{"id":20858,"date":"2016-07-26T10:08:30","date_gmt":"2016-07-26T03:08:30","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/four-sites-up-for-mortgagee-sale-as-developer-winds-up\/"},"modified":"2016-07-26T15:41:09","modified_gmt":"2016-07-26T08:41:09","slug":"four-sites-up-for-mortgagee-sale-as-developer-winds-up","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/four-sites-up-for-mortgagee-sale-as-developer-winds-up\/","title":{"rendered":"Four sites up for mortgagee sale as developer winds up"},"content":{"rendered":"


\nSeveral landed homes have gone up for auction after the developer was unable to complete construction work.
\nSeveral properties by boutique developer C&C Development have recently gone under the hammer, with the firm winding up its business last Friday (22 July), reported The Straits Times.
\nC&C Development\u2019s woes mirrors the current state of the property market.
\nLast Wednesday (20 July), one of C&C\u2019s partly built double-storey, semi-detached homes with attic and basement in Kingswear Avenue, Serangoon Gardens, was put up for mortgagee sale by Colliers International. With an opening price of $2.8 million, the property received no bids.
\nJLL\u2019s auction in May also featured other C&C properties \u2014 a pair of uncompleted 21\/2-storey semi-detached homes in Berwick Drive, Serangoon Gardens; an uncompleted 31\/2-storey bungalow with a lift and pool in Mimosa Crescent, Yio Chu Kang; and a new 21\/2-storey semi-detached home in Burghley Drive, also in Serangoon Gardens.
\nSold as a pair, the Berwick Drive homes carry a guide price of $7.2 million, $12 million for the Mimosa Crescent home, and $3.7 million for the house in Burghley Drive.
\nGrace Ng, Head of Auction and Sales at Colliers International, noted that developers may hit trouble after paying a very high price for land and then find it hard to sell the properties at target prices since the market has already corrected.
\nAccording to caveats data, C&C acquired the four sites between May and October 2013, or around the last market peak.
\nCaveats for the 2,164 sq ft site in Kingswear Avenue showed that it was sold in August 2013 for $2.5 million before C&C purchased it in October that year for $4.2 million. It also acquired the 2,799 sq ft site in Burghley Drive for $3.15 million; and the 5,296 sq ft Berwick Drive site for $5.858 million. All three sites are 999-year leasehold.
\nMeanwhile, C&C bought the 8,159 sq ft site in Mimosa Crescent for $8.68 million.
\nIn March, the firm\u2019s sole shareholder, Chua Kwong Kheng, was declared an undischarged bankrupt.
\nHis 90 percent owned company \u2014 Workshop I.D. & Build, which is described as a furniture manufacturer and general contractor, is also being liquidated, based on company records.
\nThe troubles facing C&C is nothing new.
\n\u201cThese types of properties were also listed as mortgagee sales during the Asian Financial Crisis, when owners or developers were unable to complete the construction due to cash-flow issues,\u201d said Ng.
\nShe noted that lenders can sell the uncompleted properties on an \u201cas is basis\u201d, or complete the construction prior to putting them up for sale.
\nAlthough the auctioneers are unaware of any other developers putting their properties on auction, they believe that other smaller developers may have run into a similar problem.
\nIn fact, Chua Beng Chye, partner with the Restructuring and Insolvency Practice Group at Rajah & Tann, noted that there are a growing number of property and construction firms facing financial headwinds.
\n\u201cThis is largely due to the escalating costs and slowdown in the property market,\u201d he said.
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Four sites up for mortgagee sale as developer winds up<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Several landed homes have gone up for auction after the developer was unable to complete...<\/p>\n","protected":false},"author":1,"featured_media":0,"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-20858","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-5qq","jetpack-related-posts":[{"id":100098,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/serangoon-gardens-house-up-for-sale-at-11-5m\/","url_meta":{"origin":20858,"position":0},"title":"Serangoon Gardens house up for sale at $11.5m","date":"October 18, 2018","format":false,"excerpt":"\r The asking price for the single-storey property at Berwick Drive works out to a land rate of $1,085 psf. (Photo: Savills Singapore) A single-storey detached house at 18\/20 Berwick Drive has been launched for sale, with a price tag of $11.5 million, or $1,085 psf, revealed marketing agent Savills\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":102848,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/two-semi-detached-homes-in-braddell-heights-up-for-sale-at-12-28m\/","url_meta":{"origin":20858,"position":1},"title":"Two semi-detached homes in Braddell Heights up for sale at $12.28m","date":"January 10, 2019","format":false,"excerpt":"\r The asking price works out to a land rate of $1,100 psf. (Photo: Savills) A pair of semi-detached homes within the Braddell Heights residential enclave has been put up for sale via expression of interest (EOI), revealed marketing agent Savills Singapore. Located at 22 & 24 Jalan Lateh off\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":102457,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/property-auction-sales-hit-7-year-low\/","url_meta":{"origin":20858,"position":2},"title":"Property auction sales hit 7-year low","date":"December 21, 2018","format":false,"excerpt":"\r The total sales value at auctions nearly halved year-on-year from $101.5 to $54.12 million. The overall value of properties that were successfully sold via auction nearly halved from $101.5 million in 2017, ending the year at $54.12 million, the lowest since 2012, according to a new report from JLL.\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2018\/12\/Total-sales-value-during-auction.jpg?fit=400%2C221&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":119952,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-auction-market-posted-higher-success-rates-in-2020\/","url_meta":{"origin":20858,"position":3},"title":"Singapore auction market posted higher success rates in 2020","date":"January 26, 2021","format":false,"excerpt":"\r Despite a fall in auction listings from 1,387 in 2019 to 497 in 2020,\u00a0the auction market still posted higher success rates, increasing to 3.6% from 1.4% in the previous year. Singapore saw total auction listings, including repeat listings, for 2020 fell to 495 from 1,387 in 2019 as physical\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/01\/property-auction.jpg?fit=820%2C411&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":119973,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/semi-detached-house-attracted-33-bids-sold-for-3-89mil\/","url_meta":{"origin":20858,"position":4},"title":"Semi-detached house attracted 33 bids, sold for $3.89mil","date":"January 22, 2021","format":false,"excerpt":"\r Semi-detached house attracted 33 bids, sold for $3.89mil33 bids for a property is \u2018abnormal\u2019, says\u00a0Joy Tan, Head of Auction and Sale at Edmund Tie.\u00a0The highest number\u00a0of bids recorded at last year\u2019s property auctions was over 20.\u00a0Image: Google Street View A five-bedroom, semi-detached house within the Siglap area in District\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/01\/aida-street-semi-detatched-.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":109651,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/auction-listings-by-owners-up-in-q2-2019\/","url_meta":{"origin":20858,"position":5},"title":"Auction Listings By Owners Up In Q2 2019","date":"August 5, 2019","format":false,"excerpt":"\r The number of auction listings in Singapore increased 10.5 percent quarter-on-quarter to 400 listings in the second quarter of 2019, revealed a Knight Frank report. On an annual basis, auction listings rose 47.6 percent. 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