THE new laws regulating en bloc sales that kicked in last October may mean controversial collective sale tangles are unlikely to arise again. But for Gillman Heights, where the sale process started before the rules were tweaked, the 22 minority owners’ attempt to overturn the privatised ex-HUDC estate’s sale now hinges on how the High Court rules the property’s age should be calculated. The last...
Collective Sales
Fresh revelations about the relationship between the National University of Singapore (NUS) and purchaser Ankerite have surfaced, adding a new twist to the Gillman Heights condominium collective sale brouhaha. Acting for a group of minority owners fighting to scupper the Strata Titles Board's (STB) approval of the S$548-million sale of the property to developer CapitaLand, Senior Counsel Michael Hwang...
Capitaland is suing the owners of four units of Gillman Heights condominium for breach of contract. It is also seeking unspecified damages. The owners, who belonged to a majority group, had agreed to sell their units in a collective sale agreement with CapitaLand in February last year. CapitaLand is paying S$548 million for the 607-unit estate and the deal has also received the approval of the Strata...
A last-ditch attempt by Dynamic Investments to thwart the Holland Hills Mansion en bloc sale was over in less than 20 minutes yesterday. In a Court of Appeal hearing, three judges, including Chief Justice Chan Sek Keong, upheld last October’s High Court ruling that the Strata Titles Board had approved the $292-million sale in good faith. The issue in contention was the board’s approval of the sale...
Dynamic Investments, which owned the largest unit of Holland Hills Mansion, had tried to appeal against the Strata Titles Boards’ (STB) approval of the S$292 million sale, but its case was dismissed by the Court of Appeal on Tuesday. Dynamic Investments had argued that although the sales committee followed the guidelines set down by the Singapore Institute of Surveyors and Valuers, it did not assess if...
Condo’s residents want to stop repeated en bloc efforts, will seek Prof Jaya’s help YET another attempt to put Bayshore Park on the en bloc market has been nipped by poor attendance, and residents who are not interested in selling are fed up with the repeated efforts. They now want to consult Law Minister Prof S Jayakumar - who is also their Member of Parliament (MP) - during a Meet-The-People...
The spate of collective sales continues as Lewis Court, a 12-unit walk-up apartment block, was sold to Hiap Hoe subsidiary Guan Hoe Development for $24 million through a collective sale tender. Property consultant and collective sale specialist Credo Real Estate put the property up for sale last month following a 100-per-cent consensus from the owners. “The purchase of Lewis Court is in line with our...
More than 85 per cent of the en bloc transactions for 2005 and 2006 were located in district 1 (Marina Bay), the prime districts of 9,10 and 11, as well as district 15 (Katong), according to a report by Savills. Experts agree as property developers continue to build and sell projects, they need to acquire new land to continue the business cycle. With land being a premium in the prime districts, the...
CapitaLand has acquired Silver Tower on Orchard Road in a collective sale for S$161m. It plans to build a luxurious 20-storey condominium with 100 apartments on the freehold site.CapitaLand's purchase works out to S$1,107 per square foot per plot ratio.This includes an estimated development charge of S$16.5m. Silver Tower sits on a 57,200 square feet area with a gross plot ratio of 2.8. There are...
The common methods used are: Share value: the apportionment for each unit is proportionate to a unit's share value in relation to the total share value for the whole apartment Average of the strata floor area and share value: the apportionment is according to the unit's strata floor area in relation to the total strata floor area. The figures derived from the share value method and floor area method are...