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"I am a BLOGGER NOT an expert. This is a BLOG not a 'go-to' website for official information. I represent no one's view save my own. I have neither legal nor financial training, nor do I have anything to do with the real estate industry. My understanding of the Collective Sale Process is from a layman's position only. My calculations, computations and tables are homespun and may contain errors. Please note that nothing in this blog constitutes any legal or financial advice to anyone reading it. You should refer to your lawyer, CSC or financial adviser for expert advice before making any decision. This disclaimer is applicable to every post and comment on the blog. Read at your own risk."
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There is one thing worse than an Enbloc ----- and that is an Enbloc done badly. Since the majority have the necessary mandate to sell, then they owe it to all SPs to make a success of it. Minority SPs can only watch and wait, if they sell then lets pray it's at a price we can move on with, if they don't sell, then we are happy to stay for a few more years.

HOLLAND HILLS


Holland Hills en bloc sale will go ahead


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 proceeds distribution by the 50:50 method – 50 per cent based on share value and 50 per cent on floor area.
Dynamic, which owned the largest unit in the block, had wanted the distribution to be based solely on floor area, or it would stand to lose about $2.4 million. The 642-square-metre penthouse it owned had a share value of six while the smallest unit, measuring about 57 sq m, had a share value of three.
Noting that no fresh evidence was adduced in the appeal hearing, Dynamic’s lawyer Clarence Tan told Today the hearing lasted “all of 17 minutes”. He added: “My clients have no more avenues to appeal. Obviously, the judges found that I couldn’t prove the ‘bad faith’ element.”
Source : Today – 20 Feb 2008

 

Owner who objected to Holland Hills Mansion en bloc sale loses appeal

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 the result was fair.
In its decision in July, STB acknowledged that Dynamic Investments would have been paid more if a different method of apportionment of proceeds was used.
STB, however, maintained that the method chosen was not made in bad faith.
The three appeal judges agreed and turned down Dynamic Investments’ appeal because they found “no elements of bad faith in determining the distribution of sale proceeds”.
Dynamic Investments wanted the share of proceeds to be determined solely by floor area instead of the 50:50 method, which is 50 per cent based on the property’s share value and 50 per cent based on the floor area.
Using the 50:50 method, Dynamic Investment received S$6.4 million from the sale. But if the sale was based solely on floor area, it would have received about S$2.4 million more.
Source : Channel NewsAsia – 19 Feb 2008

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