Developer's S$2.4m furniture vouchers debacle looks set to reveal how banks will be protected in case of a property market collapse
Perks used by property firms in Singapore to entice buyers of luxury flats are under scrutiny after a bank sued a developer for allegedly conspiring with borrowers to inflate about S$182 million of home loans.
With Singapore's real estate market on the slide, developers regularly try to court potential home buyers by offering incentives ranging from small cash rebates to discounts on cars, rather than cutting the sales price.