Greatearth collapse: will more construction firms follow as reliefs and government help end

IN THE wake of news that Greatearth Corporation and Greatearth Construction have gone bust, lawyers working with construction companies said that factors like increased cost of materials and labour could deliver the same fate to more contractors.

Greatearth was formerly listed on the Singapore Exchange mainboard as UE E&C, and is the company behind landmarks such as the NUS Cultural Centre and Mouth Elizabeth Hospital.

On Wednesday, HDB informed affected homebuyers of five ongoing Build-To-Order (BTO) housing projects that there would be further delays as the two related contractors have run into "financial difficulties".