Will the embattled Horizon Towers en bloc sale go through or not?
That decision now rests once again with the Strata Titles Board (STB) as it wrapped up its final day of hearing at the old Supreme Court on Thursday. In January this year, the Horizon Towers sales committee agreed to sell the 210-unit property to Hotel Properties (HPL) for S$500 million.
Even as the deal was being brokered, minority owners objected. They claimed the sales committee acted in bad faith by not doing its best to get the most lucrative offer.
The STB first denied the sale because of a technicality in paperwork. Majority owners appealed to the High Court and won. The matter was then brought back to the STB a second time.
After eight days of hearing, all parties will now hand in their written submissions to STB. Expectations are that the STB could reach a decision sometime in December.
However, the STB has indicated it is not legally bound to make a ruling before the sale completion date expires on 11 December, though there are strong indications the STB could come back with a decision before that.
Meanwhile, there is the S$1 billion lawsuit by HPL against the owners in which HPL claims Horizon Towers sellers are in breach of contract when the STB first rejected the sale.
So far, legal costs have totalled more than S$1 million, at least for the minority owners.
If the STB approves the sale this time, some minority owners say they are prepared to appeal that decision as well. - CNA/ir
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