{"id":74302,"date":"2017-12-12T10:18:17","date_gmt":"2017-12-12T03:18:17","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/heeton-looks-to-brighter-future-after-paying-22-5mil-in-qc-charges\/"},"modified":"2017-12-12T11:03:55","modified_gmt":"2017-12-12T04:03:55","slug":"heeton-looks-to-brighter-future-after-paying-22-5mil-in-qc-charges","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/heeton-looks-to-brighter-future-after-paying-22-5mil-in-qc-charges\/","title":{"rendered":"Heeton looks to brighter future after paying $22.5mil in QC charges"},"content":{"rendered":"


\nView of iLiv@Grange, a freehold condominium at 74 Grange Road.
\nHeeton Holdings is now on the road to recovery after completely disposing of two housing developments, from which it incurred penalties totalling about $22.5 million for previously failing to sell all units within a specified timeframe, reported the Business Times.
\nIn obtained the temporary occupation permit (TOP) for its iLiv@Grange in October 2013, but wasn\u2019t able to find buyers for all 30 units in the upscale condominium.
\nAs such, it had paid $5 million in Qualifying Certificate (QC) charges. Then in October 2016, it sold the project via a sale of shares to a group of Singaporean private investors including KSH Holdings\u2019 Executive Chairman Choo Chee Onn and The Straits Trading Company Executive Chairman Chew Gek Khim.
\nFor The Lumos condominium in Leonie Hill, which it jointly developed with Koh Brothers, it suffered penalties amounting to about $17.5 million, while its joint venture partner forked out a similar amount.
\nAlthough the 53-unit project was completed in August 2011, 36 units were still unsold before the entire stake in the development\u2019s holding firm was purchased by a company controlled by individual Singaporean buyers in July 2017.
\nUnder the Residential Property Act\u2019s Qualifying Certificate (QC) rules, all developers with non-Singaporean stockholders or directors must complete their housing projects within five years and thereafter sell all units in two years.
\nOtherwise, they need to pay an additional eight percent, 16 percent and 24 percent of the land purchase price to extend the deadline for one, two or more years, respectively. The penalty is pro-rated based on the proportion of unsold units.
\nAccording to Heeton\u2019s CEO Eric Teng, the QC penalties had previously reduced its cash flow. With the units in both projects all sold, he is now optimistic about the company\u2019s future.
\n\u201cThis sets the group in the right direction to move on instead of having something constantly pulling on your leg and preventing you from moving far.\u201d
\nIn fact, the company\u2019s latest financial report shows that its earnings rose to $40.3 million for a nine-month period compared to a net loss of $1.9 million in 2016. It is also seeing a return in demand for its units, particular at the 121 Collection at Whitley project, which comprises one bungalow and eight semi-detached homes.
\n\u201cIn the last two years, we have tried to push for sales (at 121 Collection) but it was not so easy because people were resistant. But in the last two months we have sold four units,\u201d he noted, adding the dwellings have an average price of around $5.4 million.
\n\u00a0
\nThis article was edited by Keshia Faculin.
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Heeton looks to brighter future after paying .5mil in QC charges<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

View of iLiv@Grange, a freehold condominium at 74 Grange Road. Heeton Holdings is now on...<\/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-74302","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-jkq","jetpack-related-posts":[{"id":28901,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/heeton-sells-ilivgrange-for-95m\/","url_meta":{"origin":74302,"position":0},"title":"Heeton sells iLiv@Grange for $95m","date":"October 7, 2016","format":false,"excerpt":"\r The 30-unit condominium at Grange Road was sold to private investors. Source: Mercurio Design Lab Property developer Heeton Holdings has sold its entire stake in the 16-storey iLiv@Grange condominium project. In an SGX filing last week, the company revealed that the disposal was made through a sale of the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":8203,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/no-respite-from-mounting-extension-charges-for-developers\/","url_meta":{"origin":74302,"position":1},"title":"No respite from mounting extension charges for developers","date":"March 3, 2016","format":false,"excerpt":"\r Luxury apartments in the Orchard area. (Photo: Cheryl Marie Tay) Property developers forked out $24.9 million in extension fees last year for failing to dispose of all the residential units in their developments within the mandated period, reported The Straits Times. While this is lower than the $29.98 million\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":61274,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/heeton-holdings-koh-brothers-sell-joint-venture-for-s41-6mil\/","url_meta":{"origin":74302,"position":2},"title":"Heeton Holdings, Koh Brothers sell joint venture for S$41.6mil","date":"July 20, 2017","format":false,"excerpt":"\r \u00a0 Heeton Holdings, via its wholly-owned subsidiary Heeton Land Pte Ltd, along with Koh Brothers\u2019 unit, Koh Brothers Development, have sold their respective 50 percent shareholdings in their joint venture company Buildhome to Central Core for S$41.6 million. Buildhome developed and owned the property known as \u201cThe Lumos\u201d on\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":81992,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/geylang-freehold-sites-bought-for-60mil\/","url_meta":{"origin":74302,"position":3},"title":"Geylang freehold sites bought for $60mil","date":"March 6, 2018","format":false,"excerpt":"\r A joint venture (JV) between Heeton Holdings, Lian Beng Group and KSH Holdings has completed the acquisition of several freehold land parcels at 31 to 51 (odd) Lorong 24 in Geylang for a total of $60 million on Monday (5 March). According to an SGX filing on released on\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":63408,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cdl-to-benefit-from-property-upcycle-calls-for-review-of-qc-policy\/","url_meta":{"origin":74302,"position":4},"title":"CDL to benefit from property upcycle, calls for review of QC policy","date":"August 11, 2017","format":false,"excerpt":"\r CDL\u2019s Kwek said the property market appears to be getting stronger, but warned of dangers such as an upward spiral in land costs and housing prices. Property giant City Developments Limited (CDL) said it is well-poised to benefit from the property upcycle after several years of subdued market conditions\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":74298,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/lian-beng-ksh-heeton-buy-geylang-properties-for-60mil\/","url_meta":{"origin":74302,"position":5},"title":"Lian Beng, KSH, Heeton buy Geylang properties for $60mil","date":"December 12, 2017","format":false,"excerpt":"\r Lian Beng Group Ltd, via its 42 percent-owned associated company Development 24 Pte. Ltd., has exercised an option to acquire the freehold properties known as 31 to 51 (ODD) Lorong 24 Geylang. KSH Holdings and Heeton Holdings also holds a 48 percent and 10 percent stake in Development 24.\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/74302"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=74302"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/74302\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=74302"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=74302"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=74302"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}