SINGAPORE: Property developer Hao Yuan Investment has admitted that the botched proposed sale of its Forestville executive condominium (EC) was due to "some technical issues."
In a statement on Wednesday, Hao Yuan said it acknowledged that "there were some technical issues with regards to Forestville Executive Condominium."
It added that its "architects are working closely with the relevant authorities to resolve the said technical issues as expeditiously as possible".
This came after the Urban Redevelopment Authority said on December 31 that the Controller of Housing had instructed the developer on December 28 not to sell units in the project, pending further investigations.
URA added that the developer has launched the project with some proposed changes to the development’s plans which had not been approved.
When contacted by Channel NewsAsia, a spokeperson for Hao Yuan said that they are not able to elaborate on the nature of the "technical issues" until it has resolved the matter with the authorities.
The spokesperson added that the Forestville showflat will be closed until further notice.
In a written reply to Channel NewsAsia, URA said the closure of the showflat and the ceasing of marketing activity for the project is in response to instruction from the Controller of Housing.
"We have stopped the launch and marketing to safeguard home—buyers’ interest," said URA. "Financial and legal expressions of sale such as placement of deposits for the booking fee or issuance of options are not allowed for this project."
The issue took centre—stage following reports on December 28 claiming that about 20 per cent of the dual—key units at Forestville were snapped up within two—and—a—half hours of the launch.
It was also reported that some sales agents had collected cheques from buyers as payment to secure their choice units.
Still, Hao Yuan issued a statement on December 29 saying that the media have misconstrued expressions of interest (EOI) as sales bookings.
"When the Forestville EC project will be made available for sale will depend on many factors, including the outcome of the investigation and the developer’s business plan, said URA. "Our priority now is to ensure that home buyers’ interests are not compromised."
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