping you informed.
I will never do business with this organization again.
1) US & Canada Land - average appreciation 10-20%p.a.
2) UK land - average appreciation 50-70%p.a (the highest for land appreciation) - see www.voa.gov.uk
3) Land prices only increase after it has been converted from undeveloped/raw land to residential/commercial status. Buying and sellin land over a 3-6 mths it too short for land conversion to take place. This process takes +/- 5 years and if there are any complications it may even take up to 26 years (according to Walton's track record).
4) If you are dealing with land based in UK, there are restrictions on greenbelt land and there are 7 stages for those types of land to be converted, if allowed. Each stage takes min 6 mths.
This post has been edited by DannyOP: May 11 2009, 12:40 PM
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