Source : The Business Times, February 10, 2009
The Court of Appeal yesterday dismissed an appeal by the minority owners of Gillman Heights to stop the collective sale of the property.
CapitaLand, Hotel Properties and two private funds agreed to buy the property in 2007 for $548 million. But a group of minority owners have been fighting the sale since it was approved by the Strata Titles Board (STB) that year.
In a last-ditch attempt to block the sale, the minority owners went to the Court of Appeal to try to overturn a High Court ruling that allowed the sale to go ahead.
The main issue has been the level of consent needed for the sale to go ahead. Currently, 80 per cent consent is needed if a development is more than 10 years old, and 90 per cent consent if it is less than that.
The minority owners argued that because Gillman Heights obtained its certificate of statutory completion only in 2002, it needed 90 per cent consent - which the buyers did not have.
However, the judges ruled yesterday that only 80 per cent is required - which means the sale can go through.
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