Source : The Straits Times, March 13, 2008
PROPERTY market sentiment may be souring but a group of owners at Gillman Heights Condominium is still fighting hard to stop the $548 million sale of their property.
The deal was struck when the market was in full flight in February last year - but now en bloc deals have dried up.
Their stated reason? They love their homes.
The owners opposing the sale of the Alexandra Road estate turned up to day one of a High Court appeal on Thursday wearing specially-made T-shirts with the condo's name emblazoned on them.
Said one: 'We made it for the appeal to show our unity and our love for our home.'
The group of 22 minority owners is trying to overturn the collective sale of their estate to CapitaLand, Hotel Properties (HPL) and two private funds.
They are appealing on various grounds, including the way the sale process was conducted, how the ex-HUDC estate's age was calculated, and how its price was achieved.
Three other groups representing 18 owners are also in court opposing the appeal.
One is made up of eight owners from four units who want to know if a supplementary deal to extend the original collective sale agreement is valid. They face legal action from the buyers for alleged breach of contract.
The Strata Titles Board (STB) approved the sale of the 607-unit 99-year leasehold estate late last year. The sale was inked in February lsat year at $363 per sq ft (psf) of potential gross floor area.
Apartment owners stand to reap about $870,000 to $950,000 per unit, which was then about 40 to 55 per cent above the levels they would got in an individual sale.
Still, some owners never wanted to sell.
Read the full report in Friday's edition of The Straits Times.
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