Friday, April 3, 2009

Horizon Towers Sale Won't Go Ahead

Source : The Business Times, April 2, 2009

After a protracted battle that lasted more than two years, the minority owners of Horizon Towers have finally gotten their wish - the $500 million collective sale of the property to Hotel Properties Limited (HPL) and its partners has been called off.

Singapore's Court of Appeal on Thursday dismissed the en bloc sale after four owners appealed to it to throw out a High Court decision handed down last July that backed the property's sale of the property to HPL and partners Morgan Stanley Real Estate and Qatar Investment Authority.

The Court of Appeal's decision is the final decision on the matter, which means that the acquisition of the property will not proceed.

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