Source : The Straits Times, Nov 6, 2007
$2m spent in fight to keep homes but they're willing to pay more to win
SEVEN owners who opposed the collective sale of Horizon Towers from the word 'go' vowed last week to spend as much as it takes to keep their homes.
They have already spent nearly $2 million to fight the sale and may rack up double that by the time the saga is resolved.
'We have no budget,' said one, a retired former chief executive. 'In life, not everything has to do with money. For us, this is our only home.'
These owners are locking horns with the majority owners - those who voted for the collective sale - at the Strata Titles Board (STB).
The hearing, with all the twists, turns and fighting over legal niceties that has marked it from day one, involves majority owners seeking STB approval for the original sale application rejected in August.
A number of minority owners - including the defiant seven who are split into two groups, each represented by different lawyers - oppose this, on a variety of grounds.
Disgruntled owners are becoming more common in Singapore. The property boom and the surge in collective sales have led to increasing numbers of people finding that rising replacement costs mean their bounty from selling en bloc counts for little.
One of the seven minority owners, who lives in a 5,000 sq ft penthouse, said: 'There are seven people in my family, including the helper. You cannot expect us to downgrade to a 1,000 sq ft place.'
But the problems at Horizon Towers go deeper than that. The unhappiness over the sale of the 99-year leasehold estate started in January, said the seven minority owners.
It was then that they and many others learnt - via a newspaper report - that their 210-unit estate had been sold for $500 million to Hotel Properties and two partners.
The seven are among the 10 groups of owners who did not agree to sell and subsequently filed objections. One has withdrawn his objections.
They say the $500 million price tag, which works out to $850 per sq ft, is an unfair sum because prices have risen considerably. Developments nearby sold for more than double the price per sq ft achieved at Horizon Towers this year.
The seven owners spoke freely about protecting their homes but were cagey about disclosing personal details. Six of the seven refused to divulge full names, although they are listed in the STB affidavit.
They were also reluctant to reveal job details. One is a businessman, one runs her own company and there are at least three retirees - a lawyer, a chief executive and a property developer.
What unites them is the fight for their homes - something they say money cannot buy, and certainly not at last year's prices.
Apart from their ability to spend hundreds of thousands of dollars to fight the sale, they are also clued-up about the law. 'We are very different from other objectors,' said Ms J. Tan, one of the seven. 'We are very well-informed and very well-educated.'
A second owner, who was bemoaning the fact that every day of delay costs them about $100,000 in legal fees, said: 'Every time someone makes a mistake, it becomes my problem.'
Said another: 'If I don't have grounds, I will not throw away my money. If I win, nobody will pay us back.'
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