Chitchat Sinkie Condo Projects Supposed To TOP In Dec 2016 Still Unfinished! MILF Emmeline Ho Cursed Daily By Her Hawker Parents For Poor Advice!

[JohnTan]

In May 2012, Ms Emmeline Ho's parents bought a studio apartment at the Sycamore Tree condominium in Joo Chiat, due to be completed by end-2016, on her recommendation.

Her parents, who are in their 60s and run a drinks stall at Old Airport Road Food Centre, invested most of their life savings into the unit.

It is almost 350 sq ft and cost nearly $500,000. Since then, Ms Ho, 34, who does administrative work in a finance company, has regretted her advice to them.

The project, which was supposed to obtain its Temporary Occupation Permit (TOP) by Dec 31, 2016, has been delayed.

"I had thought that since (the developer) is a Singapore-registered company, it should be one that I can trust," said Ms Ho.

"Almost every fortnight, we will go down to check on the construction. My parents are very anxious. This is their investment. It was going to be their source of income." Her parents had been hoping to rent out the unit.

Ms Ho's parents are among a small group who bought units in new projects that faced delays in completion.

Such cases are very uncommon, property lawyers tell The Straits Times, as developers typically have to complete by a certain deadline to avoid getting into trouble with their lenders.

They say developers also want to avoid compensating home buyers liquidated damages - which are calculated daily - for delays.

Ms Ho said she heard little from Astoria Development over the cause of delay for Sycamore Tree, which has 96 residential units and 17 shop units, until June this year, when she received a letter.

In the letter seen by ST, Astoria wrote that the delay was due to changes in its construction methods and a dispute between the project's contractors over the installation of a mechanised carpark system.

On a visit last month, the project looked partially completed, with scaffolding and blue tarpaulin draped over much of the building.

Buyers at the 70-unit Laurel Tree condominium project in Hillview Terrace also face an uncertain future. Laurel Tree was also due to obtain its TOP by December 2016, but construction has yet to be completed.

Buyers said the project's developer, Lerida, has not given any explanations for the delay.

Checks by ST showed that the project's main contractor, Bravo Building Construction, is facing a winding-up application by a creditor at the High Court this month.

This means it could be dissolved, and the developer might have to look for another main contractor to take over.

Hard to get updates from developers, say buyers

Accounting and Corporate Regulatory Authority checks found that Astoria, Lerida and Bravo have the same company secretary and major shareholder.

Close to 40 Laurel Tree buyers have banded together to share information in a WhatsApp group.

Some buyers said Lerida had agreed to give monthly progress reports after a meeting in May, but has not done so since August.

A 40-year-old home buyer who works in sales said he has to continue renting a room for $500 a month while waiting for his 463 sq ft unit - his first property - to be completed.

He bought it in 2013 for about $600,000, and has since paid off about 60 per cent of the loan.

"I feel very frustrated and helpless," said the man who declined to be named.

The Urban Redevelopment Authority (URA) said the Controller of Housing - which administers regulations related to developers, among other property issues - has received feedback from several buyers on the Sycamore Tree and Laurel Tree projects.

A URA spokesman said it has asked the developers to update the buyers on the progress.

Laurel Tree home buyers said selling their units is not an option, as prospective buyers would want to inspect completed units. They might also incur losses if they sell now.

Real estate lawyer Subra M. Suppiah said that while the authorities might look into the issue, it is ultimately between the buyers and developers, adding that buyers are the agreeing party in the contract after all.

"If the delay continues indefinitely, affected buyers might have to turn to the court to seek legal redress," he said.

Ms Ho said she has tried to get answers from Astoria and its law firm for over two years.

But one party would refer her to the other or to the letters they sent out, Ms Ho claimed. "I felt like a ball being bounced between the parties," she added.

Astoria's latest letter to Ms Ho on Sept 21 said the TOP would be obtained by end-December.

The management of Astoria, Lerida and Bravo have not responded to queries despite multiple attempts to reach them over three weeks.


These things because of the contracts and nature of the business have little hope. All developers for every single project register a new company and this will be the liable party and if it goes into liquidation, the developers assets and main company is protected and not the buyers.

The only things going for the buyers is that the developer has sunk cost from land leased or bought and need a return so eventually it will come thru. The other is the progress payments would have stopped.

https://www.straitstimes.com/singapore/courts-crime/no-end-in-sight-for-buyers-of-2-new-condos

 

[zhihau]

altogether now!!! huat ah!!!

 

[garlic]

Sounds like Chinkland.

 

[winnipegjets]

Those who bet on real estate to be wealthy are screwed.

I

 

[sweetiepie]

KNN emmeline is a ao with a ah long company while her parents run a drink stall in old airport rd should be more capable then emmeline yet getting advice from her KNN

 

[halsey02]

Sounds like Chinkland.

Smells like CHINAMEN or CHINAWOMEN, together with local 'crooks' all the same pot of Mala tang, simmering.

 

[KuanTi01]

Finance company includes ah long shops!

 

[halsey02]

Sells drinks at a stall in a hawker's centre can save at least $500,000...this is just a tip of the iceberg, maybe more. no wonder the PAP salivating & always increasing the rentals of food stalls...they will say... see how rich these people are.

All these hao lian people, so scared that people don't know they can afford a condo...

 

[Boliao]

I never understood why people would sink their live savings on a floor plan (especially 99 years). So many cases of developers running away or development turning out completely different from photos and yet, people don't learn.

 

[no_faith]

So what a sg registered company
Cannot be paper company ah
Isnt that the plot of land which house the famous viet 51 pub in the past?

 

[no_faith]

So what a sg registered company
Cannot be paper company ah
Isnt that the plot of land which house the famous viet 51 pub in the past?

 

[no_faith]

34 yrs old still admin clerk? Cham ah
Use the money invest and reform yourself and con some men maybe better

Using other people money invest but not your own money? Must be pap voter la

 

[sweetiepie]

34 yrs old still admin clerk? Cham ah
Use the money invest and reform yourself and con some men maybe better

Using other people money invest but not your own money? Must be pap voter la

KNN but for some people career is backwards like my uncle in late 20s celery shot above 8k and can beat ceos to a puppy during meetings by his wise words KNN then mid 30s became driving instructor KNN

 

[syed putra]

By right, this is a cheating case.the directors and managers dragged to sessions court. But vops will tell you its civil case. So nobody protect the consumers.

 

[Hypocrite-The]

High Court ruling pacifies home buyers as condo developers go bankrupt - The Online Citizen

Photo: http://dragages.com.sg/
After a developer went bankrupt, home buyers who have been left hanging will get priority claims to their incomplete homes before other unsecured creditors like contractors.
The claims of buyers of the incomplete Sycamore Tree condominium will have higher priority than other unsecured creditors, according to the ruling of the High Court. The unsecured editors include contractors who are owed money by the Astoria Development, the project’s developer. Another stalled condo development known as the 70-unit Laurel Tree project in Hillview Terrace is a project of one other developer that is linked to Astoria Development.
The existing statutory provisions such as the stipulations in the Housing and Development Act are clearly demarcated by the “precedent setting case”. A lawyer representing the majority of Sycamore Tree’s purchasers, John Sze remarked that the statutory the ownership of equitable property rights by the purchasers of uncompleted properties.
“We’ve never really had a case where we are pitting purchasers directly against other unsecured creditors,” Mr Sze of Joseph Tan Jude Benny law firm commented.
Judicial Commissioner Mavis Chionh stated in a chamber hearing last month that the claims of purchasers rank higher than the claims of general unsecured creditors. Represented by Lee Eng Beng and Chow Jie Ying from the law firm Rajah and Tann, Judicial Commissioner Mavis Chionh allowed an application by Astoria’s managers and receivers to finish the project and pass the units to their owners under certain conditions, Mr Sze remarked.
The Sycamore Tree project, a mixed-use development of 17 shop units and 96 residential units was taken over by KPMG Services, with receivers appointed by the project’s paramount mortgagee, United Overseas Bank (UOB).
A winding-up application was filed by Jay Machinery, a firm who makes and rents construction equipment in August 2019 against Astoria. Astoria owed the company S$1.3 million.
Besides Jay Machinery, Astoria also owed other related companies and de facto contactor G1 Construction several millions.
Under the insolvency law, the firm’s assets could be sold by the appointed liquidator and all the unsecured creditors could be paid equally, including home buyers, according to the proportion of debts owed.
The reason for the application was to ensure buyers receive the units once the development can be constructed to completion.
Mr Sze pointed out that the little money left in the development’s project account is another complicating situation: “If all the project monies were deemed sufficient to complete the project, the contractors or suppliers would not need to worry about being paid.”
The Straits Times understands that Sycamore Tree and Laurel Tree are still under investigation for regulatory breaches by Controller of Housing.
UOB stated in 2019 that it is willing to cover the additional expenses expected to be incurred from the project’s completion. However, buyers must agree to not hold the delay against the developers by demanding compensation against their remaining scheduled development payments.
Worried buyers who have been waiting for their units for more than three years could now breathe a sigh of relief due to the application approval. Temporary occupation permit were supposed to have been obtained by Sycamore Tree and Laurel Tree by December 2016.
The buyers are now sorting out the revised details with the receivers, a Sycamore Tree buyer Constance Lim, 49, commented.
The current worry is that a consensus cannot be reached on the purchase agreement and revised sales between buyers and receivers, she added.
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[eatshitndie]

anything that is close to 69 better avoid.

 

[Leongsam]

NEVER buy off the plan. This advice applies to pretty much ANY country not just Singapore.

 

[Leongsam]

Alexandra Park Village: buyers out in the cold for another year as construction delayed
Bonnie Flaws16:21, Mar 06 2019

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Alexandra Park Village developer the Auckland Trotters Club has asked buyers if it can keep deposits to complete the apartment complex.

Buyers of the troubled upmarket Alexandra Park Village development in Auckland will have to wait at least another year to move in under the time-line of a new builder.
All the 250 apartments were pre-sold in 2017 for a total of nearly $300 million. Many residents were due to move in last year.

But they have been asked to extend the termination date of their purchase agreements to allow more time to complete construction after developer, Auckland Trotting Club, fired construction firm Canam due to "ongoing performance issues."

Construction would be completed in April 2020 by new contractor, CMP Construction, the club said in a statement.

 

[Leongsam]

Abandoned Auckland apartments - a finance issue or 'growing pains'?
Catherine Harris16:11, Oct 12 2016

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Plans for the 91-unit Flo complex in Avondale, Auckland have been abandoned partly due to construction costs.
Apartment projects in Auckland are faltering in part because of a glut of apartments in Australia, which experts say is unlikely to happen here.
However, another expert says the rise in abandoned projects in Auckland is simply part of the "growing pains" the city's building sector is facing.
Up to 35 multi-residential projects in Auckland have been abandoned in the past year, according to Colliers, with both rising construction costs and a drying-up of bank finance being blamed.
CBRE's national director of residential projects Gavin Lloyd said abandoned apartment projects were not uncommon.

READ MORE:
* Number of Auckland apartments going belly-up 'exaggerated': City Sales
* Bank crackdown on developments could hamper NZ building boom
* Auckland's Flo Apartments housing development falls through
Designs might fail to capture public interest or rising costs might make the profit margins too slim, but lately the "banking landscape" had changed as well.
In Australia banks were being cautious because overseas investors, who had been banned from buying existing houses, had channelled huge sums into the apartment market, creating a glut.
Lloyd said this was not the case in Auckland, where supply was short, demand was strong and locals were a big part of the market.
"There's no chance, given the current dynamics,"
Karen Scott-Howman of the Bankers Association said banks did recognise New Zealand's differences and made their own decisions, but there were limits to the amount they could lend to the booming sector.
"Banks are still lending but all banks will have limits as to how much they can lend."
Phil Eaton, the Property Council's Auckland branch president, agreed, saying the abandoned apartments were less about tighter finance and more about the industry sorting itself out.
"This is all part of growing pains for the industry. It's been asked to ramp up and deliver and it's doing its best.
"I think what it needs now is some good price stability in terms of land price and construction price and a good pipeline of work so it can develop its capacity."
Meanwhile, he suggested people worried about buying off the plan do plenty of due diligence.
"It's really asking lots of questions of the developer. What's their track history? Who's their project team, who are their architects? How is the funding progressing ... and who is the likely builder?
How to check if your apartment project is likely to go ahead:
- Do your homework, Check out the developer's track record consents and their backing.
- Check resource consent which may could push up your costs if approval is delayed. "Some of the developments that have been marketed previously haven't even had resource consent approval so in between selling the apartments off the plan and getting approval, that time delay, that's where you see price increases creep in," Lloyd said.
- Draw a line in the sand. The developer should put in a clause with a date by which he must declare if he has secured funding, but you may be able to negotiate over it, Lloyd said.

Stuff

 

[eatshitndie]

for this you can trust hdb.