Collapse of Laurel Tree and Sycamore Tree projects
Today
business times reported two condo projects Laurel
Tree along Hillview Terrace and Sycamore
Tree in Joo Chiat under receiverships. Developer is vehicles of Tan Hock
Keng.
TOP supposed to be in Dec 2016, but had stalled due to insufficient funds.
TOP supposed to be in Dec 2016, but had stalled due to insufficient funds.
Receiver
told buyers either:
1) cough up extra premium to ensure completion of project or
2) receiver to sell the property and return money to the bank.
Then normally
there is no more money left. The buyers were of course the victims.
Investment knowledge is vital
Therefore,
whether to invest in stocks or for HDB upgrader to buy condos, knowledge is so
important. Cheap does not mean good.
Back then
when I was searching for private apartment upgrading from HDB, the first thing
I do is not just to visit property websites. It is to visit to the bookstores
to look for books on property purchase.
I learnt
that one top criterion is to look for a reputable developer with track records,
aside from the usual price, size, location etc. So it’s a no-brainer for me to
go for CapitaLand developed properties back then.
Frequent
times, smaller and less reputable developers may use cheaper pricing and better
instalment plans to attract buyers, but please reconsider. Situations like Laurel
& Sycamore Trees do happen. You can just be the unlucky ones.
If the developers
are listed companies, you should also check their financial situations from
their annual reports. This is where investment knowledge and ability to
understand balance sheets are so important.
There are
many companies often only appearing “pretty” on the surface with good topline but
accumulating incredibly huge debts, and top management only cares about sucking
in unjustified huge salaries for themselves and the last thing they are
bothered with is the investors/or their clients.
Another sad case like Hyflux prep. 🙁
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