{"id":99902,"date":"2018-10-16T12:05:53","date_gmt":"2018-10-16T05:05:53","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/buyers-of-two-freehold-condos-still-waiting-on-completion-despite-2016-top\/"},"modified":"2018-10-16T13:02:58","modified_gmt":"2018-10-16T06:02:58","slug":"buyers-of-two-freehold-condos-still-waiting-on-completion-despite-2016-top","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/buyers-of-two-freehold-condos-still-waiting-on-completion-despite-2016-top\/","title":{"rendered":"Buyers of two freehold condos still waiting on completion despite 2016 TOP"},"content":{"rendered":"


\nOne elderly couple invested most of the life savings in a new project the remains incomplete.\u00a0
\nTwo freehold condominiums in Singapore should have been completed in 2016, but until now buyers are still awaiting their completion, reported the Straits Times.
\nAccording to Emmeline Ho, 34, her parents invested most of their life savings in a condo measuring nearly 350 sq ft and priced at almost $500,000 at Sycamore Tree in Joo Chiat in May 2012.
\nDeveloped by Astoria Development, the five-storey block containing 96 residential units and 17 shops should have received its temporary occupation permit (TOP) in December 2016.
\n\u201cI had thought that since (the developer) is a Singapore-registered company, it should be one that I can trust,\u201d said Ho, who now regrets advising her parents who are in their 60s to invest in a condo there.
\n\u201cAlmost 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.\u201d Her parents, who operate a drinks stall at Old Airport Road Food Centre, plan to rent out the condo after it\u2019s built.
\nHo revealed that she got a letter from Astoria in June 2018 informing buyers that the delay was caused by changes in its building methods and a disagreement among the contractors regarding the installation of a mechanised carpark system.
\nDuring a visit in September, Sycamore Tree appeared partially completed as the building was still surrounded by blue tarpaulin and scaffolding.
\nMeanwhile, buyers at the Laurel Tree at Hillview Terrace are facing a similar problem as the 70-unit freehold condominium is still under construction even though it should have been finished by December 2016.
\n\u201cI feel very frustrated and helpless,\u201d said a purchaser who wants to remain anonymous.
\nThe 40-year-old man who works in sales revealed that he bought a 463 sq ft unit there for around $600,000. He has also repaid 60 percent of the housing loan he took out for the unit, which is his first property, but he\u2019s still paying $500 in monthly rental as the condo is still not ready.
\nBuyers alleged that the condo\u2019s developer, Lerida, failed to inform them about the reason for the delay. Nonetheless, the Straits Times learned that a creditor has filed a winding-up application against the main contractor Bravo Building Construction.
\nThey also discovered that Astoria, Lerida and Bravo all have the same major stockholder and company secretary.
\nAccording to a spokesperson from the Urban Redevelopment Authority (URA), they have instructed the developers of Sycamore Tree and Laurel Tree to update the buyers on the construction progress.
\nMeanwhile, an unnamed lawyer revealed that such delays are uncommon in Singapore as home builders must usually complete their developments within a set period to avoid having issues with their financers.
\nProperty developers also don\u2019t want to pay daily liquidated damages to buyers arising from delays.
\nHome buyers looking for\u00a0Singapore Properties\u00a0may like to visit our\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Buyers of two freehold condos still waiting on completion despite 2016 TOP<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

One elderly couple invested most of the life savings in a new project the remains...<\/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-99902","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-pZk","jetpack-related-posts":[{"id":106873,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/amber-park-sells-115-units-at-2425-psf\/","url_meta":{"origin":99902,"position":0},"title":"Amber Park Sells 115 Units At $2,425 psf","date":"May 6, 2019","format":false,"excerpt":"\r CDL described the take-up as \u201cthe strongest launch weekend sales for a freehold project this year\u201d. Amber Park \u2013 City Developments Limited (CDL) and Hong Realty\u2019s joint residential project in East Coast \u2013 moved 115 units or 77 percent of the 150 units released during its launch over the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":109360,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/the-freehold-juniper-hill-offers-vibrancy-and-convenience\/","url_meta":{"origin":99902,"position":1},"title":"The Freehold Juniper Hill Offers Vibrancy And Convenience","date":"July 26, 2019","format":false,"excerpt":"\r Allgreen Properties has launched its freehold Bukit Timah condo Juniper Hill, with the project\u2019s sales gallery set within the developer\u2019s Tanglin Mall. The sizeable 6,700 sq ft sales gallery comes complete with two show suites, model cum event space and theatrette for multi-media display. \u201cWe are excited to showcase\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":106807,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/the-gazania-and-the-lilium-sell-15-of-released-units\/","url_meta":{"origin":99902,"position":2},"title":"The Gazania And The Lilium Sell 15% Of Released Units","date":"May 3, 2019","format":false,"excerpt":"\r A total of 15% of released units in Phase One sold within the first day of sales, with more than 70% of buyers purchasing larger units.\u00a0 The Gazania and The Lilium, SingHaiyi\u2019s twin residential development, moved 23 units or 15 percent of the 165 units released during the first\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":109041,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/june-sales-for-new-condos-25-5-higher-than-a-year-ago\/","url_meta":{"origin":99902,"position":3},"title":"June sales for new condos 25.5% higher than a year ago","date":"July 16, 2019","format":false,"excerpt":"\r Developers moved 821 units despite fewer units launched in June. Singapore\u2019s private residential market achieved some semblance of stability a year after the government rolled-out additional cooling measures in July 2018. Last month, developers managed to sell 821 new units, excluding executive condominiums (ECs), even as only 670 new\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":108386,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/sky-everton-sold-40-of-its-units\/","url_meta":{"origin":99902,"position":4},"title":"Sky Everton sold 40% of its units","date":"June 24, 2019","format":false,"excerpt":"\r Sky Everton, a 262-unit condominium project at the former site of Asia Gardens, sold 102 units or almost 40 percent of its total units during its weekend launch at an average price of $2,250 per sq ft (psf). It is located near\u00a0the Outram Park MRT station and upcoming MRT\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":123735,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/shun-tak-acquires-high-point-for-557mil\/","url_meta":{"origin":99902,"position":5},"title":"Shun Tak acquires High Point for $557mil","date":"December 10, 2021","format":false,"excerpt":"\r Located at\u00a030 Mount Elizabeth, the 22-storey residential property, High Point, has been acquired for $557 million by Shun Tak Holdings. Shun Tak Holdings, via its wholly-owned subsidiary Shun Tak High Point, has acquired District 9 residential development High Point for $557 million. The group intends to redevelop the property\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/12\/HighPoint-30-Mount-Elizabeth-crop.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/99902"}],"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=99902"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/99902\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=99902"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=99902"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=99902"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}