{"id":41851,"date":"2017-01-25T09:00:09","date_gmt":"2017-01-25T02:00:09","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/some-defendants-sign-settlement-with-uob-over-inflated-housing-loans\/"},"modified":"2017-01-25T12:30:57","modified_gmt":"2017-01-25T05:30:57","slug":"some-defendants-sign-settlement-with-uob-over-inflated-housing-loans","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/some-defendants-sign-settlement-with-uob-over-inflated-housing-loans\/","title":{"rendered":"Some defendants sign settlement with UOB over inflated housing loans"},"content":{"rendered":"


\nUOB is looking to strengthen its case against the developer of the Marina Collection condo for failing to disclose the substantial discounts offered to buyers.
\nUnited Overseas Bank (UOB) has excluded five defendants from its civil case against seven individuals and Lippo Marina Collection (LMC), reported the Straits Times.
\nOriginally, the lender sued the accused for failing to disclose the actual selling price of luxury condos in Sentosa. Consequently, the bank granted a higher amount of mortgages totalling around $180 million, with each of the 38 buyers given a loan of between $4.2 million and $5 million.
\nAlthough it has not dropped its suit against real estate agents Rick Goh and Aurellia Ho, UOB will renounce any ruling it may win against the duo, after they signed a settlement with the bank.
\nThe deal with the pair relates to Goh\u2019s affidavit, which is expected to corroborate the bank\u2019s allegations that buyers of units at the Marina Collection condominium were provided with \u201cvery substantial\u201d discounts ranging from 22 percent to 34 percent, but LMC and the other defendants did not divulge this info.
\nAs such, UOB took LMC to court for conspiracy, while the two agents were accused of deceit and conspiracy, with damages to be assessed.
\nMeanwhile, LMC\u2019s attorneys Teng Po Yew and Siraj Omar from Premier Law insisted that the housing loan is a matter solely between the bank and the buyers.
\nBut last week, Goh attested an affidavit that narrates the nature and extent of the developer\u2019s involvement in this case.
\nAside from affirming the court document, he will also allow UOB to use the affidavit in court. In exchange for his \u201ctruthful testimony\u201d, the plaintiff will forgo any judgment it may win against the property agents.
\nOn Monday (23 January), the concerned parties attended a pre-trial conference for the ongoing primary case.
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Some defendants sign settlement with UOB over inflated housing loans<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

UOB is looking to strengthen its case against the developer of the Marina Collection condo...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-41851","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-aT1","jetpack-related-posts":[{"id":46013,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dbs-uob-offering-home-loans-with-zero-spread\/","url_meta":{"origin":41851,"position":0},"title":"DBS, UOB offering home loans with zero spread","date":"February 28, 2017","format":false,"excerpt":"\r A large crowd of prospective buyers at The Clement Canopy showflat. (Photo: UOL Group) DBS Bank and United Overseas Bank (UOB) are offering mortgages with zero percent spread to compete for the chance to fund the purchase of a minimum of 1,225 homes in this year\u2019s first two property\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":112518,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/there-are-glimmers-of-positive-trends-for-2020-in-china-uob\/","url_meta":{"origin":41851,"position":1},"title":"There are 'glimmers of positive trends' for 2020 in China: UOB","date":"November 21, 2019","format":false,"excerpt":"\r Anthony Raza of UOB Asset Management says some leading indicators in China are starting to bounce and a trade deal could help to make sure the positive trends can continue.\r \r Source : cnbc.com\r Read more...There are 'glimmers of positive trends' for 2020 in China: UOB","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":118461,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/uob-capitaland-collaborate-for-singapores-first-dual-tranche-sora-sofr-loan\/","url_meta":{"origin":41851,"position":2},"title":"UOB, CapitaLand collaborate for Singapore\u2019s first dual tranche SORA-SOFR loan","date":"September 3, 2020","format":false,"excerpt":"\r Capital Tower. Photo: CapitaLand.\u00a0 CapitaLand and United Overseas Bank Limited (UOB) have entered into a two-year\u00a0dual-tranche loan agreement worth $200 million.\u00a0 In a release, CapitaLand revealed that the dual-tranche loan references both the Secured Overnight Financing Rate (SOFR) and the Singapore Overnight Rate Average (SORA), making it the first\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":128327,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/shimao-once-hailed-as-one-of-chinas-stronger-developers-sued-by-uob-over-terms-of-us1-3-billion-loan\/","url_meta":{"origin":41851,"position":3},"title":"Shimao, once hailed as one of China\u2019s stronger developers, sued by UOB over terms of US$1.3 billion loan","date":"July 28, 2022","format":false,"excerpt":"\r Shimao, China\u2019s 22nd biggest developer by sales in the first half, was once considered one of the country\u2019s stronger developers, but had been trading at distressed levels in the dollar bond market for months now.\r \r Source : South China Morning Post\r Read more...Shimao, once hailed as one of\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":116715,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/capitaland-obtains-500-million-sustainability-linked-bilateral-loan-from-uob\/","url_meta":{"origin":41851,"position":4},"title":"CapitaLand obtains $500 million sustainability-linked bilateral loan from UOB","date":"May 28, 2020","format":false,"excerpt":"\r The loan is regarded to be the largest sustainability-linked bilateral loan in the real estate sector of Singapore. 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