Thursday, July 17, 2008

High Court Dismisses Horizon Towers En Bloc Appeals

Source : The Business Times, July 17, 2008

Hotel Properties Limited on Thursday said Singapore's High Court has dismissed the appeals by the minority sellers in Horizon Towers' en bloc sale.

The minority sellers had made the appeal in January 2008 against the Strata Titles Board's decision delivered on December 7, 2007 which would allow the en bloc sale of the condominium to proceed.

HPL, Morgan Stanley Real Estate and Qatar Investment Authority agreed to pay $500 million for the condo located in the prime district. The deal was inked in January last year, before the property prices shot up.

But the closure of the collective sale was delayed after a group of minority owners put up an appeal saying the sale was carried out in bad faith. -- BT Newsroom

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