Profitable Plots: An investor’s testament

Its early in the morning and the big news is that Palm have been bought up by HP. However, this account from a former investor of land banking group Profitable Plots is more interesting.

To all investors considering land banking do consider carefully. If this is what Profitable Plots is like, then i wonder what MAS is doing

From hardwarezone forum:

ok my hearing was today. the outcome was not as good as hoped for, but i think Profitable Plots came away worse-off than i did.

i know staff of Profitable Plots are reading this forum, and i know at least 1 other forummer here knows my identity, but i hope you’ll keep my identity anonymous please? i need to say what needs to be said, but i don’t need the unwanted attention.

if there are any members of the press or media here on this forum, yes i’ll consent to interviews, just respect my request for privacy please.

so before it’s too late, here’s my story:
like many of you, i’m a victim too. i bought AAA product in July 2008, and have yet to receive payment when it matured in July 2009. As May approaches, almost 1 full year has elapsed since payment was due.

When i purchased the product, i too was told that 12.5% returns wld be guaranteed within 1 year, potentially sooner (if the Philippines site got sold or UK received planning permission approval etc). I told my CSO, “thanks… but forget castles in the sky, 12.5% per annum is good enough”, rejecting other products like Concorde Village etc that offered 900% returns but an indeterminite time-frame. She assured me 12.5% within 1 year was definitely possible, and legally binding.

So i paid the money in July, signed the contract in August. Many of you must’ve also had your contracts backdated to the time of payment right? That makes the contract itself somewhat dodgy, but i won’t dwell on that.

In June 2009, i filled up my Exercise Form to request payment, and it got accepted by my CSO, and Chandra their Grp Sales Director. Was told by CSO that my payment wld be in August, since maturity was July.

[Read More at Hardwarezone >>]

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  • http://singaporeanstocksinvestor.blogspot.com/ AK71

    I have always been extremely wary of land banking. Just too iffy for my liking. It would be profitable if this happens and if that takes place. All these assumptions mean that promises are worth nothing.

    Poor chap.

  • Drizzt

    not all land banking are crap but this one takes the cake. can you still remember seeing the adverts where soccer legend bryan robson was advertising that during premier ship half time?

  • http://singaporeanstocksinvestor.blogspot.com/ AK71

    I don’t watch soccer. Hehe.. ;)

    I will stay away from alternative investments. I used to invest in comics when I was a schoolboy! Conned. haha :(

  • Raj Chotrani

    Dear Aggrieved Investors:

    We are holding an investors’ meeting on Saturday 26 February, 2011, 2.00 — 4.00 pm.

    This is the Agenda:

    1. Updates and developments since our last meeting on 27th November, 2010

    2. We will explain steps you need to take to protect your investments (UK properties only)

    3. Q&A and discussion as on next steps we ALL need to take (all PP products)

    The Venue:

    Level 4, Unit 16-17
    Golden Mile Complex
    5001 Beach Road
    Singapore

    Each attendee will be asked to contribute SGD 1.00 to 3.00, for payment of use of facilities. The exact amount will be determined later.

    Directions to the Venue:

    MRT: Nicoll Highway (on the Circle Line / yellow line) – short 10 mins walk from station – take OFFICE lifts (==> best is the set of lifts opposite Five Star Tours)

    Car : Hourly rated parking at Basement – park at EAST or WEST WING. Must stairs to Level 1, then use OFFICE Lifts to level 4. If parked at WEST WING, the office lift is Opposite Five Star Tours at Level 1.

    NOTE: MALAYSIAN and THAI attendees: Golden Mile Complex is at BEACH ROAD, which is the terminus for the majority of interstate coaches arriving in Singapore from Malaysia and Thailand. If you are arriving by coach, check whether your terminus is at Beach Road.

    Please respond asap if you are attending.

    Email: victims.profitablegroup@gmail.com

    This meeting is open to investors only. No proxies please — we will be strict here and they will be asked to leave. We will check ICs and/or passports to make sure no outsiders infiltrate.

    Keep the content of the meeting confidential and do not speak with the press at this moment — this leakage may work against the safety of our investments.

    Regards,
    Raj Chotrani

    PS: DO NOT FORGET to RSVP.
    Email: victims.profitablegroup@gmail.com

  • MARHAMAH MUHAMAD (Ms)

    hi..

    i am one of the victim as well…jes get to know abt this today and appreciate advice from any one, pls.. TQ

  • John

    I was taking SMRT bus service 184 on 7/5/2011 (election day). There, I still saw profitable plots advertisement. I then wrote a letter to Zaobao readers’ forum asking why such a company is still allowed to advertise….. Well, it seems Zaobao refuse to publish my letter. This is the Singapore we live in today.

  • Drizzt

    Hi John i am not sure how many wrote in but there could be alot of people writing in and they have to selectively choose.

  • John

    Well I actually received a reply from Zaobao the next day. In that email, the editor pointed out some unrecognised characters in the last line of my letter. (the letter was written in Chinese). But hang on, strange enough, I actually cc a copy to my company email address and it showed a complete letter. So, where were the unrecognised Chinese characters?

    I resent again and also faxed a copy from my office. Till now, I receive no replies.

  • John

    This was the content of the email I sent to Zaobao forum on 7/5/2011.

    为什么巴士上还有这家公司的广告?

    5月7号那天我从武吉知马上段搭乘SMRT 184号去金文泰。

    在车上坐着随意举头看了一看,竟然让我惊讶地发现,一家官司缠身的英国土地储备公司,还在乘客座位的上方,打着他们的广告。

    因为在外国生活过几年,早就从外国报章上知道这家原来在英国注册的公司,营运並不规则。英国监管当局甚至要这家公司结束在英国业务,迁出英国。

    大慨在五、六年前回到新加坡,那时常看到这家公司包起整辆巴士的广告版位。出於好心想警惕国人避免上当,我时常在网上论坛写小则言论,提醒国人。但是很奇怪的,每次我一发表言论,立刻就会被管理员刪掉。

    坏事终於爆发了。年前在报章上读到了这家公司的投资者,聚集在芳林公园的演讲者角落,要求讨回他们的公道。报章也报导,商业事务调查局已经立案调查这家公司,法庭也冻结公司的银行户口,只发回小部分的钱作为员工薪金和办公室租金。

    为了谨慎起见,在写这篇文章前,我再上网搜索’今日报’网站,证实在今年3月10号,商业事务调查局正在向国外的相关刑事单位,索取这家公司的案情,准备起诉。

    回到这则巴士广告,在那么多事情发生,报章也做了广泛报导之后,巴士公司难道就可以只为了广告收益,而把公众利益、社会责任,抛诸脑后吗?

    请SMRT解释解释!

  • John

    This was the reply email I received from Zaobao forum editor.

    文章倒数第二段有乱码。

    联合早报言论组编辑小组上

    Thank you for your article. We have received it.

    (Thank you for your letter / article. Please be informed that we reserve the right to edit and amend the text of your letters before publication. By your submission of the letter to Lianhe Zaobao, it shall be deemed that you have agreed to grant us the right to archive, resell or reproduce the letter in any medium. )

    Best regards,
    Editorial Team
    Commentary Desk
    Lianhe Zaobao

    P/S:
    Fax: (65) 6319-8127
    Mailing Address:
    Lianhe Zaobao
    Commentary Desk
    1000 Toa Payoh North
    Singapore Press Holdings Limited
    Podium Block Level 4
    Singapore 318994

    ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
    This were the purportedly unrecognised characters in my email.

    回到这则巴士广告,在那么多事情发生,报章也做了广泛报导之后,巴士公司难道就可以只为了广告收益,而把公众利益、 缁嵩鹑危字钅院舐穑/SPAN>

    请SMRT解释解释!

  • John

    Zaobao published my comment on 26/5/2011.

    But SMRT has given any reply yet.

  • John

    Sorry, it should read as ‘SMRT hasn’t given any reply yet’ – typo error

  • Drizzt

    glad they do. most would need to be informed about this.