Residents act to end en bloc spat with consortium
AFTER weeks of uncertainty — and a heated two-hour meeting last night — embattled residents of condominium Horizon Towers have decided to extend the deadline of their collective sale to Dec 11.
The move could finally resolve a long-drawn en bloc spat between the majority owners in the condominium and a consortium led by Hotel Properties Limited (HPL).
A seven-member sale committee — with two from the previous committee — was formed last night, ending weeks of disarray after the $500-million sale fell through last month.
“It was a very good meeting … all the votes were unanimous,” said Mr Lim Seng Hoo, chairman of the newly formed committee. “All of us want to honour the contract with HPPL (Horizon Partners Pte Ltd) in good faith.”
The meeting at Raffles Town Club, saw owners of 135 units or their representatives gather in the clubhouse’s auditorium and had been called after a gathering two weeks ago ended in a stalemate.
The residents’ troubles began after the Strata Titles Board refused to grant a collective sale order on the basis of a defective application.
The buyers then sued 17 owners — all of whom were members of the sale committee at one point — for failing to file a proper application. A court hearing was set for Sept 28.
On Sept 8, the remaining sale committee members resigned during a meeting that had been called in order to respond to the lawsuit.
Although there now seems to be a consensus among residents, many of them came to last night’s meeting with different agendas.
Today understands it had been called by majority owners who wanted to change the terms under the collective sale agreement.
Meanwhile, another group made up of about 80 owners was pressing for a resolution to appoint a sales committee as well as a resolution to extent the sale deadline.
Claps and boos rang out during the meeting. But it ended with many happy faces leaving the auditorium.
“At least we got a sales committee going the right way in some direction,” said resident Lawrence Eu. “Nobody likes to be sued. Hopefully everything will be back on track.”
The estate, located in Leonie Hill, comprises two apartment blocks of 173 units in total.
Following the lawsuit initiated by HPL, Morgan Stanley Real Estate and the Qatar Investment Authority, groups of residents reportedly approached the firm and expressed willingness to extend the deadline to avoid a court battle.
In a letter dated Sept 19 from HPL’s lawyers to lawyers for some of the residents, the company said it was willing to adjourn the suit if the deadline was extended.
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