Friday, July 25, 2008

Cross-Appeal Filed For Gillman Enbloc

Source : The Business Times, July 25, 2008

Ankerite Pte Ltd, the entity that purchased Gillman Heights Condominium, has filed a cross-appeal to the Court of Appeal.

Previously, the High Court has dismissed an appeal by minority owners of Gillman Heights to stop the $548 million (US$402 million) sale of the development to CapitaLand, Hotel Properties and two private funds.

The Strata Titles Board (STB) had approved the collective sale of the 607-unit, 99-year leasehold estate late last year. But a group of minority owners, had appealed that decision.

Ankerite, an indirect associated company of Capitaland, is 50 per cent owned by CRL Realty, with the balance shareholding held by HPL Orchard Place and two private funds.

Capitaland said yesterday that further details will be announced in due course.

The STB had approved the collective sale of the 607-unit, 99-year leasehold estate late last year. -- LEE U-WEN, BT NEWSROOM

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