Sycamore Tree saga: trade creditor throws spanner in the works
Winding up application against Astoria also carries implications for buyers of Laurel Tree project
Singapore
A TRADE creditor has thrown a spanner in the works for the Sycamore Tree residential project, potentially dragging 180-odd jaded home buyers including those of a related project at Laurel Tree into a protracted nightmare delay just when progress is being made to complete the units.
On Aug 20, unsecured creditor, Jay Machinery Pte Ltd filed a winding up application in Singapore's High Court against Astoria Development, the developer of the 96 residential units and 17 shops in the Sycamore Tree project in Joo Chiat which went bust. Astoria owes Jay Machinery S$1.3 million. The court hearing is scheduled to be heard on Friday, Sept 13, 2019.
When a company is being liquidated, its assets are collected and sold off to pay debts by an independent liquidator whose powers and dutie…
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
S$16.5 million deal at The Ritz-Carlton Residences tops Q1 gainers; seller reaps S$4.9 million profit
Lucrum Capital looks to sell Killiney hotel site for S$195 million
US 30-year mortgage rate rises to five-month high of 7.24%
Money laundering accused Su Baolin’s Sentosa property goes unsold at auction
US Judge approves US$418 million settlement that will change real estate commissions
In San Francisco, a home renovation can become a battle royale