Owners of units at Horizon Towers had till September 11 to decide on their next move, in the botched en bloc sale. Channel NewsAsia understands that some owners have written to the buyers, to say that they are prepared to give in to the buyers' demand to extend the sales agreement by another four months.
This was one of the demands made by Hotel Properties (HPL) and its partners, Morgan Stanley Real Estate-managed funds and Qatar Investment Authority.
But under the Sales and Purchase Agreement, the majority sellers of Horizon Towers are not legally obliged to extend the sales contract, even at the request of the buyer.
Allen and Glenhill, lawyers representing the buyers, were not able to confirm whether any letters were received.
It's not clear if the buyers had indeed received letters from some of the sellers.
HPL and its partners are set to sue the 255 owners for up to $4 million each, once the deadline lapses.
A hearing is expected on September 28.
And if that happens, it's believed to be the first time en bloc buyers are taking the sellers to court.
The Leonie Hill Condominium came under the limelight recently for the legal tussle between buyers and sellers.
84% of the owners had signed an agreement with HPL Properties for the en bloc sale of Horizon Towers in February this year for $500 million.
But the sale fell through when the Strata Titles Board threw out the application due to a technicality.
Buyers of the development then sued the owners for failing to put the forms through.
They also alleged that Horizon Towers sellers are now backing out of the deal. - CNA /ls
No comments:
Post a Comment