Warning For The Florence Residences condo Developer

[Huatable]

In other words will probably never TOP lah!

Buyers are protected by the project account

So, does this mean there's a risk buying Florence residence? As in the developer will go bust before TOP and final legal completion?

when margins are tights, should still try to TOP but can cut costs.

 

[1234567890]

Nobody can predict the future, and I can't tell you how to spend your money.

I am currently staying near Nex at Serangoon central HDB. Looking for a condo to upgrade and looking around. Thanks.

 

[laksaboy]

 

[Huatable]

Latest Debts

Current Liabilities Year Ending 2018: RMB88.5billion (up 64.7%)
Current Liabilities Year Ending 2017: RMB57.3billion

Long-Term Liabilities Year Ending 2018: RMB44.1billion (up 60.9%)
Long-Term Liabilities Year Ending 2017: RMB27.4billion

http://www.loganestate.com/attachment/2019041516400200033463537_en.pdf

 

[Huatable]

"No Sales" for Normanton Park's Chinese Developer.
https://www.businesstimes.com.sg/re...ts-no-sale-licence-for-normanton-park-project

 

[Huatable]

Why Hong Kong-linked Kingsford Development can’t sell flats on a US$600 million Singapore property https://www.scmp.com/week-asia/econ...-linked-kingsford-development-cant-sell-flats

Kingsford group has also had to deal with unhappy buyers complaining of shoddy work, and action by the authorities to get it to shape up on safety at its work sites and the quality of its projects. Kingsford Huray Development paid a hefty S$830 million (US$612 million) in 2017 to buy the ageing Normanton Park estate at well above the asking price in a collective sale, and that was before paying over S$500 million more in redevelopment fees and to top up its lease to 99 years.

But this year, authorities blocked it from selling the project’s nearly 1,900 new units until it proves they are in a fit state to be released.

Issues at Hillview Peak prompted residents to form a chat group and private Facebook page to air their grievances, which ranged from seepage to busted pipes. Among them is a 35-year-old permanent resident who bought a 527 sq ft, one-bedroom apartment in the 99-year leasehold condominium in leafy Upper Bukit Timah.

Speaking on condition of anonymity, he said he was attracted by the green and peaceful location of the 512-unit development, and made the purchase two weeks after visiting the show flat in 2016.

He collected the keys to his S$735,000 apartment in early 2017 only to find finishes he describes as sub-par: the parquet flooring was low grade, the marble in his bathroom was cracked, the kitchen counter was stained, a glass window pane was broken and the quality of his bedroom and bathroom doors left much to be desired.

“The whole unit was dusty and dirty,” he said. “I don’t even invite my family and friends over because it’s so embarrassing.”

Another resident had it worse. A Singaporean engineer said the flaws in his S$1.2 million, 829 sq ft, two-bedroom unit ranged from discoloured, cracked marble flooring, to fixed window panes that seeped every time it rained. Although he got his keys in February 2017, rectification took until August before he could move in.

FALLOUT FOR KINGSFORD
Complaints like those from Hillview Peak prompted the Controller of Housing to issue a no-sale licence to Kingsford Huray Development in January this year for its large One Normanton Park Condo of nearly 2,000 units.

That means it cannot sell any units until it clears quality audits and receives a Temporary Occupation Permit. And after that, it will still have to sell all units in the project within five years of securing the plot.

The Controller of Housing said Kingsford Huray Development had failed to meet its requirements. Responding to queries from property portal EdgeProp Singapore earlier this week, a representative of the Urban Redevelopment Authority said it had considered the developer’s track record when issuing a licence “to ensure that the interests of homebuyers are duly protected”.

Kingsford Huray is building 1,863 apartments, 19 terrace houses and eight commercial units on the site, a huge number that cannot be sold without the Controller of Housing’s prior approval in writing.

Among other things, the developer must have all units quality certified before it can apply to start selling them.

The no-sale licence is Kingsford’s third compliance dispute, at least, in two years.

 

[Huatable]

(Bloomberg) -- Logan Group Co.'s bonds tumbled to record lows amid speculation the Chinese property firm may have far more debt obligations than reported.
https://www.bnnbloomberg.ca/chinese-developer-logan-s-bonds-plunge-on-hidden-debt-concern-1.1708575

 

[gingerlyn]

7.5% per annum.

Lol.... if something is too good to be true, it probably is.

Adam Khoo advertisement

 

[cocobobo]

Issues at Hillview Peak prompted residents to form a chat group and private Facebook page to air their grievances, which ranged from seepage to busted pipes. Among them is a 35-year-old permanent resident who bought a 527 sq ft, one-bedroom apartment in the 99-year leasehold condominium in leafy Upper Bukit Timah.

Speaking on condition of anonymity, he said he was attracted by the green and peaceful location of the 512-unit development, and made the purchase two weeks after visiting the show flat in 2016.

He collected the keys to his S$735,000 apartment in early 2017 only to find finishes he describes as sub-par: the parquet flooring was low grade, the marble in his bathroom was cracked, the kitchen counter was stained, a glass window pane was broken and the quality of his bedroom and bathroom doors left much to be desired.

“The whole unit was dusty and dirty,” he said. “I don’t even invite my family and friends over because it’s so embarrassing.”

Are his friends and family pocket-size?

 

[syed putra]

Country and garden appears to be unscathed so far.

 

[mahjongking]

ever since cheebye loong opened up spore to foreign rapists in the 90s, its been downhill,
take care of yourselves sinkees, every other fuck you meet in the streets not born here

 

[LordElrond]

(Bloomberg) -- Logan Group Co.'s bonds tumbled to record lows amid speculation the Chinese property firm may have far more debt obligations than reported.
https://www.bnnbloomberg.ca/chinese-developer-logan-s-bonds-plunge-on-hidden-debt-concern-1.1708575

Logan