Last week alone EcoHouse Group paid 500,000 SGD to investors with pay outs of a further 250,000 SGD expected to be paid this week and an additional 2m SGD by the end of December. All of this is adding to confidence as the pace of construction is expected to increase significantly over the next few days on Casa Nova Park and Bosque do Acacias.
EcoHouse recently admitted that the pace of construction had been hampered by a “perfect storm” of factors including bank strikes and general issues with engineering and building teams. On admitting that these issues would lead to inevitable delays of up to several months on phases into which Singaporeans had invested heavily, the company offered a solution that has seen excellent take up. Even though the contract states clearly that delays would result in a 1% penalty to EcoHouse for each month the project is late the company decided to recognise the loyalty shown by knowledgeable investors by paying a 20% upfront return to those extending their contract term by a further year from the 12 months originally offered.
EcoHouse Group Founder, Anthony Armstrong Emery, commented: “We are doing everything we can to complete the units as quickly as possible. We should see a significant uplift in workforce in Brazil this week and our construction updates over the coming weeks should make happier viewing than recently. What we are noticing is that the improved communication from our side combined with a sensible and pragmatic approach from most of our investors is leading to a feeling that we are in this as a team, working towards a shared goal rather than an ‘us and them’ attitude that helps nobody. None of us wanted delays but now they are here we have to minimise the impact and catch up as best we can”.