THE protracted and controversial sale of Gillman Heights finally came to an end on Friday, when owners and buyers legally completed the $548 million deal.
The estate's owners were anxious that buyers got the cold feet, but Ankerite's lawyers Rajah and Tann said the buyers had every intention to complete the sale. -- PHOTO: CAPITALANDLawyers Lee and Lee, acting for the Alexandra Road estate's sales committee, told The Straits Times on Friday evening that the deal had finally gone through.
This comes after the fate of the estate seemed to hang in the balance when purchasers, Ankerite, led by property developer Capitaland, did not complete the sale by its due date last week on May 15.
The estate's owners were anxious that buyers got the cold feet, but Ankerite's lawyers Rajah and Tann said the buyers had every intention to complete the sale.
Ankerite's lawyers had raised some housekeeping matters regarding the estate's management funds, and wanted to get proof that these matters were resolved before going ahead with the deal.
This puts an end to a saga that lasted more than two years since the sale was first inked in February 2007.
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