[White Rock] Foster Martin | 3x24 fl

[whatnext]

I posted this elsewhere but applicable to this thread too:

B.C. developer worth millions risks jail unless she reveals truth of personal finances
Threat hangs over Helen Chan Sun as creditors try to push businesswoman into bankruptcy
Jason Proctor · CBC News · Posted: Feb 02, 2026

A Vancouver developer with an estimated net worth of at least $20 million faces the possibility of jail later this month unless she comes clean about her personal finances in B.C. Supreme Court.

CBC News has learned Helen Chan Sun was handed a 40-day sentence for contempt of court two months ago after failing to comply with a payment order — a penalty Justice Richard Fowler suspended until Feb. 20 to give Sun time to fully account for her income and expenditures.

The threat comes even as a different set of creditors head to court this week in a bid to obtain a bankruptcy order against the 49-year-old, who is sole shareholder and chief executive officer of a development company involved in multiple residential projects around Greater Vancouver...

... GC Capital's lawyer, veteran litigator Ravi Hira, clashed with Sun during a deposition; Sun balked at having to empty her purse of cash and credit cards and accused Hira of having "attitude."

In his summations, Hira told the registrar Sun's "lifestyle would suggest a much higher income" than the one she claimed.

"She has access to expensive vehicles. She doesn't pay rent," Hira argued.

"She spends thousands of dollars a month on luxuries, including vacations, designer clothers ... Hermes, Armani, Dior and jewelry, Cartier."...

...Beyond Vancouver, Landmark also owns the remaining inventory of units at Foster Martin, a multi-tower, multi-phase White Rock condo project Sun claims would generate "significant cash proceeds" on completion...(bold mine)

[Lexus]

• Video Link


DJI_0309 by Lexus LX 700, on Flickr

DJI_0310 by Lexus LX 700, on Flickr

[whatnext]

The neverending saga of Helen Chan Sun. It will be interesting to see how it effects this nearly complete project:

Jailed Vancouver developer declared bankrupt after 'history of financial shenanigans'
Helen Chan Sun claims jail has had 'powerful effect' in appeal filed from correctional centre
Jason Proctor · CBC News · Posted: Jun 11, 2026

It's been a rough few weeks for Helen Chan Sun.

Last month, one B.C. Supreme Court judge jailed the Vancouver developer for civil contempt. This week, even as Sun remained behind bars, another judge from the same court declared the former multimillionaire bankrupt, paving the way for a trustee to oversee her finances.

"The debtor has a history of financial shenanigans that have been exposed in various proceedings before this court," Justice Gordon Weatherill said Tuesday as he granted an order demanded by creditors who claim Sun owes them more than $45 million...

...One of the central questions surrounding Tuesday's bankruptcy proceedings concerned the fate of Foster Martin, a multi-tower, multi-phase White Rock condo project which Sun claimed in an affidavit would generate "significant cash proceeds" on completion.

The lawyer for one of Sun's creditors — Lanyard Investments — told Weatherill that occupancy permits for the second phase of the development are expected any day, meaning the developer will be in a position to close on pre-sale contracts.

About 93 of Foster Martin's 128 units have been pre-sold, representing a pre-sale gross of about $131 million, less deposits, commissions, and builders liens....

...The other issue hovering over the proceedings was the possibility that a bankruptcy order could trigger disclosure that would give pre-sale buyers at Foster Martin the right to rescind their contracts.

It's a question with implications beyond Sun's developments, as pre-sale purchasers in other financially challenged condo buildings have recently gone to court trying to use B.C.'s Real Estate Development Marketing Act as a tool to get out of their units...

https://www.cbc.ca/news/canada/british-columbia/helen-sun-bankrupt-jail-landmark-9.7230491

[officedweller]

Foster Martin is one of the nicest looking projects in the Lower Mainland.
It has some flair.

[whatnext]

Originally Posted by officedweller

Foster Martin is one of the nicest looking projects in the Lower Mainland.
It has some flair.

Yes, it is an attractive building. It will be interesting to see if people try to walk away from their units as the article mentions. It’s pretty unique for that area, I can see a lot of end-user buyers who will complete.