Date of Release:
Oct 9 2013
A growing number of condo projects already launched for sale have failed to win environmental impact assessment (EIA) approval, forcing developers to return booking money and revise project designs.
The problem, which causes projects to be delayed or even scrapped entirely, was common a few years ago and has recently re-emerged in the booming condo sector.
The condo developer Grand Unity Development Co, a subsidiary of the SET-listed Univentures Plc, for instance, sent a letter to customers this week saying its two condo projects had failed their EIAs.