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
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Angela Tan
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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.
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