Gillman Heights en bloc saga
SINGAPORE'S highest court on Monday dismissed the appeal by minority owners to stop the en bloc sale of Gillman Heights.
Monday's ruling sets a precedent for all other HUDC estates which want to go en bloc, and clearly demarcates what criteria should be used in the future. -- PHOTO: CAPITALANDThis brings the former HUDC estate's two-year en bloc saga to an end.
CapitaLand and Hotel Properties, with two private funds, inked the $548 million deal to buy the estate in 2007. But a group of minority owners, in a last-ditch attempt to stop the collectve sale, went ot the Court of Appeal to try and overturn the previous High Court's ruling which gave the greenlight.
The main contention was the date used to calculate the age of the estate, and to a larger extent, the level of consent that was required for the sale to go ahead.
Monday's ruling sets a precedent for all other HUDC estates which want to go en bloc, and clearly demarcates what criteria should be used in the future.
In Gillman Heights' case, the judges ruled that 80 per cent was required.
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