Horizon Still Murky

Source : TODAY, Wednesday, September 12, 2007

Condo owners in last-ditch try for sale application

GROUPS of Horizon Towers majority owners have separately written to Hotel Property Ltd and its partners, expressing their willingness to extend the sale deadline so as to allow another collective sale application for the botched $500-million deal.

But their actions yesterday, which met a deadline set by the buyers, will not be enough to stave off the $1-billion lawsuit for the consortium’s loss of profits.

TODAY understands that what the buyers want is a collective commitment from the 255 sellers in the form of a formal resolution passed at a general meeting. As of press time yesterday, they had not received such a commitment. The case is set to go before the High Court on Sept 28.

The Horizon Towers deal fell through last month, after the Strata Titles Board refused to grant a collective sale order on the basis of a defective application. The buyers then sued the majority owners for failing to file a proper application.

Last Friday, a meeting of the majority owners aimed at coming up with a response to the lawsuit ended in disarray when the remaining sale committee members resigned.

Lawyer Shriniwas Rai, who represented five majority owners, said another meeting would be held on Sunday. Besides trying to form a new sale committee, the majority owners would seek to pass a resolution to extend the sale deadline. While they would have busted the buyers’ deadline, he said his clients hope the consortium “would be accommodating”. He told TODAY: “Many owners are hoping the High Court can give a resolution and we can move forward.