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Thread: Sycamore tree

  1. #91
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    Last time people tell me need to buy from the good developer, I don't really believe now I do scary.......

    Developer - Astoria Development Pte Ltd

    https://www.kcl.com.sg/portfolio/sycamore-tree/

    About KCL
    Established in 2011, KCL Consultants Pte Ltd Licensed Corporation under the Professional Engineer (PE) Act. We also registered under the Public Sector Panels of Consultants (PSPC) CS01 and accredited under ISO 9001 : 2015 and ISO 14001 : 2015.

    KCL Consultants Pte Ltd is a multi-disciplinary engineering consultancy specialising in provide Civil, Geotechnical Engineering, Precast Design and Coastal Engineering Consultancy Services. Our mission is to provide quality consulting engineering services with innovation and the use of new technologies as appropriate to assist our clients in implementing their projects in a cost-effective and efficient manner.

    Our team are dedicated to provide quality and well thought-out designs to deliver exceptional and sustainable outcomes. High numbers of returning customers and client recommendations indicates we deliver what we promised and is a testament to the quality of our work.

    For the past few years, we have successfully completed numerous large and prestigious projects locally and regionally such as Malaysia, Cambodia, Myanmar and Maldives.

    Associate and branch office are set up to serve our client better.

    KCL Consultants (M) Pte Ltd
    KCL International Pte Ltd
    重庆星恒建筑咨询有限公司
    星乐国际工程咨询(深圳)有限公司

    No end in sight for buyers of 2 new condos; still under construction despite 2016 TOP

    Sycamore Tree and Laurel Tree due to get TOP in 2016, but still under construction

    https://www.straitstimes.com/singapo...f-2-new-condos

    for full detail whatsapp 87821025

  2. #92
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    I think all owners of Sycamore Tree should band together and discuss. Is there a whatsapp or Telegram group that owners can join to discuss already? If not, I think we should start one asap.

  3. #93
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    Attached PDF file is the Supreme court judgement dated 10 Oct 2018. Basically, the various appeals by Astoria Development were turned down, meaning the creditors won. It was mentioned that Astoria has $15 millions in loans made out to a related company in Malaysia. No wonder they have no money to complete the project. Are they allowed to just transfer away money to another company in another country?
    Attached Files Attached Files

  4. #94
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    https://www.supremecourt.gov.sg/docs...-final-pdf.pdf

    65 In summary, I allow the appeal in RA 79 in part and reduce the amount
    of summary judgment to $2,088,951.43 on account of the agreed double claim
    to the extent of $880,000 in the original judgment debt. I dismiss the appeal in
    RA 80, and amend AR Li’s order with respect to the date of payment of the
    conditional leave sum to 16 August 2018, 4.00pm. Finally, I dismiss the appeal
    in RA 122, and amend AR Khng’s order with respect to the date of payment of
    the conditional leave sum to 16 August 2018, 4.00pm. Additionally, it is agreed
    by consent that para 3 of AR Khng’s order be amended to:
    3. If the condition set out above at Paragraph 1 is not
    satisfied, then the Plaintiffs shall be entitled to enter judgment:-
    (a) against the 1st Defendant, 2nd Defendant and 4th
    Defendant for sum of S$4,912,199.65 and costs of $20,000.00
    (inclusive of disbursements) in joint and several liability; and
    (b) against the 3rd Defendant for the sum of $2,000,00.00 and
    costs of $20,000.00 (inclusive of disbursements) in joint and
    several liability with the 1st Defendant.
    66 As for costs, I order the costs of RA 79 inclusive of disbursements to be
    fixed at $7,000 to be paid by the Defendants to the Plaintiffs, and costs of and
    consequential to the amendment of the defence to be fixed at $1,500 to be paid
    by the Defendants to the Plaintiffs. The costs of RA 80 inclusive of
    disbursements are to be fixed at $7,000 to be paid by the Defendants to the
    Plaintiffs, and costs of and consequential to the amendment of the defence to be
    fixed at $1,500 to be paid by the Defendants to the Plaintiffs. Finally, the costs
    of RA 122 inclusive of disbursements are to be fixed at $9,000 to be paid by the
    Defendants to the Plaintiffs.

  5. #95
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    ASTORIA DEVELOPMENT PTE. LTD.
    71 LORONG 23 GEYLANG
    #06-01 THK INDUSTRIAL BUILDING
    SINGAPORE, 388386 Singapore
    +65-67412422
    Company Type: Independent

  6. #96
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    List of Employers Convicted under the Central Provident Fund Act (12 September 2016 - 16 September 2018)

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

  7. #97
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  8. #98
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    These cases are far and few between. However if you buy into small developments, it is always better to look for more established ones. That thinking sort of put my brakes on for Singapore-Johore Express at Kallang Riverside. I hope there is a resolution to this soon. Bad stain on the PP market.

  9. #99
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    In May 2012, Ms Emmeline Ho's parents bought a studio apartment at the Sycamore Tree condominium in Joo Chiat, due to be completed by end-2016, on her recommendation.

    Her parents, who are in their 60s and run a drinks stall at Old Airport Road Food Centre, invested most of their life savings into the unit.

    It is almost 350 sq ft and cost nearly $500,000. Since then, Ms Ho, 34, who does administrative work in a finance company, has regretted her advice to them.

    The project, which was supposed to obtain its Temporary Occupation Permit (TOP) by Dec 31, 2016, has been delayed.

    "I had thought that since (the developer) is a Singapore-registered company, it should be one that I can trust," said Ms Ho.

    "Almost every fortnight, we will go down to check on the construction. My parents are very anxious. This is their investment. It was going to be their source of income." Her parents had been hoping to rent out the unit.

    Ms Ho's parents are among a small group who bought units in new projects that faced delays in completion.

    Such cases are very uncommon, property lawyers tell The Straits Times, as developers typically have to complete by a certain deadline to avoid getting into trouble with their lenders.

    They say developers also want to avoid compensating home buyers liquidated damages - which are calculated daily - for delays.

    Ms Ho said she heard little from Astoria Development over the cause of delay for Sycamore Tree, which has 96 residential units and 17 shop units, until June this year, when she received a letter.

    In the letter seen by ST, Astoria wrote that the delay was due to changes in its construction methods and a dispute between the project's contractors over the installation of a mechanised carpark system.

    On a visit last month, the project looked partially completed, with scaffolding and blue tarpaulin draped over much of the building.

    Buyers at the 70-unit Laurel Tree condominium project in Hillview Terrace also face an uncertain future. Laurel Tree was also due to obtain its TOP by December 2016, but construction has yet to be completed.

    Buyers said the project's developer, Lerida, has not given any explanations for the delay.

    Checks by ST showed that the project's main contractor, Bravo Building Construction, is facing a winding-up application by a creditor at the High Court this month.

    This means it could be dissolved, and the developer might have to look for another main contractor to take over.

    Hard to get updates from developers, say buyers

    Accounting and Corporate Regulatory Authority checks found that Astoria, Lerida and Bravo have the same company secretary and major shareholder.

    Close to 40 Laurel Tree buyers have banded together to share information in a WhatsApp group.

    Some buyers said Lerida had agreed to give monthly progress reports after a meeting in May, but has not done so since August.

    A 40-year-old home buyer who works in sales said he has to continue renting a room for $500 a month while waiting for his 463 sq ft unit - his first property - to be completed.

    He bought it in 2013 for about $600,000, and has since paid off about 60 per cent of the loan.

    "I feel very frustrated and helpless," said the man who declined to be named.

    The Urban Redevelopment Authority (URA) said the Controller of Housing - which administers regulations related to developers, among other property issues - has received feedback from several buyers on the Sycamore Tree and Laurel Tree projects.

    A URA spokesman said it has asked the developers to update the buyers on the progress.

    Laurel Tree home buyers said selling their units is not an option, as prospective buyers would want to inspect completed units. They might also incur losses if they sell now.

    Real estate lawyer Subra M. Suppiah said that while the authorities might look into the issue, it is ultimately between the buyers and developers, adding that buyers are the agreeing party in the contract after all.

    "If the delay continues indefinitely, affected buyers might have to turn to the court to seek legal redress," he said.

    Ms Ho said she has tried to get answers from Astoria and its law firm for over two years.

    But one party would refer her to the other or to the letters they sent out, Ms Ho claimed. "I felt like a ball being bounced between the parties," she added.

    Astoria's latest letter to Ms Ho on Sept 21 said the TOP would be obtained by end-December.

    The management of Astoria, Lerida and Bravo have not responded to queries despite multiple attempts to reach them over three weeks.


    These things because of the contracts and nature of the business have little hope. All developers for every single project register a new company and this will be the liable party and if it goes into liquidation, the developers assets and main company is protected and not the buyers.

    The only things going for the buyers is that the developer has sunk cost from land leased or bought and need a return so eventually it will come thru. The other is the progress payments would have stopped.

    https://forums.hardwarezone.com.sg/e...5919370-4.html

  10. #100
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    Quote Originally Posted by PropVestor View Post
    These cases are far and few between. However if you buy into small developments, it is always better to look for more established ones. That thinking sort of put my brakes on for Singapore-Johore Express at Kallang Riverside. I hope there is a resolution to this soon. Bad stain on the PP market.
    Big one also have, Graandlink Square is one of them.

  11. #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.

  12. #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.

  13. #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.

  14. #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.

  15. #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.

  16. #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

  17. #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.

  18. #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.

  19. #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.

  20. #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.

  21. #111
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    last 2 units unsold, from URA data. same as when i checked last year.

  22. #112
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    Default Re: Sycamore tree

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

  23. #113
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    Default Re: Sycamore tree

    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.

  24. #114
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    Default Re: Sycamore tree

    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.

  25. #115
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  26. #116
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    Default Re: Sycamore tree

    hello
    Please share your experience about Sycamore Tree, your feedback is very appreciated.
    Thanks

  27. #117
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    Quote Originally Posted by silverfox9 View Post
    hello
    Please share your experience about Sycamore Tree, your feedback is very appreciated.
    Thanks
    Case already closed and reported in the News, what experience are you looking at.
    The Best Time to buy Property is Yesterday.
    If you lose Money it because you sell on a wrong Day.

    https://wa.me/6587821025

    https://r057844h.propnex.net/

    You don't Buy others will Buy.
    You don't Sell, others will Sell.

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    Default Re: Sycamore tree


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    Default Re: Sycamore tree

    Condo developer goes bust: Court ruling provides home buyers relief

    Cara Wong

    UPDATED JAN 30, 2020, 2:41 PM

    Home buyers left in the lurch after a developer went bust will now have priority claims to their incomplete homes, ahead of other unsecured creditors like contractors.

    The High Court has ruled that the claims of buyers of the incomplete Sycamore Tree condominium will rank above those of the other unsecured creditors, including contractors who are owed money by the project's developer, Astoria Development. Astoria is also linked to the developer of another stalled condo development, the 70-unit Laurel Tree project in Hillview Terrace.

    The "precedent setting case" made it clear that existing statutory provisions, such as those in the Housing Developers (Control and Licensing) Act, recognise the equitable property rights that purchasers of uncompleted properties have, said lawyer John Sze, who is representing most of Sycamore Tree's purchasers.

    "We've never really had a case where we are pitting purchasers directly against other unsecured creditors," said Mr Sze of law firm Joseph Tan Jude Benny.

    In a chamber hearing last month, Judicial Commissioner Mavis Chionh said the claims of the purchasers rank above the claims of general unsecured creditors. She thus allowed an application by Astoria's receivers and managers, represented by Rajah and Tann lawyers Lee Eng Beng and Chow Jie Ying, to complete the project and pass the units to their owners, subject to certain conditions, said Mr Sze.

    KPMG Services took over the Sycamore Tree project, a mixed-use development of 96 residential units and 17 shop units, as receivers appointed by United Overseas Bank (UOB) - the project's paramount mortgagee.

    But an unsecured creditor, Jay Machinery, which makes and rents construction equipment, filed a winding-up application in August last year against Astoria. It is owed $1.3 million by the developer.

    Apart from Jay Machinery, Astoria also owed its de facto main contractor G1 Construction and related companies several millions.

    Under insolvency law, the appointed liquidator could have sold the firm's assets and paid all the unsecured creditors equally, including home buyers, according to the proportion of debts due to them.

    The application was filed to ensure that the development could continue with its construction, so that it can be handed over to the buyers.

    Another factor that has complicated the situation is the little money left in the development's project account, said Mr Sze.

    "If all the project monies were deemed sufficient to complete the project, the contractors or suppliers would not need to worry about being paid," said Mr Sze.

    The Straits Times understands the Controller of Housing is still investigating the project accounts of Sycamore Tree and Laurel Tree for any regulatory breaches.

    UOB has offered to cover the additional costs expected to be incurred from the completion of the projects, the bank said in a statement last year. But the buyers must agree to not claim their liquidated damages - compensation that developers must pay for delays - against their remaining scheduled payments for the development.

    The approval of the application comes as a relief to worried buyers, who have been waiting for their condo units for more than three years. Both Sycamore Tree and Laurel Tree were meant to obtain a temporary occupation permit by December 2016.

    Sycamore Tree buyer Constance Lim, 49, said the purchasers are currently waiting to work out the revised details with the receivers.

    "There's still a way to go for the project," said Ms Lim, who is representing some 97 unit owners.

    The worry now is that buyers cannot come to a consensus on the revised sales and purchase agreement with the receivers, she added.

    "We are just not planning our lives around (the condo) any more."

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