CCM unit's condo contract terminated
The loss-making subsidiary was constructing the Balestier project
Add BT as a preferred sourceA LOSS-MAKING subsidiary of CCM Group that is being disposed of has received a notice of termination on a condominium in Balestier it was constructing.
The contract was terminated "on the grounds of alleged breaches of contract", the Catalist-listed construction firm said yesterday. It added that it was seeking legal advice and evaluating the financial impact of this development.
The contract, secured in August 2011, was worth $32.3 million. It was awarded by developer Orion-One Residential to CCM subsidiary CCM Industrial. The latter was to build a 23-storey residential flat with a five-storey car park, swimming pool, communal facilities and a sky terrace, at 6 Jalan Ampas.
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