Okay, so
I know most of you are above this. But when I get a well-suited up undergrad approaching me and telling me how I can make a 5 figure sum in a year and that their founder/mentor is better then Warren Buffet it just has to stop you in your tracks.
When I candidly told him I was into real-estate, this kid then told me that I won't be too unfamiliar with this Sunshine Empire thing as they were into property too. He flips out a plastic folder with impressive 3D images of a
Sunshine Empire State Building. There were rendered images of other property projects such as a Villa and underwater hotel in Malaysia too! (
Watch the video here which I found online!)I then ask him what does he know about the property market and he pauses, then just dribbles and waffles into another whole bunch of unrelated bullshit. When he finally asks me to put some money in (around 12k me thinks) to get 300% returns in two years, I drop the bombshell on him:
So what do you actually sell? He looked around and couldn't answer me.
If you know your kid is into this stuff, tell them to steer clear of this stuff. After reading up on them, it seems like this is a MLM about to go bust as they are now being investigated by CAD.
For casual readers, if these projects were as good as they sound, it would have been featured here already on super credible Property Leak (shamelesss trumpet!)
19/11/07 UPDATE from the Newpaper:
When contacted, a receptionist at the Sunshine Empire office in Toa Payoh Hub said the properties were available to the public.However a receptionist who answered a call made to the Malaysian office of the Empire Property Venture International said the units of all the properties were only available to Sunshine merchants or members.
She said interested buyers had to go to the Sunshine Empire office in Singapore to sign up as a member before getting access to their merchant website to make the purchase of the properties online.She also said that more than 300units of Sunshine Villa have been sold, with the seaview units fully booked.When asked if there were any showflats available for viewing, the woman said there were none, but brochures were available online.She also said there were units available for a higher-end project in Kuala Lumpur called the Empire State Tower.
The brochure on the company's website describes this development to be 'the most prestigious residential address right in the heart of the Golden Triangle Business District of Kuala Lumpur'. This project which is supposed to be built on Jalan Tun Razak, purportedly has 290 units available for sale, with 147 units shown as 'sold' on the online price list. However, a check with the City Hall of Kuala Lumpur revealed that no such project is in the works at present.
A spokesman said: 'City Hall Kuala Lumpur has not received any application for a property to be developed at Jalan Tun Razak called the Empire State Tower. Copyright, 2007, Singapore Press Holdings Limited
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