24 Apr '14, 2am

The Business Times: CCM unit's condo contract terminated. Read more here

A LOSS-MAKING subsidiary of CCM Group that is being disposed of has received a notice of termination on a condominium in Balestier it was constructing. The contract was terminated "on the grounds of alleged breaches of contract", the Catalist-listed construction firm said yesterday. It added that it was seeking legal advice and evaluating the financial impact of this development. The contract, secured in August 2011, was worth $32.3 million. It was awarded by developer Orion-One Residential to CCM subsidiary CCM Industrial . The latter was to build a 23-storey residential flat with a five-storey car park, swimming pool, communal facilities and a sky terrace, at 6 Jalan Ampas. The freehold project was marketed under the name The [email protected] Bales-tier . Construction was scheduled to start in October 2011 and was originally slated to be completed in October last year. Accordin...

Full article: http://www.stproperty.sg/articles-property/singapore-prop...

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