Lian Beng@48
Application For Third Extension of Time For The Group To Comply With Undertaking
https://links.sgx.com/FileOpen/SLB%20Ann...eID=668342
The New Lian Beng Group has faced difficulties in selling the balance 2 units
Stay home and stay safe, everyone.
Application For Third Extension of Time For The Group To Comply With Undertaking
https://links.sgx.com/FileOpen/SLB%20Ann...eID=668342
The New Lian Beng Group has faced difficulties in selling the balance 2 units
- The balance unsold units in the freehold condominium development located in District 11, a premium location in Singapore and therefore priced at a premium. Following listing, the joint venture partners had appointed a top tier agency as the sole marketing agent to market the remaining units. It had also converted 1 of the units into a showroom to facilitate physical viewings, of which over 121 viewings have been conducted as at the date of the Company’s application to the SGX-ST for the Third Extension.
- These efforts have proven partially successful as the joint venture partners have managed to sell 3 units during the past 12 months, one of which was the converted showroom. In total, 4 units out of 6 units have been sold to-date. The 2 remaining units are penthouse units, catering to the luxury market. With the border and travel restrictions imposed by the Singapore government designed to restrict the spread of the COVID-19 disease, the target audience for such luxury properties (being mainly affluent foreign individuals) have not been able to physically travel to Singapore for viewings and are understandably hesitant to commit such large capital based solely on virtual viewings. The difficulties are further compounded by multiple new launches in Districts 9 and 10 in 2020 which have better positioning and provide buyers with greater choice compared to the remaining 2 units which was completed in 2014.
Stay home and stay safe, everyone.
