EXTENSION SOUGHT: The buyers have urged the sellers of Horizon Towers units to extend the sale deadline by four months. -- ST FILE PHOTOHORIZON Towers sellers met last night to discuss their next step in the face of a huge lawsuit from the developer which wants to buy the estate for $500 million.
The meeting ended late at night, with no decision made. The last three members of the sale committee resigned, after four other members resigned over the past week.
As next Tuesday's deadline given by the would-be buyers looms, a range of sellers expressed their opinions on what step to take next.
One of the issues raised at the meeting was the need for more sale committee members.
The sellers' meeting, held at the Holiday Inn Parkview, started half an hour late at 8.30pm. It was the second major meeting held after the developer sued 255 sellers for failing to go through with the deal.
Hotel Properties (HPL), Morgan Stanley Real Estate-managed funds and Qatar Investment Authority have been trying to buy Horizon Towers collectively for $500 million, a price inked in February.
But the sale hit a snag about a month back when the Strata Titles Board threw out the estate's sale application because of a technical error over paperwork.
On Thursday, the buyers filed an affidavit in the High Court, which was served on some of the sale committee members yesterday morning. It claimed that some members had tried to scupper the collective sale by trying to get other majority owners to go back on their agreement to sell the property.
In mid-week, the buyers had sent a letter to all the sellers on a 'without prejudice' basis - delivered to their mailbox.
In the letter, they explained the situation they are in and urged the sellers to extend the sale deadline by four months to Dec 11.
The Horizon Towers sale application could be refiled if not for the Aug 11 deadline in the contract.
The buyers now allege the sellers did not do their utmost to get the collective sale order from STB.
'There's an obligation in law for them to use their best endeavours,' said a lawyer. 'Their best bet is therefore to reapply.'
If the sellers do not, they can fight the suit.
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