This means STB which dismissed their collective sale application will now have to go through the hearing.
THE High Court on Thursday allowed the appeal filed by majority owners of Horizon Towers against the dismissal of the estate's collective sale application by the Strata Titles Board (STB) over a paperwork glitch.
This puts the long-running and closely-watched saga back on square one, which means the STB will now have to hear objections from the minority owners who are against the en-bloc sale. The Board will then rule on whether the collective sale should proceed.
High Court Judge Choo Han Teck, in allowing the majority owners' appeal on Thursday morning, said the technical error which aborted the collective sale of their Leonie Hill estate did not prejudice the minority owners, who wanted the STB decision upheld.
"It was the kind of error that could have been corrected in a moment, without inconvenience or prejudice," said Justice Choo.
STB dismissed Horizon Towers' collective sale application in August over a technicality: Pages bearing three consenting owners' signatures were missing from the submitted application.
The majority owners appealed to the High Court to overturn the STB dismissal, arguing that the STB knew those three owners signed the sale deal, and that the Board had the power to amend the application to include the missing pages.
They also maintained that even without those three signatures, the rest of the owners who had consented to the sale still held 82.51 per cent of share values - comfortably above the 80 per cent minimum requirement.
Justice Choo on Thursday concurred that the 80 per cent requirement would have been satisfied the sale application for the 210-unit condo.
As a result of the STB dismissal of the en-bloc sale application, the owners failed to meet the deadline of the collective sale to the prospective buyers of Horizon Towers, a consortium led by Hotel Properties, which have sued the majority owners
No comments:
Post a Comment