EcoHouse closes its SG office

EXCLUSIVE:The Singapore offices of Brazil social housing developer EcoHouse have closed. The units at Suntec Tower 2 were opened by the company in February 2013 with a series of events for its Singapore-based investors. In 2012 the company is reported to have sold more than 1,200 individual investments in its Brazilian social housing projects in Natal, Northeast Brazil. In a statement Chief Operations Officer for EcoHouse Deen Bissessar toldPropertyGuru: I can confirm that we have taken measures to consolidate into our Brazil operation and managing global affairs from our global headquarters in London. This will not only help to reduce costs, but to fix administrative and communication issues. Singapore investors should ideally view this as a further measure to improve the overall company position, thereby allowing us to complete our contracts with them faster. Their contract is with Brazil and the position remains unchanged. We are doing everything we can to improve the situation with regard to construction and payments. In recent months there have been reports that unsatisfied investors have commenced legal action against EcoHouse for recovery of their capital investments of S$46,000 per unit along with promised returns of, in some cases, more than 22 percent per annum. EcoHouse has previously denied it is in breach of any of its client contracts, although has admitted construction delays have resulted in delayed payments to its investors. Bissessar added that EcoHouse remains committed to its clients. If that was not the case we would simply shut all doors - which is something we have no intention of doing, he said. He added that all client communications should be directed to sales.support@ecohousegroup.com where a member of the EcoHouse U.K. team will respond. In an update to its investors in the middle of July 2014 EcoHouse wrote about its Bosque Das Acacais development: Despite the double setback of storms and industrial action, EcoHouse has done everything possible to push ahead with construction. In March 2014 that development was named as Best Brazilian Project at the MIPIM real estate show in Cannes, France. Also last month the company was placed on the Monetary Authority of Singapore (MAS) Watch List, although the company denied it was a concern. At the time Bissessar toldPropertyGuru: I personally do not know why anyone would think that we are covered by the MAS since we have never made any such representations. We have always maintained that we are a real estate developer with international sales operations. Image: The opening of the EcoHouse office at Suntec Tower 2 in Singapore in February 2013. Andrew Batt, International Group Editor ofPropertyGuru Group, wrote this story. To contact him about this or other stories emailandrew@propertyguru.com.sg Other EcoHouse stories published byPropertyGuru: July 7 2014: EcoHouse on MAS Watch List June 25, 2014: EcoHouse - we will deliver January 24, 2014: EcoHouse "back on track" January 9, 2014: EcoHouse plays catch-up, stops selling in Singapore November 13, 2013: EcoHouse frustrations start to surface June 10, 2013: EcoHouse refutes get rick quick claims February 13, 2013 ; EcoHouse attracts S$30m in two days If you have any comments or observations for publication about your experiences with investing in EcoHouse please emailandrew@propertyguru.com.sg

More from PropertyGuru:
Thai confidence at 11-month high
Send a video to OCBC and win a home loan
Jervois Road GCB sold for $18.8m
Singapore's prime prices dip 7.7%
Developers submit top bids for two Sengkang sites