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Thread: En Bloc Woes - dealing with small time developer

  1. #1
    Join Date
    Jul 2010
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    Default En Bloc Woes - dealing with small time developer

    Have any of you guys encountered with or heard of the developer failed to take over the en bloc property and was sued by the owners?

    Three years ago, my auntie who lived in an old 6-unit walk-up apartment property in the East was en bloc, but it turned out that this small-time developer was unable to complete the sale transaction due to some bank financing issues. To the owners' angst, the developer simply kept mum about their inability to take over the property until the very due date, and the owners had already vacant the place by then. For the next few months, though the developer had promised to secure for alternative financing, but eventually the efforts were in vain. To cut the story short, my auntie and one other owner are in the legal tussle now with the developer for compensation of sale price-difference of half-a-million $ per unit for two units, as both had since sold their individual unit to open market at a lower price (not comfortable to move back in as the units were vacant for at least 9 months). Now, my auntie and the other are in the dilemma, on one hand they are not willing to accept the proposed 20% of total amount offered by the developer for private settlement (I think the developer is trying hard their luck), but on the other hand, they are worried that the developer will simply wrap up the company and disappear. My auntie asked me what is the best decision to handle this issue, but I simply do not have an clues.

    So would be appreciated if any kind soul here could offer your piece of advice.

    Thanks in advance .....

  2. #2
    Join Date
    Mar 2010
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    Do refer to this case with Pender Court and the developer who backed out of the deal.

    http://forums.condosingapore.com/sho...t=pender+court

  3. #3
    Join Date
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    Can highlight which small developer is this?

  4. #4
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    Quote Originally Posted by Leeds
    Do refer to this case with Pender Court and the developer who backed out of the deal.

    http://forums.condosingapore.com/sho...t=pender+court

    he said in the east

    cant be pender court which is south west

  5. #5
    Join Date
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    and only 6 units walk up. developer prob super small until never heard of before.

    Quote Originally Posted by proud owner
    he said in the east

    cant be pender court which is south west

  6. #6
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    Jul 2010
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    Quote Originally Posted by bargain hunter
    and only 6 units walk up. developer prob super small until never heard of before.
    Indeed, this is really a small developer that I've never heard of before this whole saga. Perhaps I should not disclose the name of this developer as the legal case is still ongoing.

  7. #7
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    Since small time, take money and move on.. Why waste time and effort, throwing good money after bad. But half a mil is indeed large. You could base your decisions on the feasibility background check on the financial resources of the company.

  8. #8
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    Jul 2009
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    Quote Originally Posted by kingkong1984
    Since small time, take money and move on.. Why waste time and effort, throwing good money after bad. But half a mil is indeed large. You could base your decisions on the feasibility background check on the financial resources of the company.
    agree. if this is a small developer without any financial strength, just accept it and move on. No point wasting time and efforts and legal fees.

    thats why smart person marry rich and wealthy even thou they are damn urgly.

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