The ebony 3 years since launch date still digging hole?

[xtreme_46]

how come this project launch in 2010 32 units only but until now still digging hole?

[heroes]

how come this project launch in 2010 32 units only but until now still digging hole?
OMG 3 years still digging Thats EXTREME :scared-1:

[mcmlxxvi]

BRAVO Building Construction

The former CPIB building at 150 Cantonment Road received 15 bids, the highest number ever for a SLA public tender. SLA awarded the site to Bravo Building Construction Pte Ltd, a property development company, at the highest bid price of $91,731.00 per month. This property is on the fringe of the CBD and has a land area of about 7,100 square metres and a GFA of about 4,500 square metres. The tenancy is for three years and renewable on terms up to 2016.

They just finishing up LENOX... they are small time developer, limited resources. At one time post lehman, Ricchezza coudn't even TOP.

[triple70]

Scheme of Arrangement means?

[mcmlxxvi]

Scheme of Arrangement means?

Dunno, not law trained at all. Probably seems to be out of court settlement with their multiple creditors.

[ocean68a]

source: http://www.singaporelaw.sg/content/CompanyLaw.html

Schemes of Arrangement

16.8.1 There may be occasions where it is desirable to rearrange the rights of creditors and members, particularly where the company is in a financially perilous position. On such occasions, it may be difficult to obtain the unanimous consent of all creditors and members. In such circumstances, section 210 of the Act provides for schemes of arrangement to be binding on all creditors and members of a company where the requisite majority is obtained, subject to confirmation by the court. Schemes of arrangement are most often used where it is desirable to compromise creditors’ claims against an insolvent company.

16.8.2 For a scheme of arrangement to take effect, it will be necessary first of all to make an application to court under section 210(1) of the Act for an order summoning one or more meetings of the creditors or members of the company. If the court is minded to make such an order, a proposal must then be tabled before the relevant meetings and approved by the requisite majority of the creditors or members. Under section 210(3) of the Act, the required majority is three-fourths in value of the creditor or members present and voting at the meeting. To allow members and creditors to exercise their votes in an informed manner, section 211(1) of the Act states that every notice summoning the meeting must contain a statement explaining the effect of the compromise or arrangement and, in particular, stating any material interests of the directors and the effect thereon of the compromise or arrangement in so far as it is different from the effect on the like interests of other persons. If this is not done and the creditors and members do not have sufficient information on which to make an informed decision, the court may later decline to approve the scheme even though it may have been approved by the requisite majority – see Re Dorman, Long & Co [1934] Ch 635; Wah Yuen Engineering Pte Ltd v Singapore Cables Manufacturers Pte Ltd [2003] 3 SLR 629 (http://www.singaporelaw.sg/rss/judg/25108.html).

16.8.3 After the requisite majority has been obtained, the scheme will only be binding on the company and its members and creditors if the court approves it – see section 210(3) of the Act. Such approval may be subject to such alterations or conditions as the court thinks just and equitable – see section 210(4). The role of the court is to ensure that the procedure required under the Act has been complied with and that the scheme is fair and reasonable – see Re Dorman, Long & Co [1934] Ch 635.

[mcmlxxvi]

Alright. That just made it even more unlayman.

Reads like machiam, pay back debt in installments to avoid kena hang pig head, and court must approve the min installment amount? :tsk-tsk: :scared-1:

[buttercarp]

http://www.propertyguru.com.sg/listing/8606044/for-sale-the-ebony

It says that in the brochure, the legal date of completion is 31 Jan 2015.

[mcmlxxvi]

http://www.propertyguru.com.sg/listing/8606044/for-sale-the-ebony

It says that in the brochure, the legal date of completion is 31 Jan 2015.

Ya. FG spoilt market for all the MM developers. Buyers start to have certain expectations.

[xtreme_46]

http://www.propertyguru.com.sg/listing/8606044/for-sale-the-ebony

It says that in the brochure, the legal date of completion is 31 Jan 2015.

the board outside the site put expected completion Jan 2013 until now still digging hole..don't know whether this project got problem or not..u see nearby one suites @ eunos 2 years already TOP