View Full Version : Any Abandoned Housing Projects in Singapore History ?
Shoeboxsupporter
14-09-12, 12:03
Hi All,
During chit-chat with my friend, in his view, he is only considering new launch from FE, MCL, Capital Land, CDL, etc while give those small or joint ventures projects a miss. He is very kiaxi that one day if the project fail, he will lost all his capital investments. Is his worry justify ? Thanks for your sharing ! :D
Hi All,
During chit-chat with my friend, in his view, he is only considering new launch from FE, MCL, Capital Land, CDL, etc while give those small or joint ventures projects a miss. He is very kiaxi that one day if the project fail, he will lost all his capital investments. Is his worry justify ? Thanks for your sharing ! :D
Buy ready projects then.
Shoeboxsupporter
14-09-12, 12:08
Buy ready projects then.
Most of the TOP project is more costly than new lauch ! :banghead: He will take risk but just minimize the risk !
there is only delayed top that I heard of.... developer run road... hmmm don't think so in sg ba. msia a lot
Shoeboxsupporter
14-09-12, 12:16
there is only delayed top that I heard of.... developer run road... hmmm don't think so in sg ba. msia a lot
Can we said that it will never happen in Singapore ? You can see, now many small compaines join venture to develop a project, risk is low ? :tsk-tsk:
Don't really have any abandoned project but have some where developer went bust but bank stepped in and got another contractor to finish...quality suffers tho'.
That was long ago...nowadays, have housing developers rules and project a/c to protect the buyers.
if you have such fears, just buy from reputable developer with track record of at least 3 or more projects.
Shoeboxsupporter
14-09-12, 12:31
Don't really have any abandoned project but have some where developer went bust but bank stepped in and got another contractor to finish...quality suffers tho'.
That was long ago...nowadays, have housing developers rules and project a/c to protect the buyers.
The project a/c sufficient to protect buyer interests ? It seems like nowaday some buyers have never ever bother developer financial strength, if economy crisis happen again and the company went burst, government will step in to help ? I doubt so......
But it is so far so good in Singapore that we do not have any abandont project, but not happen in the past does not mean it will never happen in future, just my views !
Shoeboxsupporter
14-09-12, 12:48
"
The contract to build the second phase of the viaduct from Telok Blangah Street 31 to the highway's junction with Pasir Panjang Road, worth S$16.7 million, was awarded to L&M Prestressing in January 2000, and the viaduct was expected to be complete by July 2003. However, work slowed down in late 2002 because L&M encountered financial problems. L&M then promised LTA that the viaduct would be completed in May 2005. LTA agreed to give the company time to complete it, but when work had still not finished by that time, LTA terminated the contract on 1 June 2005 and called for an open tender to find a new contractor to finish the work[4] (http://forums.condosingapore.com/#cite_note-3). On 1 August 2005, LTA awarded the contract to Gammon[5] (http://forums.condosingapore.com/#cite_note-4)[6] (http://forums.condosingapore.com/#cite_note-5), which completed the remaining work on schedule in March 2006. The viaduct's completion was commemorated with an opening ceremony and fun walk on 25 March 2006[7] (http://forums.condosingapore.com/#cite_note-6), with the then Minister for Transport Yeo Cheow Tong (http://forums.condosingapore.com/wiki/Yeo_Cheow_Tong) officiating; it was opened to traffic on 26 March 2006[1] (http://forums.condosingapore.com/#cite_note-opening_announcement-0)[8] (http://forums.condosingapore.com/#cite_note-7). "
There is an example of constructor not able to deliver the road due to financial problem, as a result, LTA step in. If similar case happen to Condo, will URA step in ?
Grandlink Square, the developer went under water.
Concourse, the developer disappear and the site construction stop for a number of years.
Shoeboxsupporter
14-09-12, 13:21
Grandlink Square, the developer went under water.
Concourse, the developer disappear and the site construction stop for a number of years.
Oh then who take over the project and deliver the units to buyer ? Bank ? or any other company ? Is buyer get compensation if delay ?
The news too old cannot find in google.
The news too old cannot find in google.
http://en.wikipedia.org/wiki/The_Concourse
In the 1985 recession. :scared-3:
Hi All,
During chit-chat with my friend, in his view, he is only considering new launch from FE, MCL, Capital Land, CDL, etc while give those small or joint ventures projects a miss. He is very kiaxi that one day if the project fail, he will lost all his capital investments. Is his worry justify ? Thanks for your sharing ! :D
ur friend a malaysian?
http://www.consumer.org.my/index.php/development/public-sector/556-abandoned-housing-projects-is-malaysia-a-lawless-country
Blissville at bt timah road, abandoned during 97 financial crisis.
It is where Nexus is now.
Shoeboxsupporter
14-09-12, 20:12
ur friend a malaysian?
http://www.consumer.org.my/index.php/development/public-sector/556-abandoned-housing-projects-is-malaysia-a-lawless-country
Nope, can we take for granted to assume all residential projects in Singapore will never be abandoned ? Or we need to careful study about the Developer Track Record in Singapore, this is what I feel ! :D
Shoeboxsupporter
14-09-12, 20:21
Blissville at bt timah road, abandoned during 97 financial crisis.
It is where Nexus is now.
Interesting, it means there is residential project fail before in Singapore, do you have more information to share ? Buyers get compensated or lost their investment completely ?
Interesting, it means there is residential project fail before in Singapore, do you have more information to share ? Buyers get compensated or lost their investment completely ?
developer cancelled existing buyers' contracts and refunded their money.
it was not because of financial crisis. the initial units released only in year 2000. The Blissville was a JV by wing tai and orchard parade holdings.
The Concourse's site was acquired in competition in the Urban Redevelopment Authority's 8th Sales of Sites programme in 1979. The project commenced in 1981 as the Hong Fok Centre but construction stopped when Singapore's economy was hit by a recession in the mid-1980s.
https://en.wikipedia.org/wiki/The_Concourse
Rahardja Centre 1980 to 1984 become Le Millenia
Chinatown Point 1979 CDL take over.
1969 first GLS Pearl Bank.
Hillcrest Arcadia
Grangeford
Arcadia
Horizon Tower
Orchard Bel-Air
Landed 99 years
Sixth Avenue
Gentle Road
1993 Kew Drive
Eastwood Park
Chuan Green
Sembawang Greenvale
Conservation landed
Townerville 1990
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