Singapore property developer Oxley Holdings has terminated the main contract for the construction of its freehold condominium project, Devonshire Residences (pictured).
With effect from 6 January, the termination of the contract comes after Admin Construction, the project’s main contractor, was placed under creditors’ voluntary winding on the previous day.
With this, the group appointed another contractor to finish the construction of the 25-storey project, which is expected to be completed at the end of this year.
Notably, the termination is not expected to have any material impact on the group’s net tangible assets per share or earnings per share for the financial year ending 30 June.
Comprising 84 units, Devonshire Residences is located near Somerset MRT station. in District 9.