Probably let me explain in detail how this re-issue thingy works.
Case study 1:
I was under the reissue situation because when I sold my previous home, I need to wait for two months before my cpf was returned back to my account.
At that point of time, I had set my eye on an unit (which I think is very worthwhile to buy) due to its good location, facing and price. But the problem is if I wait for two months before my cpf came in, that particular unit that I’m eyeing may be gone. So I have to book the unit first (by paying the 5%) and go through 3 rounds of reissuing and let my otp lapse in order to buy me more time for my cpf to come in. Eventually, I exercise the otp when my cpf came in.
Case study 2:
My Cousin was unable to buy a private condo because his EC still have a few months before MOP. Same here, he uses the reissuing method to buy time until his EC reached MOP
Of cos, there are other cases where buyers let their otp lapse coz they may regret their purchase. But definitely not a ploy by developer to make up the figures.
Thus, if u go study the srx or 99.co site clearly, same unit can lodge the caveat several time within a few months.
Another correction, interest rate in 2007 is never 5%.
The highest I know was 3.8% during that time. How I know? Cos I bought a property during that era and was paying that rate.
Just sharing.
Yup, to my understanding, many times it is the buyer who requested for the reissuing of OTP, which is sometimes done so that the buyer need not pay any cash upfront.
Of course, I can't say with certainty whether there are any "fake OTPs" issued by the developer to inflate sales figures. But I don't really see a point doing so, since the cat will be let out of the bag once the units are returned and the actual unsold figures show.
It's interesting how the same data can be interpreted so differently depending on the agenda of the people reading it.
Also, not sure why you guys are still bothering with someone clearly here to troll and take pleasure in doing so. For all you know, he could end up be someone still serving NS (therefore free to keep picking fights here; and yes despite what he says he is picking a fight even if he doesn't name anyone, because he just insults everyone in general to see who picks up the taunt).
He can be a self-proclaimed auntie, self-proclaimed high class Singaporean, self-proclaimed rich person who stays in a CCR property, but we will never know his true identity anyway. But one thing for sure, if the internet persona matches the actual person, I wouldn't hope for foreigners to see this side of Singapore from him either.