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CCM unit's condo contract terminated

The loss-making subsidiary was constructing the Balestier project

Published Tue, Apr 22, 2014 · 10:00 PM

A 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-store…

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