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11-09-13, 15:30
http://www.straitstimes.com/premium/money/story/sentosa-condos-repair-costs-lower-claimed-ho-bee-20130911
Sentosa condo's repair costs lower than claimed: Ho Bee
Published on Sep 11, 2013
By Jonathan Kwok
THE developer of The Coast at Sentosa Cove yesterday said that the cost to rectify genuine defects in the upscale condominium would be much lower than claimed, even as it faces a lawsuit for alleged defects.
Singapore-listed Ho Bee Investment said in a statement that the repair works "would not exceed $200,000", according to a building expert it engaged.
This is much less than the sum of over $2 million that the Management Corporation Strata Title (MCST) council is seeking, Ho Bee said.
The MCST had filed the suit on behalf of 108 owners at the condominium, alleging problems at the common areas such as termite infestation, flooded staircases and a rotting timber pool deck.
Three contractors were also named in the suit.
But Ho Bee said yesterday that the MCST's claim, which was based on its own building expert's estimate, included many defects that Ho Bee's consultants, main contractor and building expert assessed as "not construction defects... but due to fair wear and tear or the lack of adequate and proper maintenance".
"Further, Ho Bee is of the view that the claims estimated at more than $2 million were grossly inflated," the company said.
Ho Bee added that "it is responsible and committed to the MCST to rectify genuine defects", but that the MCST had been "non-responsive and non-committal" to its offers.
Meanwhile, one of the contractors being sued has said that the financial impact of the legal claims will be minimal.
Mainboard-listed KSH Holdings said its subsidiary, Kim Seng Heng Engineering Construction (KSHEC), was the main contractor of The Coast.
KSHEC has filed a "comprehensive defence in response to the suit", which "will not have any impact on the business and financial positions of KSHEC or (KSH)", the firm said.
Ho Bee's shares slipped one cent to $2.06 yesterday while KSH fell half a cent to 49 cents.
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Sentosa condo's repair costs lower than claimed: Ho Bee
Published on Sep 11, 2013
By Jonathan Kwok
THE developer of The Coast at Sentosa Cove yesterday said that the cost to rectify genuine defects in the upscale condominium would be much lower than claimed, even as it faces a lawsuit for alleged defects.
Singapore-listed Ho Bee Investment said in a statement that the repair works "would not exceed $200,000", according to a building expert it engaged.
This is much less than the sum of over $2 million that the Management Corporation Strata Title (MCST) council is seeking, Ho Bee said.
The MCST had filed the suit on behalf of 108 owners at the condominium, alleging problems at the common areas such as termite infestation, flooded staircases and a rotting timber pool deck.
Three contractors were also named in the suit.
But Ho Bee said yesterday that the MCST's claim, which was based on its own building expert's estimate, included many defects that Ho Bee's consultants, main contractor and building expert assessed as "not construction defects... but due to fair wear and tear or the lack of adequate and proper maintenance".
"Further, Ho Bee is of the view that the claims estimated at more than $2 million were grossly inflated," the company said.
Ho Bee added that "it is responsible and committed to the MCST to rectify genuine defects", but that the MCST had been "non-responsive and non-committal" to its offers.
Meanwhile, one of the contractors being sued has said that the financial impact of the legal claims will be minimal.
Mainboard-listed KSH Holdings said its subsidiary, Kim Seng Heng Engineering Construction (KSHEC), was the main contractor of The Coast.
KSHEC has filed a "comprehensive defence in response to the suit", which "will not have any impact on the business and financial positions of KSHEC or (KSH)", the firm said.
Ho Bee's shares slipped one cent to $2.06 yesterday while KSH fell half a cent to 49 cents.
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