Resort investment firms also following new timeshare rules

AS stricter timeshare regulations kick in from today, some companies marketing resort buy-and-leaseback investment schemes are choosing to abide by the new rules.

Banyan Tree Holdings, which held exhibitions in Singapore's Four Seasons Hotel over the weekend to market its luxury suites at the Angsana Teluk Bahang beach resort in Penang, said it gave buyers a five-day cooling period prior to signing the contract, during which no monetary transaction can be collected and buyers can cancel without penalty.

A "Product Information Notice" was also given to buyers to convey important features of the contracts, including the rights of the consumer, obligations of the seller, additional costs and cancellation rights - all clearly explained within a single document.