Dynamic Investments, which owned the largest unit of Holland Hills Mansion, had tried to appeal against the Strata Titles Boards' (STB) approval of the S$292 million sale, but its case was dismissed by the Court of Appeal on Tuesday.
Dynamic Investments had argued that although the sales committee followed the guidelines set down by the Singapore Institute of Surveyors and Valuers, it did not assess if the result was fair.In its decision in July, STB acknowledged that Dynamic Investments would have been paid more if a different method of apportionment of proceeds was used.
STB, however, maintained that the method chosen was not made in bad faith.
The three appeal judges agreed and turned down Dynamic Investments' appeal because they found "no elements of bad faith in determining the distribution of sale proceeds".
Dynamic Investments wanted the share of proceeds to be determined solely by floor area instead of the 50:50 method, which is 50 per cent based on the property's share value and 50 per cent based on the floor area.
Using the 50:50 method, Dynamic Investment received S$6.4 million from the sale. But if the sale was based solely on floor area, it would have received about S$2.4 million more. - CNA/ac
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