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Boutique developer distress
By Michael Lim / The Edge Property | May 20, 2016 10:00 AM MYT
Tags: mortgagee salesboutique developer

At JLL’s upcoming auction on May 24, a handful of houses will be put up for mortgagee sale. Four out of the five mortgagee sales are said to have originated from a developer. The developer is believed to be C&C Development, which was started by entrepreneur Ritchie Chua and incorporated in 2009.

This could signal the start of a wave of distressed sales from boutique developers who entered the market at the peak in 2013 and now find themselves cash-strapped and unable to complete the construction of their properties, says Grace Ng, veteran auctioneer and deputy managing director of Colliers International.

Three of the four houses developed by C&C Development that have been repossessed by the bank are semi-detached units in Serangoon Gardens, while the fourth is a detached house in Seletar Hills.

http://www.theedgeproperty.com.sg/co...loper-distress