http://www.businesstimes.com.sg/arch...bsite-20120904

Published September 04, 2012

Mystery of the new launches on UOB website

List taken offline after BT queries on the properties

By Siow Li Sen


[SINGAPORE] Now you see it, now you don't. Last week, United Overseas Bank (UOB) advertised a slew of new property launches on its website.

But following queries from The Business Times, the 12 property launches, which included one in Bangkok, have disappeared. Attempts to get a comment from UOB have met with silence so it's not clear how long UOB has been hosting the advertisements.

The ad for one project - One Dusun Residence - which included a "sold out" banner provided information such as the number of units, facilities plus developer and temporary occupation period date. There were also links to the location map and arrangements for viewing.

UOB did have a disclaimer stating it is not an agent of the developer and all queries should be directed to the developer and it shall not be held responsible for the project.

Fierce rivalry for home loans has made banks pretty inventive in reaching out to customers and UOB has been among the more innovative in terms of products. It is the only bank to offer a 50-year mortgage.

All the other consumer banks told BT they have not put property launches on their website though most do send notifications on new launches to selected customers.

"The existing property market is well served by established websites," said Phang Lah Hwa, OCBC Bank head of consumer secured lending.

"Currently there are no plans to put property launches on the website...we do send similar notifications on new launches to selected customers," said DBS Bank spokeswoman Fen Peh.

Bankers told BT that it has become common for them to invite customers to property launches and if they have a special home loan deal with a particular project, they will also market it accordingly.

"When we have tie-ups with developers, we will share the details of the property launch with our RMs or relationship managers, who will then share it with clients," said one banker.

According to Harmander Mahal, HSBC Singapore head of customer value management, the bank has arrangements with property developers, from time to time, to offer its Premier or affluent customers preferential interest rates for mortgage loans to buy designated residential properties.

"Such arrangements include special previews at show flats and talks by investment advisers. Our focus is on completed residential projects, usually of higher end developments," said Mr Mahal.

In July, HSBC organised a special preview for Newton Imperial, a completed freehold residence, for its Premier customers, he said.

"In the last five years, we have seen significant investment into property by customers belonging to these segments. Such arrangements with property developers enable us to provide value added service to our Premier customers as we connect them to investment opportunities in real estate."

UOB did not comment on the topic.