S'pore pproperty mart default<\/p>\n
SINGAPORE (AP): The weak local property market has suffered
\nits first big default, when a Singapore-Hong Kong joint venture
\nmissed a deadline to pay 68.6 million Singapore dollars (US$41
\nmillion) on a plot for condominium development.<\/p>\n
Kembangan Properties, a joint venture between Singapore's
\nEltech Electronics and Hong Kong's Lai Sun Development, missed
\nthe last deadline Friday to pay the remaining 75 percent of the
\ntender bid it made last July.<\/p>\n
The 78,758-square-foot (7,088-square-meter) site near the
\nKembangan Mass Rapid Transit station, was bought at 19 percent
\nhigher than the next highest bid, local newspapers reported
\nSaturday.<\/p>\n
Eltech, listed on the Stock Exchange of Singapore, had just
\nbranched out into property last year.<\/p>\n
Property and bank shares have been tumbling on the stock
\nexchange for the past two weeks. Property prices have weakened
\nmore than 25 percent from their peak in mid-1996, and banks,
\ntroubled by their undisclosed amounts of bad loans in Indonesia,
\nhave been reluctant to finance local property projects.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/spore-pproperty-mart-default-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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