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marktkt22
29-08-11, 11:52
New mm launch, if u still have the stomach for it ....

condoinvestor
29-08-11, 13:59
Location is perfect for working girls......

latour
29-08-11, 15:45
Location is perfect for working girls......

where is it ?

TKT
29-08-11, 22:21
where is it ?


More interesting part of Joo Chiat Road...

Actually location pretty good, short walk to Katong Mall... but MM not my cup of T.

marktkt22
29-08-11, 23:04
Intersection of joo chiat and fowlie road,
Opposite the modules and joo chiat cc

OscarKa
29-08-11, 23:27
Seems like little publicity for this project, or did I miss it??
Location wise quite attractive, but not sure what's the size & psf like?

marktkt22
30-08-11, 07:46
size is like studio@tembeling, price also.
But no need to rush, many units available

latour
30-08-11, 16:00
size is like studio@tembeling, price also.
But no need to rush, many units available

Oh, it's going to be a MM project. Will MM in this area still do well, $/psf is going to be high? Are interest in MM still holding?

ccc
30-08-11, 17:15
size is like studio@tembeling, price also.
But no need to rush, many units available

So how much is the psf? 1300++?
Wonder what kind of shops will be for the commercial shops?? more Makan?

marktkt22
30-08-11, 21:25
What shop i had no idea, but residential unit price bet 1300-1400psf,
Mm size, typical oxley type
Mech carpk,open kitchen, toilet without window.
Still has baywindow, but no planter,
Got bombshelter, which is the only gd pt .

bargain hunter
15-09-11, 12:52
i see adverts for this project on saturday newspapers. but just 1 unit sold last month bringing the grand total sold to 3 out of 96 units. :doh:

marktkt22
15-09-11, 19:02
There quite some discount but guess mkt sick of mm.
I want to get for investment initially but 96 units and shop downstair...too cramp

bargain hunter
15-11-11, 11:55
only 9 out of 96 sold.

marktkt22
26-01-12, 08:21
Quantum low ? Yet V Bad sale ..
Mickey mouse fatigue ?
V v bad sale .. . No Hutton agent to market ?

Rosy
26-01-12, 08:23
Quantum low ? Yet V Bad sale ..
Mickey mouse fatigue ?
V v bad sale .. . No Hutton agent to market ?
Lack of mrt?

Blue
31-01-12, 15:57
How much psf they selling? MM is good for rental yields!

Say, 1+1 bedder 600 sqft @ $1500psf = $900K, can rent out for $3K a month => Gross rental yield of 4%. :rolleyes:

rc_koh
21-02-12, 12:42
RELAUNCHING SOON WITH ATTRACTIVE PRICES

SYCAMORE TREE @ THE PERANAKAN HERITAGE DISTRICT

DO NOT MISS!! REGISTER INTEREST WITH ME @ 94318113 NOW!


Mixed Development @ Fowlie Road

96 Residential Units and 17 Commercial Units

Facilities: 36M Swimming Pool and BBQ Pit

Tenure: Estate in Fee Simple (Freehold)

Carpark: 103 Lots

Unit Types:
Residential
1-Bedroom - 344/355/366/377441 sqft

1+1 Bedroom - 377 - 678sqft

2+1 Penthouse - 721 - 893 sqft

3-Bedroom Penthouse - 743 - 883sqft

Commercial
17 shops - 409 sqft to 743sqft
(This location is near to a public carpark)


Attractive Points:
- Nestled in the unique Peranakan Heritage area
- Plenty of restaurants and eateries
- Short walk to I12 Katong, Parkway Parade
- Short Drive to East Coast Park and CBD and Changi Airport
- Upcoming Eastern Region Line MRT

Do NOT MISS!!

Call Rachel @ 94318113
CEA REG NO: R006385E
Email: [email protected]

bargain hunter
15-03-12, 13:22
3 more sold at 1423psf median. 82 out of 96 to go.

price
15-03-12, 13:54
3 more sold at 1423psf median. 82 out of 96 to go.

Next "preview launch" on 22nd March! Showflat is closed again for now.

shellshox
18-03-12, 01:48
Any new update for this? Location quite good...
Wondering for those who invest in MM units, is it easy to get rental???

hyenergix
18-03-12, 06:40
I thought there are KTVs at this area...

shellshox
18-03-12, 22:13
I think that's further down joo chiat, this is closer to katong side...

price
18-03-12, 23:18
Any new update for this? Location quite good...
Wondering for those who invest in MM units, is it easy to get rental???

Location is quite bad. Terrible traffic, lots of pubs and bars next door. Other than it being 5-10mins walk from 112 Katong, theres really nth much.

Agents are selling the fact that there's no balcony and bomb shelter. Do study the plans carefully though. the bed rooms can barely fit a bed. Every unit has HUGE baywindow. The bed has to be built in to fit.

Laguna
19-03-12, 09:42
check the carpark first
machnical carpark....

price
19-03-12, 10:54
check the carpark first
machnical carpark....

These days all the apartment projects around Joochiat/TK area uses them. very few have full basement carpark.

minority
19-03-12, 14:18
the name remind me of the banana tree lane. If any of the older people here remember. ;)

price
19-03-12, 14:29
the name remind me of the banana tree lane. If any of the older people here remember. ;)

It reminds me of this bible story :D

http://www.essex1.com/people/paul/bible58.html

minority
20-03-12, 09:37
so small MM. in such area. might be good for certain "business".

price
20-03-12, 10:03
so small MM. in such area. might be good for certain "business".
Migrate the Geylang effect here! but this area under restricted list already. no more such units next time!

shellshox
20-03-12, 10:33
So far a lot of the 1 bedders are sold, cos going for half mill.....

price
20-03-12, 10:36
So far a lot of the 1 bedders are sold, cos going for half mill.....

Yea but the size is quite pathetic... 355sqft with baywindow.

minority
20-03-12, 11:02
Yea but the size is quite pathetic... 355sqft with baywindow.


Size of a hotel room. Good for "biz"

say are $500K a unit. say rental can get $3000pm thats 7.2% yield!

Cost to tenant is $3000/30 days = $100 per day. Still cheaper than hotel 81! $ worth! Plus no hassle of ID checks etc.

price
20-03-12, 11:05
Size of a hotel room. Good for "biz"

say are $500K a unit. say rental can get $3000pm thats 7.2% yield!

Cost to tenant is $3000/30 days = $100 per day. Still cheaper than hotel 81! $ worth! Pls no hassle of ID checks etc.

Haha, u sure can rent out $3k a month? Hotel 81 ppl clean the room for u etc.

$3k a month for 355 sqft is :scared-1: I'm sure there are old 2 bedders in D15 that rents around that figure.

minority
20-03-12, 11:08
Haha, u sure can rent out $3k a month? Hotel 81 ppl clean the room for u etc.

$3k a month for 355 sqft is :scared-1: I'm sure there are old 2 bedders in D15 that rents around that figure.

ok $2.5K also $4% yield!


Location near to the area of biz. big place got security guard and more unit people will complain. Small compact new , walking distance. the shorter the walk the better less conspicuous. and can get back to the store faster after transaction.

Aiayh for $100 cleaning can DIY share with 1 biz partner cost is $50!. pay a maid $5 extra to walk over to clean lor. still make good biz ah!

price
20-03-12, 11:10
ok $2.5K also $4% yield!


Location near to the area of biz. big place got security guard and more unite people will complain. Small compact new , walking distance. the shorter the walk the better less conspicuous. and can get back to the store faster after transaction.

Aiayh for $100 cleaning can DIY. pay a maid $5 extra to walk over to clean lor. still make good biz ah!

Okay, in that cast those who bought at $4xxk HUAT LIAOS

price
20-03-12, 11:10
Deleted post

minority
20-03-12, 11:13
Okay, in that cast those who bought at $4xxk HUAT LIAOS


Can be LAND LORD.. and sometime cannot collect rent can be the LORD OF THE RINGS... too. may all their fantasy come true.!

shellshox
20-03-12, 12:08
Still got pool facility... can relax after bizness....:D

price
15-04-12, 16:32
they're still trying to sell this? full page ad on ST :scared-4:

bargain hunter
16-04-12, 14:58
41 sold in mar at 1388psf bring total sales to 55. sudden pick up in sales wor. 55 more to go though.


they're still trying to sell this? full page ad on ST :scared-4:

price
16-04-12, 16:49
41 sold in mar at 1388psf bring total sales to 55. sudden pick up in sales wor. 55 more to go though.

think they repriced this. But no matter what, still lousy layout. lots of baywindows

shellshox
16-04-12, 22:18
From the showflat, only got 2 bay windows, room and living room....

price
16-04-12, 23:56
From the showflat, only got 2 bay windows, room and living room....

haha thats a 1 bedder wat. where else u want the baywindows to be? No more windows already.

price
12-05-12, 10:53
SYCAMORE TREE FOWLIE ROAD Apartment 1 521,980 388 Strata 1,347 Apr-12

good buy?

carbuncle
12-05-12, 11:42
SYCAMORE TREE FOWLIE ROAD Apartment 1 521,980 388 Strata 1,347 Apr-12

good buy?
What happened... You were hammering this earlier on in the thread. MP buy nearby you also wanna get in the action??

price
12-05-12, 11:49
What happened... You were hammering this earlier on in the thread. MP buy nearby you also wanna get in the action??

ya lor! wah u read my mind! hahaha i didnt hammer lar, just voiced out my opinion on the baywindows in 344sqft is :banghead: D15 MMs seldom u see 4xx/5xxk liao.

carbuncle
12-05-12, 12:24
ya lor! wah u read my mind! hahaha i didnt hammer lar, just voiced out my opinion on the baywindows in 344sqft is :banghead: D15 MMs seldom u see 4xx/5xxk liao.
You my No 1 now... I must dive deeper into your mind ma (amongst other parts)

carbuncle
21-05-12, 11:44
This is RCR?? Wow now i realise for Telok Kurau area, left side of the Telok Kurau Rd is RCR. Right is OCR...


SYCAMORE TREE FOWLIE ROAD Astoria Development Pte Ltd Non-Landed RCR 96 96 72 24 0 19 1,400 1,278 1,457

shellshox
22-05-12, 00:10
So what impact does it mean if RCR or OCR? Sorry, not very enlightened....

l_wee
22-05-12, 02:01
West of Still Road is RCR. East is OCR. Coming from ECP. So Telok Kurau is OCR.

carbuncle
22-05-12, 08:23
West of Still Road is RCR. East is OCR. Coming from ECP. So Telok Kurau is OCR.

Ah ic. Dividing line is still rd. thx bro

mkl22
22-05-12, 08:43
So what impact does it mean if RCR or OCR? Sorry, not very enlightened....
Doesn't mean a thing. It's just a govt zone planning area.

price
10-10-12, 23:18
Construction seems to be going on quite quickly! anyone bought here?

shellshox
21-02-17, 13:05
Anyone know what happen to this condo? Seems like taking forever to build, everytime pass by this location only small changes, haha.

Kelonguni
21-02-17, 13:25
??? From 2012 till now?

Cheang
13-04-17, 12:04
Yes also like to know what's happening....very unusual for project in Singagpore for such a long delay. Anyone bought an Unit from Sycamore Tree?

Arcachon
13-04-17, 12:30
http://www.hsr.com.sg/Portals/_default/Skins/HSR/images/RealGuide/My%20HSR%20Real%20Guide%201st%20Issue%20(Apr-Jun%202012).pdf

tonymontana
06-05-17, 12:06
This project supposed to be TOP alrd but when i drove past recently, it looks far from ready. First case of developer unable to complete project ?

Cheang
22-05-17, 15:21
Looking at it stage seems like stop work for a while, maybe the developer may have some financial difficulties.

shellshox
18-07-17, 19:02
Hi, there is a class action suit going on against the developer of this condo. If you have bought or know anyone who bought a unit there, please contact me through PM to discuss further action that can be taken. I may have to ask some details, but just to ensure you are a genuine purchaser. The developers are apparently financially in the red. I can't disclose more but a lawyer firm has been engaged to seek recourse. Please help spread the message, thank you.

Laguna
18-07-17, 20:25
Hi, there is a class action suit going on against the developer of this condo. If you have bought or know anyone who bought a unit there, please contact me through PM to discuss further action that can be taken. I may have to ask some details, but just to ensure you are a genuine purchaser. The developers are apparently financially in the red. I can't disclose more but a lawyer firm has been engaged to seek recourse. Please help spread the message, thank you.

U can do a search at SLA by paying a fee (not that much) on the names of the owners. But the issues, you only can get owners' names but not their contacts.

There is always a LD clause for delays...check the S&P, ask your lawyer for advice

Ya, now i recalled what property is this....yes, very very slow progress.
In fact, the mechanical carpark would be a very big problem....

trump
18-07-17, 23:41
hello every one
Plz tell me about the sycamore tree......
Thanks

Arcachon
19-07-17, 00:28
hello every one
Plz tell me about the sycamore tree......
Thanks

FreeHold

Kelonguni
19-07-17, 07:38
In the worst case scenario, can we say the land collectively belong to the buyers and there are still undisbursed funds kept by bank? Top up a bit more to enlist a separate developer to complete the job?

Were all units sold?

shellshox
19-07-17, 08:41
Don't think so, cos buyers wouldn't have received land title deeds cos banks would be holding on to it as guarantee. Unless you pay full amount for the property.

tonymontana
20-07-17, 19:50
U can do a search at SLA by paying a fee (not that much) on the names of the owners. But the issues, you only can get owners' names but not their contacts.

There is always a LD clause for delays...check the S&P, ask your lawyer for advice

Ya, now i recalled what property is this....yes, very very slow progress.
In fact, the mechanical carpark would be a very big problem....

it's not slow, it's virtually stopped. at the junction of fowlie and joo chiat road.

tonymontana
20-07-17, 19:51
In the worst case scenario, can we say the land collectively belong to the buyers and there are still undisbursed funds kept by bank? Top up a bit more to enlist a separate developer to complete the job?

Were all units sold?

left 2 units unsold.
asi understand, still not TOP so title still under developer? bank financing the project has first claim?
agents are still marketing this development.

fionfion111
15-09-17, 21:15
Anyone know what will happen next?
So owner of sycamore tree will have to wait till another developer take over ?

Limleekhiang
24-10-17, 11:05
Surely innocent buyers should be protected. A Buyers group collectively formed seeking recourse fm developer might work.

Limleekhiang
24-10-17, 11:07
Also, there shld be a Project Account properly administered. If the developer is in the red, how did that happen?

Kelonguni
24-10-17, 11:23
Try to seek some legal recourse or check through CASE to see what options avail.

Hope for the best.

JayC
28-10-17, 23:27
Hi Shellsox.i bought a unit there. Would appreciate some clarity. Thank you.

JayC
28-10-17, 23:57
Hi, there is a class action suit going on against the developer of this condo. If you have bought or know anyone who bought a unit there, please contact me through PM to discuss further action that can be taken. I may have to ask some details, but just to ensure you are a genuine purchaser. The developers are apparently financially in the red. I can't disclose more but a lawyer firm has been engaged to seek recourse. Please help spread the message, thank you.

Hi Shellsox, I am a genuine purchaser. I am very concerned about the property. Do you have any updates? Thank you 🙂

tonymontana
29-10-17, 11:22
agents are still hawking units in this development.

emmeline
08-02-18, 11:47
Hi,

The TOP has been delayed twice and the development isn't seems to be progressing. Any plans or actions are the home owners planning to do?

prashantnative
19-02-18, 12:01
Home owners should take legal action. peoples invest all the money of their hard earning in owners cheat them, It is not good.

thomastansb
20-02-18, 18:20
That is why I only buy from reputable developers. I will never buy from developers which I have not heard of before. I rather pay a bit more than to lose everything.

jwong71
20-02-18, 21:46
I prefer to buy resale, can touchy touchy and instant do up the unit and rent

thomastansb
23-02-18, 00:30
But resale got to pay more lor. Still better than ending up with nothing I guess. I heard from my agent friends that banks are asking for top ups because the units have missed the TOP date and there is significant risk to their balance sheets. In the region of 5 to 10%. I am not sure how true this is since full loan has not been disbursed yet. Any owners can verify this piece of news?



I prefer to buy resale, can touchy touchy and instant do up the unit and rent

jwong71
23-02-18, 15:54
But resale got to pay more lor. Still better than ending up with nothing I guess. I heard from my agent friends that banks are asking for top ups because the units have missed the TOP date and there is significant risk to their balance sheets. In the region of 5 to 10%. I am not sure how true this is since full loan has not been disbursed yet. Any owners can verify this piece of news?

Not necessary pay more. And developers already priced in future pricing as launch prices.

puzzled
01-03-18, 23:38
The last time we heard from the developer was that they are targetting TOP by 1Q 2018.......the date is looming really close.

What happens if TOP is still delayed yet again?

thomastansb
02-03-18, 12:36
Looking at the state, I don't think it will be 2018 Q1. I pass by that stretch very often. There is practically no one working there.

puzzled
12-03-18, 09:07
Looking at the state, I don't think it will be 2018 Q1. I pass by that stretch very often. There is practically no one working there.

So we can only keep waiting? What happens if they take forever to finish the project?

Kenji_Yamato
17-04-18, 09:30
Same victims here......but different project https://forums.hardwarezone.com.sg/homeseekers-homemakers-74/developer-failed-complete-project-top-date-s-p-5812052.html

Kelonguni
17-04-18, 13:45
Same victims here......but different project https://forums.hardwarezone.com.sg/homeseekers-homemakers-74/developer-failed-complete-project-top-date-s-p-5812052.html

Could be same project as well.

wlwong
04-06-18, 23:39
Hi,
Can I checked if anyone bought a unit in sycamore tree recently? What happens if developer fails to complete the project and they file for bankruptcy? Wise to buy a unit now given that they are supposed to TOP in August?

Arcachon
05-06-18, 08:31
Hi,
Can I checked if anyone bought a unit in sycamore tree recently? What happens if developer fails to complete the project and they file for bankruptcy? Wise to buy a unit now given that they are supposed to TOP in August?

One bird in hand is better than two in the bushes.

thomastansb
07-06-18, 13:19
Why would anyone buy a unit there now? That project has not made any progress for years. It was launched in 2011. A project of that size would have TOP in 2013/2014. Now is 2018, you still want to bet that it will be done in 2 months? I drive around there often and I can tell you there is no progress at all and it is at least 1 year away from completion even if they start work today. There is no workers that I can see either.




Hi,
Can I checked if anyone bought a unit in sycamore tree recently? What happens if developer fails to complete the project and they file for bankruptcy? Wise to buy a unit now given that they are supposed to TOP in August?

august
08-06-18, 10:55
I am sure Straits Times will be interested in a story.

Ninja3245
04-10-18, 10:32
It is not possible to buy a unit there there is a court injunction on the development of there is any buying or selling done it is illegal for all the owner Do pm me I hope to tell you all about the developer

Arcachon
15-10-18, 09:28
Last time people tell me need to buy from the good developer, I don't really believe now I do scary.......

Developer - Astoria Development Pte Ltd

https://www.kcl.com.sg/portfolio/sycamore-tree/

About KCL
Established in 2011, KCL Consultants Pte Ltd Licensed Corporation under the Professional Engineer (PE) Act. We also registered under the Public Sector Panels of Consultants (PSPC) CS01 and accredited under ISO 9001 : 2015 and ISO 14001 : 2015.

KCL Consultants Pte Ltd is a multi-disciplinary engineering consultancy specialising in provide Civil, Geotechnical Engineering, Precast Design and Coastal Engineering Consultancy Services. Our mission is to provide quality consulting engineering services with innovation and the use of new technologies as appropriate to assist our clients in implementing their projects in a cost-effective and efficient manner.

Our team are dedicated to provide quality and well thought-out designs to deliver exceptional and sustainable outcomes. High numbers of returning customers and client recommendations indicates we deliver what we promised and is a testament to the quality of our work.

For the past few years, we have successfully completed numerous large and prestigious projects locally and regionally such as Malaysia, Cambodia, Myanmar and Maldives.

Associate and branch office are set up to serve our client better.

KCL Consultants (M) Pte Ltd
KCL International Pte Ltd
重庆星恒建筑咨询有限公司
星乐国际工程咨询(深圳)有限公司

No end in sight for buyers of 2 new condos; still under construction despite 2016 TOP

Sycamore Tree and Laurel Tree due to get TOP in 2016, but still under construction

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

for full detail whatsapp 87821025

Sycamore_CK
15-10-18, 10:48
I think all owners of Sycamore Tree should band together and discuss. Is there a whatsapp or Telegram group that owners can join to discuss already? If not, I think we should start one asap.

Sycamore_CK
15-10-18, 10:55
Attached PDF file is the Supreme court judgement dated 10 Oct 2018. Basically, the various appeals by Astoria Development were turned down, meaning the creditors won. It was mentioned that Astoria has $15 millions in loans made out to a related company in Malaysia. No wonder they have no money to complete the project. Are they allowed to just transfer away money to another company in another country?

Arcachon
15-10-18, 11:13
https://www.supremecourt.gov.sg/docs/default-source/module-document/judgement/astoria-summary-gd---final-pdf.pdf

65 In summary, I allow the appeal in RA 79 in part and reduce the amount
of summary judgment to $2,088,951.43 on account of the agreed double claim
to the extent of $880,000 in the original judgment debt. I dismiss the appeal in
RA 80, and amend AR Li’s order with respect to the date of payment of the
conditional leave sum to 16 August 2018, 4.00pm. Finally, I dismiss the appeal
in RA 122, and amend AR Khng’s order with respect to the date of payment of
the conditional leave sum to 16 August 2018, 4.00pm. Additionally, it is agreed
by consent that para 3 of AR Khng’s order be amended to:
3. If the condition set out above at Paragraph 1 is not
satisfied, then the Plaintiffs shall be entitled to enter judgment:-
(a) against the 1st Defendant, 2nd Defendant and 4th
Defendant for sum of S$4,912,199.65 and costs of $20,000.00
(inclusive of disbursements) in joint and several liability; and
(b) against the 3rd Defendant for the sum of $2,000,00.00 and
costs of $20,000.00 (inclusive of disbursements) in joint and
several liability with the 1st Defendant.
66 As for costs, I order the costs of RA 79 inclusive of disbursements to be
fixed at $7,000 to be paid by the Defendants to the Plaintiffs, and costs of and
consequential to the amendment of the defence to be fixed at $1,500 to be paid
by the Defendants to the Plaintiffs. The costs of RA 80 inclusive of
disbursements are to be fixed at $7,000 to be paid by the Defendants to the
Plaintiffs, and costs of and consequential to the amendment of the defence to be
fixed at $1,500 to be paid by the Defendants to the Plaintiffs. Finally, the costs
of RA 122 inclusive of disbursements are to be fixed at $9,000 to be paid by the
Defendants to the Plaintiffs.

Arcachon
15-10-18, 12:40
ASTORIA DEVELOPMENT PTE. LTD.
71 LORONG 23 GEYLANG
#06-01 THK INDUSTRIAL BUILDING
SINGAPORE, 388386 Singapore
+65-67412422
Company Type: Independent

Arcachon
15-10-18, 12:43
List of Employers Convicted under the Central Provident Fund Act (12 September 2016 - 16 September 2018)

https://www.mom.gov.sg/~/media/mom/documents/employment-practices/list-of-employers-convicted-under-cpf-act.pdf?la=en

Arcachon
15-10-18, 12:50
https://www.sgpbusiness.com/company/Astoria-Development-Pte-Ltd

PropVestor
15-10-18, 13:42
These cases are far and few between. However if you buy into small developments, it is always better to look for more established ones. That thinking sort of put my brakes on for Singapore-Johore Express at Kallang Riverside. I hope there is a resolution to this soon. Bad stain on the PP market.

Arcachon
15-10-18, 19:58
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://forums.hardwarezone.com.sg/eat-drink-man-woman-16/sinkies-purchased-condos-2016-top-liao-but-2018-still-under-construction-5919370-4.html

Arcachon
15-10-18, 20:02
These cases are far and few between. However if you buy into small developments, it is always better to look for more established ones. That thinking sort of put my brakes on for Singapore-Johore Express at Kallang Riverside. I hope there is a resolution to this soon. Bad stain on the PP market.

Big one also have, Graandlink Square is one of them.

thomastansb
15-10-18, 22:57
That is the problem of buying from these small developers. I don't know why people still go for such projects. Now gonna burn liao. For me, I will never buy from these "unknown" developers. Rather pay a bit more than to lose everything. They already lost 3-4 years of rental. 2016 is the legal completion but for such project, usually 2 years (2014) can complete. How much already if you factor that in.

Arcachon
15-10-18, 23:01
That is the problem of buying from these small developers. I don't know why people still go for such projects. Now gonna burn liao. For me, I will never buy from these "unknown" developers. Rather pay a bit more than to lose everything. They already lost 3-4 years of rental. 2016 is the legal completion but for such project, usually 2 years (2014) can complete. How much already if you factor that in.

No Worry, it is Freehold. It is not how much you pay, it is how much you sell.

thomastansb
17-10-18, 10:19
No Worry, it is Freehold. It is not how much you pay, it is how much you sell.


Sell what? lol. After 7 years, still no keys. Haha.

Arcachon
17-10-18, 10:23
Sell what? lol. After 7 years, still no keys. Haha.

Now buying property need to see long-term, 7 years is short anyway once TOP can sell.

A lot of people will be queuing to buy soon.

Kelonguni
17-10-18, 10:29
Now buying property need to see long-term, 7 years is short anyway once TOP can sell.

A lot of people will be queuing to buy soon.

Earliest 5 years more. Hope they have disbursed very minimal or no loan yet?

Arcachon
17-10-18, 11:14
Earliest 5 years more. Hope they have disbursed very minimal or no loan yet?

why 5

Kelonguni
17-10-18, 14:18
why 5

My thinking is they need a couple of years to resolve the dispute and to hand over the project if necessary.

To carry on a partially built project is also fraught with difficulties and the progress should be slower than one built from scratch with the same architects / builders. Another 3 years to complete is not too much to ask, unless the owners are willing to accept that some of the original furnishings can be skipped.

Tough situation to be in.

Arcachon
17-10-18, 14:38
My thinking is they need a couple of years to resolve the dispute and to hand over the project if necessary.

To carry on a partially built project is also fraught with difficulties and the progress should be slower than one built from scratch with the same architects / builders. Another 3 years to complete is not too much to ask, unless the owners are willing to accept that some of the original furnishings can be skipped.

Tough situation to be in.

If I got money I will go wait for owner to sub-sale once the Court order is out.

Kelonguni
17-10-18, 14:58
If I got money I will go wait for owner to sub-sale once the Court order is out.

No need ah. Still haven't sold out.

If got money can buy anytime.

Arcachon
17-10-18, 15:08
No need ah. Still haven't sold out.

If got money can buy anytime.

Stop due to Court order.

tonymontana
17-10-18, 18:50
last 2 units unsold, from URA data. same as when i checked last year.

Ninja3245
05-04-19, 19:39
Owner of Sycamore Tree please PM me asap. I have insider information.

thomastansb
06-04-19, 09:16
Any idea what is happening to this condo in a beautiful piece of land? No workers can be seen again when I am driving by.

reporter2
06-05-19, 13:55
Singapore Dream ends in rude awakening for home buyers

Wed, May 01, 2019


FOR Ashok, a delivery man in his 40s, the Singapore dream - work hard to own a private property - came true in 2011.

But it ended in a rude awakening when the developer went bust before completing the project.

Ashok and his family sold their public housing flat in Woodlands and put the down payment for two units at Sycamore Tree, a freehold residential property located in East Coast.

"One was for my family, the other was an investment property for my mother,'' he told The Business Times.

But that dream came crashing down when he received a notice that the developer of the 96-residential units and 17 shops in Joo Chiat has gone belly up. The project was supposed to obtain its temporary occupation permit by Dec 29, 2016, but remains under construction.

"I am still at a loss. We have been incurring rent for the last seven years since we sold the HDB flat to buy the project. On top of that, we have been making prompt payments for the house and interest for the bank loans," said a distressed Ashok. To make matters worse, his mother has been unwell and has not been working, leaving him to bear the brunt of the rents and bank interest payments, which come up to a hefty sum of several thousands of dollars a month. He said he has to pull in more than 17 hours a day doing dual delivery jobs just to make ends meet.

"How long more can I take this before I crash too?'' he asked.

Like Ashok, some other buyers of the project are also HDB upgraders with dreams of owning a freehold property.

An elderly couple invested most of their life savings in a condo unit in the same project measuring nearly 350 sq ft and priced at almost S$500,000 in May 2012. The couple, who reportedly operate a drinks stall at Old Airport Road Food Centre, had planned to rent the unit out after it was built.

"My parents are very anxious. This is their investment. It was going to be their source of income," their daughter told the media.

Last June, the developer, Astoria Development, managed to get United Overseas Bank (UOB) to agree to further the TOP issuance date from March 31, 2018 to Dec 31, 2018 in an amended and restated facility agreement originally dated Dec 29, 2009.

UOB also agreed to further extend the repayment date from June 30, 2018 or the date of completion of the redemption of property, whichever is earlier, to Dec 31, 2018. But these were subject to the bank's receipt of the extension fee and satisfactory completion of all required documentation.

In Sept 25, 2018, the High Court ordered Astoria to be placed under judicial management, but progress proposal was hindered by the lack of access to information and financial documents by parties involved.

As of June 30, 2014, Astoria's accounts showed a loss of S$446,000, compared to a net profit of S$5.5 million in FY2013. Total liabilities stood at S$38.5 million and net assets at S$5.3 million. Cash and cash equivalents, comprising bank balances, stood at S$4.6 million versus S$1.3 million a year earlier.

Over at Laurel Tree, buyers of the 70-unit condo in Hillview Terrace are also facing an uncertain future over their property purchase which was supposed to be due for TOP by end December 2016 as well. The construction too is incomplete.

Laurel Tree's developer is Lerida. Its main contractor of the project, Bravo Building Construction, faced a winding-up application by a creditor in October 2018. Lerida repeatedly defaulted on the payments of instalments due to The Bank of East Asia. On May 12, 2017, the bank terminated the settlement agreement and demanded that Lerida surrender the mortgaged property within seven days, but to no avail. The court eventually ruled in favour of the bank following Lerida's breach of terms.

While both Astoria and Lerida are managed and operated by Jenny Pang, the companies are solely owned by Tan Hock Keng.

thomastansb
11-05-19, 11:35
https://www.businesstimes.com.sg/real-estate/laurel-tree-sycamore-tree-dispute-with-buyers-a-private-matter-ura

silverfox9
09-10-20, 02:23
hello
Please share your experience about Sycamore Tree, your feedback is very appreciated.
Thanks

Arcachon
09-10-20, 08:51
hello
Please share your experience about Sycamore Tree, your feedback is very appreciated.
Thanks

Case already closed and reported in the News, what experience are you looking at.

Jiakliaobeekia
24-10-20, 23:44
IT IS FOR SALE NOW

https://www.propertyguru.com.sg/listing/21641279/for-sale-sycamore-tree

Jiakliaobeekia
24-10-20, 23:50
Condo developer goes bust: Court ruling provides home buyers relief

Cara Wong

UPDATED JAN 30, 2020, 2:41 PM

Home buyers left in the lurch after a developer went bust will now have priority claims to their incomplete homes, ahead of other unsecured creditors like contractors.

The High Court has ruled that the claims of buyers of the incomplete Sycamore Tree condominium will rank above those of the other unsecured creditors, including contractors who are owed money by the project's developer, Astoria Development. Astoria is also linked to the developer of another stalled condo development, the 70-unit Laurel Tree project in Hillview Terrace.

The "precedent setting case" made it clear that existing statutory provisions, such as those in the Housing Developers (Control and Licensing) Act, recognise the equitable property rights that purchasers of uncompleted properties have, said lawyer John Sze, who is representing most of Sycamore Tree's purchasers.

"We've never really had a case where we are pitting purchasers directly against other unsecured creditors," said Mr Sze of law firm Joseph Tan Jude Benny.

In a chamber hearing last month, Judicial Commissioner Mavis Chionh said the claims of the purchasers rank above the claims of general unsecured creditors. She thus allowed an application by Astoria's receivers and managers, represented by Rajah and Tann lawyers Lee Eng Beng and Chow Jie Ying, to complete the project and pass the units to their owners, subject to certain conditions, said Mr Sze.

KPMG Services took over the Sycamore Tree project, a mixed-use development of 96 residential units and 17 shop units, as receivers appointed by United Overseas Bank (UOB) - the project's paramount mortgagee.

But an unsecured creditor, Jay Machinery, which makes and rents construction equipment, filed a winding-up application in August last year against Astoria. It is owed $1.3 million by the developer.

Apart from Jay Machinery, Astoria also owed its de facto main contractor G1 Construction and related companies several millions.

Under insolvency law, the appointed liquidator could have sold the firm's assets and paid all the unsecured creditors equally, including home buyers, according to the proportion of debts due to them.

The application was filed to ensure that the development could continue with its construction, so that it can be handed over to the buyers.

Another factor that has complicated the situation is the little money left in the development's project account, said Mr Sze.

"If all the project monies were deemed sufficient to complete the project, the contractors or suppliers would not need to worry about being paid," said Mr Sze.

The Straits Times understands the Controller of Housing is still investigating the project accounts of Sycamore Tree and Laurel Tree for any regulatory breaches.

UOB has offered to cover the additional costs expected to be incurred from the completion of the projects, the bank said in a statement last year. But the buyers must agree to not claim their liquidated damages - compensation that developers must pay for delays - against their remaining scheduled payments for the development.

The approval of the application comes as a relief to worried buyers, who have been waiting for their condo units for more than three years. Both Sycamore Tree and Laurel Tree were meant to obtain a temporary occupation permit by December 2016.

Sycamore Tree buyer Constance Lim, 49, said the purchasers are currently waiting to work out the revised details with the receivers.

"There's still a way to go for the project," said Ms Lim, who is representing some 97 unit owners.

The worry now is that buyers cannot come to a consensus on the revised sales and purchase agreement with the receivers, she added.

"We are just not planning our lives around (the condo) any more."