Category Archives: Construction

Common Defects when Purchasing a Property from a Developer

Common Defects and Remedies when Purchasing a Property from a Developer

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Interest in private properties has been on the rise in recent years. More and more Singaporeans now aspire to own one. Consumer expectations have also risen, resulting in developers introducing more new design concepts, lifestyle features and materials in order to capture homebuyers’ interest.

As with all things new, there is a keen desire to ensure that no defects are present. However, this is sometimes not so and when it occurs, many are unsure what can be done to get such defects rectified.

The information here is aimed at first-time private-home buyers. It advises them on the possible ways to settle disputes relating to defects when purchasing a property from a developer. The roles and areas of responsibility of the various government agencies are also briefly described, together with those of utility suppliers. Continue reading

Lian Beng’s Q1 net profit surges 174%

RIDING the wave of the residential property market, Lian Beng Group reported yesterday a 174.2 per cent surge in net profit for the first quarter ended Aug 31 to $5.28 million. This was helped by a 128.6 per cent jump in revenue to $85.1 million from the previous Q1’s $37.2 million. This was driven by completion of projects like Ferraria Park, Sixth Avenue Condominium and Northwoods, as well as progress payments from existing projects such as the construction of Amber Residences, camp facilities at Kranji, Kovan Residences and Bellerive Condominium.

The group also saw higher revenue contribution from Ola Residences, a wholly owned property development project, and improvement in operational productivity.

Source : Business Times – 16 Oct 2009