{"id":121840,"date":"2021-09-06T01:10:14","date_gmt":"2021-09-05T18:10:14","guid":{"rendered":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/construction-firm-greatearth-to-shut-down-business-with-pwc-as-provisional-liquidators\/"},"modified":"2021-09-06T14:14:44","modified_gmt":"2021-09-06T07:14:44","slug":"construction-firm-greatearth-to-shut-down-business-with-pwc-as-provisional-liquidators","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/construction-firm-greatearth-to-shut-down-business-with-pwc-as-provisional-liquidators\/","title":{"rendered":"Construction firm Greatearth to shut down business, with PwC as provisional liquidators"},"content":{"rendered":"


\nConstruction firm Greatearth to shut down business, with PwC as provisional liquidatorsGreatearth Corporation and Greatearth Construction were the main contractors for the Senja Heights, Senja Ridges, Marsiling Grove, Sky Vista@Bukit Batok and West Coast Parkview BTO projects, all of which will see a delay.
\nAfter pulling out of five Build-To-Order (BTO) projects in August, construction company Greatearth Corporation and its related entity Greatearth Construction are now closing down their business with the appointment of provisional liquidators, reported TODAY.
\nThe two companies announced in a newspaper advertisement on 3 September that they could no longer continue in business.
\nIn fact, professional services firm PwC has already been appointed as provisional liquidators for the companies. A meeting with their creditors has also been set for 27 September.
\nLast month, the Housing and Development Board (HDB) revealed that five BTO projects would face further delay as the two companies\u00a0could no longer carry on with the projects due to financial problems.
\nThe five affected projects are Senja Heights in Bukit Panjang, Senja Ridges in Bukit Panjang, Marsiling Grove, Sky Vista@Bukit Batok and West Coast Parkview.
\nThe delays are expected to affect buyers of 2,982 BTO units that are spread across a total of 13 blocks.
\nHDB had said that the contractors faced financial difficulties despite the assistance received from the government, like advance payments.
\nContractors noted that the collapse of Greatearth Corporation and Greatearth Construction means that they may no longer collect the money owed to them.
\nOne contractor shared that Greatearth owed his company about $80,000.
\nIt was previously reported that some construction companies are losing money on each project they accept since the COVID-19 pandemic hit the city-state.
\nFaced with the high cost of materials and severe labour shortage, many contractors said they are working on \u201cdead\u201d projects, given the enormous losses they would incur by the end.
\nThey also pointed to the poaching of workers as another serious problem facing the industry.
\nLooking for a property in Singapore? Visit PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\nCheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email:\u00a0cheryl@propertyguru.com.sg.\u00a0
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Construction firm Greatearth to shut down business, with PwC as provisional liquidators<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Construction firm Greatearth to shut down business, with PwC as provisional liquidatorsGreatearth Corporation and Greatearth...<\/p>\n","protected":false},"author":1,"featured_media":121841,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-121840","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-news"],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/09\/construction-singapore.jpg?fit=820%2C410&ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-vHa","jetpack-related-posts":[{"id":121682,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/buyers-at-five-bto-projects-may-face-longer-wait-times-as-contractors-pulls-out\/","url_meta":{"origin":121840,"position":0},"title":"Buyers at five BTO projects may face longer wait times as contractors pulls out","date":"August 27, 2021","format":false,"excerpt":"\r Buyers at five BTO projects may face longer wait times as contractors pulls outGreatearth Corporation and Greatearth Construction were the main contractors for Senja Ridges, Senja Heights,\u00a0Sky Vista @ Bukit Batok, Marsiling Grove, and West Coast Parkview, as well as\u00a0several other government projects. Source: HDB Housing and Development Board\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/08\/senja-valley-bto-bukit-panjang-crop.png?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":122293,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hdb-appoints-new-contractors-for-five-bto-projects-affected-by-greatearths-liquidation\/","url_meta":{"origin":121840,"position":1},"title":"HDB appoints new contractors for five BTO projects affected by Greatearth\u2019s liquidation","date":"September 30, 2021","format":false,"excerpt":"\r HDB appoints new contractors for five BTO projects affected by Greatearth\u2019s liquidationNew contractors have been appointed to take over the construction of five Build-to-Order (BTO) projects that were affected by the liquidation of their previous contractors, announced the Housing and Development Board (HDB) on Wednesday (29 September). 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