Collapse of Hillview, Joo Chiat projects stokes fears of more small developers going bust
Receivers for Laurel Tree, Sycamore Tree working with buyers to complete the developments
Singapore
IN what is likely the first case of a Singapore developer going bust since the Asian Financial Crisis, the party behind two unfinished projects has been put under receivership - sparking fears that there may be other such cases.
The Business Times understands that three partners of KPMG led by Bob Yap are acting as receivers for the projects - the 70-unit freehold condominium at Laurel Tree along Hillview Terrace and the 96 residential units and 17 shops in the Sycamore Tree project in Joo Chiat.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
EU, ISSB agree on minimising overlaps in company climate disclosures
US law firm Mayer Brown to split from Hong Kong partnership
US labour costs rise by most in a year as productivity cools
US trade deficit narrows slightly in March
Canada posts surprise trade deficit as gold exports fell in March
OECD upgrades global growth outlook as US outperforms