Two BTO Projects Affected By Greatearth Completed
Singapore Property - Real Estate5 minutes read
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After a long arduous wait for their homes, 782 owners of units in Senja Ridges and Senja Heights have received keys to their new homes. These two BTO projects have finally been finished; they were two of five such BTO projects affected by the liquidation of Greatearth Corporation and Greatearth Construction.
Greatearth could no longer fulfil its obligations as the company's debts ran up to $70 million. The firm had to thus pass over their remaining work which inadvertently led to the delay of the BTO projects' completion by about three months.
BTO Projects Delayed By Pandemic
Image Credit: Canva
Due to the pandemic, many BTO projects were delayed. The construction sector was badly hit by the COVID-19 outbreak in dormitories. Work was also slowed down due to safe management measures.
For Senja Ridges and Senja Heights, their completion dates were postponed from their original date of Q4 2021 to January 2022. HDB provided the new contractors with a list of subcontractors and material supplies from Greatearth, making it easier for them to work out the new arrangements with minimum changes.
Greatearth Winds Up
Image Credit: The Business Times
Greatearth filed to wound up a week after the closure of five BTO projects, with the director of Greatearth Corporation and Greatearth Construction declaring the company’s inability to continue the business.
The company wind-up left many sub-contractors in the lurch, who then faced heavy losses from the payment owed by Greatearth.
They told The Straits Times that they were locked out from the site and could not retrieve certain building materials such as steel components, which have not been paid for.
(Article originally posted on Builders.sg)
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