March 5, 2008
Two more Vancouver-area condominium projects go into receivership
Two more condominium projects have run into financial difficulties in the Vancouver area. The Chandler Development Group Inc.’s H&H Yaletown project in Vancouver and the Garden City building in Richmond have been put into receivership.
The Bowra Group has been appointed to make sure that these projects get finished, builders get paid, and owners get their condos.
H&H is a 192-unit building, while Garden City is comprised of 108 units. Almost 250 condominiums in those developments have been presold.
Both projects were scheduled to be completed by the end of June 2008.
Bowra has discovered that 23 condos in the Chandler Development Group projects were allegedly sold to insiders at prices well below market value.
They may get to keep their condos, but will likely have to pay today’s prices. It appears that the other buyers will get their condos for the price paid as there is enough money available to finish the job.
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