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Thread: Delayed TOP twice & development of condo seems to stop

  1. #1

    Default Delayed TOP twice & development of condo seems to stop

    Hi,

    I'm one of the home owners for Sycamore Tree. The TOP has been delayed twice! We went to check on the development and it doesn't seems to have any progress, yet the bank is still requesting for releasing of payment.

    What should we do?


  2. #2
    Ultimate Underdog
    Join Date
    May 2012
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    The bank cannot request for next stage of payment unless specific stage of construction has been verified as cleared and your lawyer requests for disbursement? Good news ahead?

    Quote Originally Posted by emmeline View Post
    Hi,

    I'm one of the home owners for Sycamore Tree. The TOP has been delayed twice! We went to check on the development and it doesn't seems to have any progress, yet the bank is still requesting for releasing of payment.

    What should we do?
    The three laws of Kelonguni:

    Where there is kelong, there is guni.
    No kelong no guni.
    More kelong = more guni.


  3. #3

    Default

    Quote Originally Posted by emmeline View Post
    Hi,

    I'm one of the home owners for Sycamore Tree. The TOP has been delayed twice! We went to check on the development and it doesn't seems to have any progress, yet the bank is still requesting for releasing of payment.

    What should we do?
    Hopefully.. the TOP is suppose to be Dec 2016. We received a letter of delay in TOP last year and another letter of delay in Jan 2018. Looking at the construction progress, it seems to stopped.


  4. #4
    Ultimate Underdog
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    May 2012
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    3,907

    Default

    It has to be some internal progress.

    I am guessing the developer needs funds for the next stage. It’s tricky indeed. Have you spoken to lawyers?

    Quote Originally Posted by emmeline View Post
    Hopefully.. the TOP is suppose to be Dec 2016. We received a letter of delay in TOP last year and another letter of delay in Jan 2018. Looking at the construction progress, it seems to stopped.
    The three laws of Kelonguni:

    Where there is kelong, there is guni.
    No kelong no guni.
    More kelong = more guni.


  5. #5
    Valued Contributor
    Join Date
    Nov 2008
    Posts
    2,398

    Default

    Depends what they ask for. If they ask for completion of road payment, then the road has to be completed. You get what I mean? Better go down and check if what they asked for has been done.

    Anyway, I did a search for the developer Astoria Development Pte Ltd.

    Found this - https://www.mom.gov.sg/~/media/mom/d...-act.pdf?la=en

    Also, there is an ongoing thread about this development and seems like the developer is in trouble based on the discussions.

    http://forums.condosingapore.com/sho...Sycamore-tree/

    Anyway, this was launched in 2011. Now already 2018. I think you should be prepared for the worst. I don't recall any projects taking 7 years from sell to completion. And this is a boutique tiny apartment so usually 2 years completion.


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