Sunshine Empire State Tower: Scam Property?

images from: http://www.success-empire.com/EmpPropV.html

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:

http://newpaper.asia1.com.sg/news/story/0,4136,148134,00.html?

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

Sunshine-Empire's founder, James Phang, at an alleged Sunshine Empire conference. Image Source: www.Sunshine-Empire.com

Some News Articles:
http://newpaper.asia1.com.sg/news/story/0,4136,147782,00.html

http://www.straitstimes.com/Latest+News/Money/STIStory_174312.html

More videos here:
http://www.youtube.com/watch?v=5D9BFev_nkE (Newsclip on this scheme being investigated)

http://www.youtube.com/watch?v=bynwXnEwfCk (You got to catch this one, most amazing corporate video ever!)

http://www.youtube.com/watch?v=zAFyYlPOsuU (A lavish office on 7th floor of HDB Hub)
http://www.youtube.com/watch?v=x5Os5_tt-Xg

http://www.youtube.com/watch?v=HzO4Zcndhms (Another absolutely powerful but utterly meaningless corporate video not to be missed!)

Some Images of these 20 year olds and their BMWs.
http://profiles.friendster.com/user.php?uid=4009633

Some Online Discussions:

http://www.sgforums.com/?action=thread_display&thread_id=276414&page=37

http://forums.hardwarezone.com/showthread.php?t=1682264&page=112&pp=15

Jardin Officially Launches; Floridian, Cascadia Updates

Yeah the Jardin finally 'launched' with prices for the 3rd level lofts going for only $2000psf. Even areas such as Balmoral which is so much closer to town don't fetch that amount. Seriously what is Far East Organisation thinking? Just add $300-500psf above reasonable prices because you have built over 700 developments and received multiple awards no one bothers about?

I really feel bad for people who buy FEO's overpriced units...although they do have a couple of rare bargains.

Also, heard from some reliable sources that Cascadia and Floridian that is just across the road will be holding out for next year. Late 1st Q at least. Maybe by then prices would have gained momentum again and I will be forced to eat my rant above regarding Jardin.

Gahmen: No Capital Gains Tax

Finally found this newspaper cutting. Thought I threw it away earlier. Well this is pretty much a big relief for everyone now. Like I said: Capital Gains Tax is the nail in the coffin. So for the moment, all's clear!

Hillvista Prices Leaked

Only $1050psf to $1150psf for West Side Mass Market Living at Hillvista. Ugh.

Seriously what are the Fareast guys thinking? No one is going to pay those prices for something so deep in...but I have been wrong before!

Details:

• 2rm 915-1055sf (~1.21m)
  
• 2+1rm 990-1087sf (~1.25m)
  
• 3rm 1130sf-1238sf (~1.42m)
  
• 3+1rm 1184-1292sf (~1.48m)
  
• 4br 1292-1324sf (~1.52m)

FYI, $1.5m can get you a large, full seaview, high level unit along East Coast.

Dear Chukuma

Got this in my mailbox today, amongst a dozen daily offers from agents offering to sell my property. Quite amusing really...only 5% interest as long as I am not trying to rob him of funds! Nothing has been edited:

Dear Sir/Madam.,

I am Mr. Chukuma Doller, a certified loan lender that offers loan toindividuals,co-operate bodies who need loan for small scalebusinesses, personal investments, and also personal budgets.

As long asyou have a good profile and not trying to fraud or robbed us of funds.Loans are offered at a very cheap and moderate rates,

We arecertified, trusted worthy, eliable,efficientand dynamic. Hurry Up and get this Unique Opportunity now. We give outloan with a low interest rate of 5%. If interested Kindly Contact me via Email: chukuma_loan_company@yahoo.com

IF INTERESTED,YOU ARE TO FILL THE DATA INFORMATION AND RETURNFULL NAME:FULL CONTACT ADDRESS:OCCUPATION:POSITION:HOME PHONE NUMBER:CELL PHONE NUMVER:MARITAL STATUS:SEX:AGE:BANK NAME:TOTAL ANNUAL INCOME:AMOUNT NEEDED AS LOAN:LOAN DURATION:

Regarsd,Chukuma Doller

HillVista, Yet Another Mass Market Project

Watch out mass market, here comes another ultra overpriced project from Far East Organization! While details on this project is still sketchy, heres what I have found out about it:

Location: Hillview Ave
Units: 127
Price: $1050psf

Don't bother taking a look if you want a big 3-room. This is another Condo that features nothing above 1300 square feet of living space.

730k Madness Along East Coast

Life from a sucker's point of view. Source: The Straits Times

Now someone should really come up with a list of suckers who pay these record amounts for HDB flats.

While I understand how 'clever' it is to downgrade to a HDB and 'ride out the Property Bubble' after collecting your enbloc loot, paying an amount that no one else will ever again for the same flat defeats the purpose!

In honor of such suckers, I shall add a new blog tag - HDB Suckers.