Nice article, tbh, I think this scheme really benefits more for the banks (who lowered their risk by only lending the 15%) and the developer.
Just would like to comment abit on the perpetual bond of 5% yield.
If this had gone big in the future, it may open up a secondary market where the investor could sell their share of the property. And since a new funding is required either via bank or FundMyHome after the 5 years tenor, investors should be able to re-obtain their capital + the appreciation, if any, unless the investor plan to re-invest into the same house. Of course, there may also be losses due to external factors or simply the buyer didn't take care of the house.
Actually, as they coming out with all these financing schemes and encouraging people to take debts and buy home, I'm more worried of the bubble :/.