An IPO for an IPO in the Philippines?

Reader:
Recently i come across an interesting pre-ipo for Philippines REIT during their roadshow at Raffles place.

This company acquires residential property from Singaporean whom has property in Philippines. In exchange for the property they would issue preference share equivalent to the property price. 

They only acquire those property which is ready and fully paid. Thereafter they will just refurbish and rent/lease out for short term and long term stay.

Short term would be those Air Bnb or tourist type. Long term would be expat or local people who is working near CBD area.

So far they had acquired some 'condotel' means condominium within hotel. And some project will be completed this year and early next year.

They plan to get listed in Philippines in 3 years time and now they are inviting investors to invest in pre-ipo preferred shares. Two type of investment is capital repayment with 6% (2 yr)+5%(3yr). The second type is capital convert to preference share 5% (3yr) and upon listing will be converted to ordinary shares.

They will be conducting a submit with media coverage in manila in sep whereby investors & public can have a feel on how the company works including showing all articles n memorandum of company.

Have you ever come across such investment? Appreciate if you could talk to yourself on this investment.

AK:
Alamak. This food sounds so exotic. I dunwan. I might get food poisoning.

Such products are unregulated and we don't even know if they are what they claim they are.

Related post:
http://singaporeanstocksinvestor.blogspot.sg/2016/07/could-this-be-way-to-financial-freedom.html