Options for buyers when developers go bust and projects are unfinished

Singapore

IT IS a rare case of a Singapore developer going bust, leaving the residential projects unfinished.

But for some 183 people, their worst nightmare came true when developers of 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 went belly up, leaving the projects uncompleted.

Receivers told buyers of Sycamore Tree development that United Overseas Bank (UOB) would drop the requirement for premium top-ups but on co…