27 Jan '16, 6am

#singapore #property Balestier condo sale rejected: The 56-unit City Suites project has...

View of Balestier Road. (Photo by Terence Ong / Wikimedia Commons) Singapore-listed developer SingHaiyi must first complete the development of the City Suites project before it can be allowed to sell its stake, reported The Straits Times . The Controller of Residential Property recently rejected SingHaiyi’s application for approval on the proposed sale of the condominium project in Balesteir to Ang Cheng Guan Construction. Last April, the developer announced plans to sell Corporate Residence, which is the developer of City Suites, for $16.38 million “in view of the possible levy as a result of the Qualifying Certificate on unsold units”. It revealed that the 56-unit development witnessed slow sales progress at around 10 percent since its launch in May 2013. Meanwhile, the Singapore Land Authority (SLA) explained that the application was rejected in order “to ensure that th...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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