How their troubles started
"The first sign of trouble was six months after, when the property management company engaged by CTL started communicating directly with us, the investors," said Mr Kenneth Ng.
The property management company in question is in the US.
Mr Ng's troubles were echoed by many other investors and The New Paper on Sunday met with seven of them on Jan 24.
A 60-year-old investor told TNPS on Friday that he bought two properties in Indianapolis and paid in full, spending about $100,000 in all.
"I was given the two title deeds but in the US, the homes were not really under my name - it was under CTL Global Holdings LLC," he said.
The purchases were finalised in July 2013 and he was receiving rental payment from one of the properties until September last year.
The investors were supposed to receive rental income, ranging from US$400 to US$600 (S$540 to S$810), three to six months after they became owners of the houses. The delay was to ensure renovations to the houses were completed and tenants secured.
But after six months, the seven investors claimed they had received no returns from the rentals.
Instead, US banks sent them letters for mortgages unpaid and warned of foreclosing the properties.
"The last we heard was that 12 properties owned by Singaporeans have been foreclosed and six are waiting for foreclosure," said another investor, a civil servant who wanted to be known only as Ms Tan.
"With 12 properties foreclosed and each costing about US$50,000, our losses amount to US$600,000," she added.
The last we heard was that 12 properties owned by Singaporeans have been foreclosed and six are waiting for foreclosure.
- An investor, a civil servant who wanted to be known only as Ms Tan