Source : The Straits Times, Monday, September 24, 2007
WHAT IT IS
THIS Thursday is the High Court hearing for the Horizon Towers case, where the intended buyers - a Hotel Properties-led consortium - are suing the sellers. The buyers are seeking hundreds of millions of dollars in damages for an alleged breach of contract.
WHY IT MATTERS
Some owners are believed to be unhappy with the buying price of $500 million.
There is expected to be a landmark ruling as this is the first case in which the intended buyers of an estate are suing the sellers for failing to complete a sale.
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