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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.

AIRVIEW TOWERS

HIGH COURT REJECTS AIRVIEW TOWER'S COLLECTIVE SALE
Straits Times - 26 Mar 2008
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They didn't have 80% - so NO SALE.
What is even more amazing is that the owner was unrepresented!
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Justice Lee Seiu Kin, in his judgment dated March 19, said
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"the 12-month timeline for the 80 per cent minimum requirement is a ’substantive’ condition put in place by the legislature to protect the legitimate rights of the minority."
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The judge ruled that non-compliance with the timeline is not a mere technicality.
He said safeguards were built into the Land Titles (Strata) Act, allowing for the consideration of all objections of minority owners, and other factors.
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‘Timing is important because the longer the process is dragged out, the greater the likelihood that market conditions will change.’

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Previous post:-
In late October last year, the STB threw out the collective sale application for Airview Towers at St Thomas Walk.
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The sole, unrepresented minority owner brought his objections to the Board and the Board dismissed the application
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"on the ground that the Applicants had not fulfilled these requisitions under Section 84A (1) (b) read with paragraph 1 (a) (i), in that the subsidiary proprietors of Airview Towers who could rightfully be counted as qualifying to make this application did not reach the requisite 80%."
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Developer Bukit Sembawang Estates Ltd, which had agreed to pay $202.17 million to buy the site in April, said recently that the application had been dismissed on a technicality. They view this setback as a "hiccup" on their website.

The sellers are planning to file an appeal.


14 Feb 2008 update


'In view of the uncertain climate in the property market, Bukit Sembawang said it is reviewing the launch of the two projects - the 102-unit freehold development Paterson Suites and the 123-unit The Vermont on Cairnhill. It is also waiting for the hearing of the appeal against the Strata Title Board's rejection on the collective sale of Airview Towers.Bukit Sembawang had planned to build a 36-storey condominium on the site currently occupied by Airview Towers and an adjacent property. But the Strata Titles Board had dismissed a collective sale application by the majority owners of Airview Towers on grounds of technicality. The hearing of the appeal is set to take place on Feb 19.'
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High Court Appeal Feb 19

1 comment:

  1. Thank you for the updates. Glad to know that there's a site where one can still find meaningful and useful info.

    ReplyDelete