Thursday, April 2, 2009

En bloc sale of Horizon Towers falls through

SINGAPORE: The en bloc sale of Horizon Towers has fallen through.

The Court of Appeal reversed a High Court decision to allow the sale, which was approved by the Strata Titles Board.

The landmark decision puts an end to a saga that started in January 2007.

Residents who were against the sale had argued that the S$500 million sale to Horizon Partners Private Limited was done in bad faith, as evidenced by Vineyard Holdings' higher offer of S$510 million.

They lost their case in the High Court in July 2008, when Justice Choo Han Teck said that as long as the Strata Titles Board finds that a purchase price is fair, it has fulfilled its duty and is entitled to approve an en bloc sale.

But the Court of Appeal said Justice Choo had taken a “restricted view” in the matter.

The Court of Appeal also said the sales committee had breached its duties by failing to improve the chances of obtaining a better price for the property. A spokesperson for the majority owners said they will honour the court's decision.

Source: Channel News Asia, 2 Apr 2009

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