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The developer went bankrupt
in Feb 2008,
the construction is continuing under a receiver. For
further information please contact; Derek Lai, CMA, Bowra Group - Receiver for
H & H 1930 - 1095 West Pender St. Vancouver, BC V6E 2M6 (604) 608-6243 (604) 689-8584
dlai@bowragroup.com www.bowragroup.com
Residence size: 1bedroom, from 557 sq.ft.; 2 bedrooms, from 910 sq.ft.; townhouses,
from 1,180 sq.ft. Architect: IBI/HB Interior Design: BYU Interiors Tentative occupancy:
Fall, 2008 info@hhyaletown.com Website:
www.hhyaletown.com
On November 28, 2007, pursuant to
a Court Order of the B.C. Supreme Court, The Bowra Group Inc was appointed Receiver-Manager
of the assets, undertakings and properties of Chandler Homer Street Ventures Ltd
(the "Company").
The Company was developing a 192
unit condominium tower, referred to as the H&H project, located at the corner
of Homer Street & Helmcken Street in the Yaletown area of Downtown Vancouver.
The project was approximately 7 months from completion as at the date of Receivership.
The Receiver-Manager is borrowing
the necessary funds to complete the project.
The H&H project had 183 units
sold subject to a presale purchase and sale contract as at November 28, 2007.
The remaining 9 units will be sold through MAC Marketing Solutions.
Presale Contract Purchasers -
H&H Project
At this time, all presale contracts
are being reviewed by the Receiver-Manager to determine if they were sold at fair
market value ("FMV") at the date of the contract. Any contracts that
were sold significantly below FMV at the date the contract was entered into could
potentially be cancelled by the Receiver-Manager, subject to court approval. We
believe the majority of the contracts were sold at fair market value and will
be honoured by the Receiver-Manager.
The Receiver-Manager will mail out
a copy of the disclosure statement during the first week of March to presale contract
purchasers. If you received a copy of the disclosure statement, it is assumed
that your contract was sold at FMV and will be honoured by the Receiver-Manager.
As part of the disclosure statement package, there is a form that the Receiver-Manager
requires you to fill in sign and acknowledge receipt of the disclosure statement
and either fax or mail to the Receiver Manager.
Units for Sale - H&H Project
There are 9 unsold units at the H&H
Project. Anyone interested in purchasing a unit should contact Kimberlee Robertson
at MAC Realty at 604-629-1515 ext 544.
Attachments
1. December
14, 2007 Report to Court (197 KB)
2. January
25, 2008 Report to Court (695 KB)
3. Court
Appointment (2,653 KB)
4. Disclosure
Statement (4,214 KB)
5. Letter
to Presale Contract Purchasers (47 KB)
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