EXCLUSIVE: When overseas property developer EcoHouse won the Best Brazilian Project for its Bosque Das Acacias development at the MIPIM Awards in March, the news was treated with both scepticism and irony by many of the Singapore developers still waiting for either the return of their capital or the promised returns of up to 20 percent due one year after their investment.
In the glitz and glitter of the annual gathering of the good and the great of the global real estate industry, held this year in the home of glitz itself Cannes in Southern France, EcoHouse’s Chief Executive Officer Anthony Armstrong Emery (pictured right) picked up the award for the development which, even now some four months after collecting the accolade, has yet to put any money into the pockets of its investors.
The award, according to MIPIM, is decided by a jury comprised of high-profile real estate experts who met to shortlist four finalists in each category – including the Best Brazilian Project. An entry fee of €775 was payable for all projects that reached the final selection phase which was voted on during the MIPIM event in France.
In a statement to PropertyGuru, reacting to suggestions made earlier this week that the EchoHouse award was paid for, a spokesman for the organiser Reed MIDEM said that allegations that EcoHouse ‘paid’ for the award were “absolute nonsense.”
EcoHouse was widely reported as being the best-selling overseas property investment in Singapore during 2012, and is currently thought to have as many as 800 individual Singaporean investors, along with other investors from Southeast Asia and around the world.
In February 2013 PropertyGuru reported the company collected more than S$30 million in investments from Singaporeans for its minha casa minha vida social housing investments in just 48 hours at its Suntec office opening.
Andrew Batt, International Group Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email andrew@propertyguru.com.sg
Other EcoHouse stories published by PropertyGuru:
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 email andrew@propertyguru.com.sg