SINGAPORE: The high-profile enbloc deal involving Horizon Towers at Leonie Hill is off. The Strata Titles Board has ruled that the $500 million deal will not go through due to technicalities.
The enbloc drama unfolded earlier this year when the majority owners became unhappy with the agreed price of $800 per square foot after they found out that their neighbours at Grangeford Apartments managed to get $2,000 per square foot.
Channel NewsAsia understands that the Board dismissed the application because the applicants failed to include certain documents.
Some papers were also defective and the application therefore did not comply with STB's requirements.
Horizon Towers had been pledged to be sold for $500 million to Hotel Properties (HPL), Morgan Stanley Real Estate and Qatar Investment Authority, the investment arm of the Qatari Emirate. - CNA/ir
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