Main contractor for Pacific Star's Bangkok project stops construction amid dispute
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THE main contractor for Pacific Star Development's Posh Twelve property development project in Bangkok has stopped construction works at the site, amid disputes on payments and construction progress.
In a regulatory filing on Monday morning, the Catalist-listed group said its Thai entity, Kanokkorn Pattana Co (KNK), had on Jan 31 received a written notice of stoppage of work from main contractor, China Railway Construction (Southeast Asia) Co (CRCC).
Pacific Star Development said it is looking to work with CRCC to seek "constructive solutions to the disputed matters", and that construction work may resume upon "mutually satisfactory solutions" being arrived at between KNK and CRCC.
Last year, Pacific Star Development announced that it was liquidating its aluminium business division to focus on property development.
The counter last traded at 8.8 Singapore cents on Jan 30, down 4.5 Singapore cents, or 33.8 per cent.
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