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Thread: Sycamore tree

  1. #101
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    That is the problem of buying from these small developers. I don't know why people still go for such projects. Now gonna burn liao. For me, I will never buy from these "unknown" developers. Rather pay a bit more than to lose everything. They already lost 3-4 years of rental. 2016 is the legal completion but for such project, usually 2 years (2014) can complete. How much already if you factor that in.

  2. #102
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    Quote Originally Posted by thomastansb View Post
    That is the problem of buying from these small developers. I don't know why people still go for such projects. Now gonna burn liao. For me, I will never buy from these "unknown" developers. Rather pay a bit more than to lose everything. They already lost 3-4 years of rental. 2016 is the legal completion but for such project, usually 2 years (2014) can complete. How much already if you factor that in.
    No Worry, it is Freehold. It is not how much you pay, it is how much you sell.

  3. #103
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    Quote Originally Posted by Arcachon View Post
    No Worry, it is Freehold. It is not how much you pay, it is how much you sell.

    Sell what? lol. After 7 years, still no keys. Haha.

  4. #104
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    Quote Originally Posted by thomastansb View Post
    Sell what? lol. After 7 years, still no keys. Haha.
    Now buying property need to see long-term, 7 years is short anyway once TOP can sell.

    A lot of people will be queuing to buy soon.

  5. #105
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    Quote Originally Posted by Arcachon View Post
    Now buying property need to see long-term, 7 years is short anyway once TOP can sell.

    A lot of people will be queuing to buy soon.
    Earliest 5 years more. Hope they have disbursed very minimal or no loan yet?
    The three laws of Kelonguni:

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

  6. #106
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    Quote Originally Posted by Kelonguni View Post
    Earliest 5 years more. Hope they have disbursed very minimal or no loan yet?
    why 5

  7. #107
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    Quote Originally Posted by Arcachon View Post
    why 5
    My thinking is they need a couple of years to resolve the dispute and to hand over the project if necessary.

    To carry on a partially built project is also fraught with difficulties and the progress should be slower than one built from scratch with the same architects / builders. Another 3 years to complete is not too much to ask, unless the owners are willing to accept that some of the original furnishings can be skipped.

    Tough situation to be in.
    The three laws of Kelonguni:

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

  8. #108
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    Quote Originally Posted by Kelonguni View Post
    My thinking is they need a couple of years to resolve the dispute and to hand over the project if necessary.

    To carry on a partially built project is also fraught with difficulties and the progress should be slower than one built from scratch with the same architects / builders. Another 3 years to complete is not too much to ask, unless the owners are willing to accept that some of the original furnishings can be skipped.

    Tough situation to be in.
    If I got money I will go wait for owner to sub-sale once the Court order is out.

  9. #109
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    Quote Originally Posted by Arcachon View Post
    If I got money I will go wait for owner to sub-sale once the Court order is out.
    No need ah. Still haven't sold out.

    If got money can buy anytime.
    The three laws of Kelonguni:

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

  10. #110
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    Quote Originally Posted by Kelonguni View Post
    No need ah. Still haven't sold out.

    If got money can buy anytime.
    Stop due to Court order.

  11. #111
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    last 2 units unsold, from URA data. same as when i checked last year.

  12. #112
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    Owner of Sycamore Tree please PM me asap. I have insider information.

  13. #113
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    Any idea what is happening to this condo in a beautiful piece of land? No workers can be seen again when I am driving by.

  14. #114
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    Singapore Dream ends in rude awakening for home buyers

    Wed, May 01, 2019


    FOR Ashok, a delivery man in his 40s, the Singapore dream - work hard to own a private property - came true in 2011.

    But it ended in a rude awakening when the developer went bust before completing the project.

    Ashok and his family sold their public housing flat in Woodlands and put the down payment for two units at Sycamore Tree, a freehold residential property located in East Coast.

    "One was for my family, the other was an investment property for my mother,'' he told The Business Times.

    But that dream came crashing down when he received a notice that the developer of the 96-residential units and 17 shops in Joo Chiat has gone belly up. The project was supposed to obtain its temporary occupation permit by Dec 29, 2016, but remains under construction.

    "I am still at a loss. We have been incurring rent for the last seven years since we sold the HDB flat to buy the project. On top of that, we have been making prompt payments for the house and interest for the bank loans," said a distressed Ashok. To make matters worse, his mother has been unwell and has not been working, leaving him to bear the brunt of the rents and bank interest payments, which come up to a hefty sum of several thousands of dollars a month. He said he has to pull in more than 17 hours a day doing dual delivery jobs just to make ends meet.

    "How long more can I take this before I crash too?'' he asked.

    Like Ashok, some other buyers of the project are also HDB upgraders with dreams of owning a freehold property.

    An elderly couple invested most of their life savings in a condo unit in the same project measuring nearly 350 sq ft and priced at almost S$500,000 in May 2012. The couple, who reportedly operate a drinks stall at Old Airport Road Food Centre, had planned to rent the unit out after it was built.

    "My parents are very anxious. This is their investment. It was going to be their source of income," their daughter told the media.

    Last June, the developer, Astoria Development, managed to get United Overseas Bank (UOB) to agree to further the TOP issuance date from March 31, 2018 to Dec 31, 2018 in an amended and restated facility agreement originally dated Dec 29, 2009.

    UOB also agreed to further extend the repayment date from June 30, 2018 or the date of completion of the redemption of property, whichever is earlier, to Dec 31, 2018. But these were subject to the bank's receipt of the extension fee and satisfactory completion of all required documentation.

    In Sept 25, 2018, the High Court ordered Astoria to be placed under judicial management, but progress proposal was hindered by the lack of access to information and financial documents by parties involved.

    As of June 30, 2014, Astoria's accounts showed a loss of S$446,000, compared to a net profit of S$5.5 million in FY2013. Total liabilities stood at S$38.5 million and net assets at S$5.3 million. Cash and cash equivalents, comprising bank balances, stood at S$4.6 million versus S$1.3 million a year earlier.

    Over at Laurel Tree, buyers of the 70-unit condo in Hillview Terrace are also facing an uncertain future over their property purchase which was supposed to be due for TOP by end December 2016 as well. The construction too is incomplete.

    Laurel Tree's developer is Lerida. Its main contractor of the project, Bravo Building Construction, faced a winding-up application by a creditor in October 2018. Lerida repeatedly defaulted on the payments of instalments due to The Bank of East Asia. On May 12, 2017, the bank terminated the settlement agreement and demanded that Lerida surrender the mortgaged property within seven days, but to no avail. The court eventually ruled in favour of the bank following Lerida's breach of terms.

    While both Astoria and Lerida are managed and operated by Jenny Pang, the companies are solely owned by Tan Hock Keng.

  15. #115
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