UOB reaffirms offer to buyers of two condo projects under receivership
Bank will bear extra costs to finish Sycamore Tree and Laurel Tree, but buyers must waive rights to liquidated damages against progress payments
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Angela Tan
Singapore
UNITED Overseas Bank (UOB) has reaffirmed its offer to bear the additional costs to complete the construction of two unfinished residential projects which have been put under receivership after their developers ran into financial difficulties.
However, the bank, which is the mortgagee in both projects, told The Business Times that this remains conditional on the home buyers waiving their rights to claim liquidated damages - compensation that developers must pay buyers for delays - against their progress payments. Based on the sale and purchase agreement, the developer will have to pay liquidated damages of 10 per cent per annum of what buyers have to pay.
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