Collapse of Hillview, Joo Chiat projects stokes fears of more small developers going bust

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.

The projects - developed by vehicles of Tan Hock Keng - were supposed to obtain their temporary occupation permits by December 2016, but have stalled since the end of last year as their project acco…