Disputes over payments and construction progress have led a major Chinese contractor to halt work on a Singaporean developer’s twin-tower premium residential scheme in Bangkok.
Developer Pacific Star Development today notified the Singapore Stock Exchange that its Thai unit, Kanokkorn Pattana Co (KNK), received a written notice of stoppage from China Railway Construction (Southeast Asia) Co., Ltd (CRCC), the main contractor on the scheme, called "Posh Twelve", on 31 January.
"The stoppage of work has arisen due to disputes between CRCC and KNK in respect of payments and construction progress. Nonetheless, the Group is looking to work with CRCC to seek constructive solutions to the disputed matters," wrote Ying Wei Hsein, Pacific Star Development’s executive chairman.
He added: "Construction work may resume upon mutually satisfactory solutions being arrived at between KNK and CRCC."
Image from http://theposh12.com
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