Legal proceedings against sellers

It's all about money isn't it? If Horizon Towers had got the $2,000 similar to what its neighbor got instead of the measly $800, there wld prob be no serious objections...only a few trying to get additional money for their renovations etc.The sale wld then have been approved notwithstanding the bad faith and procedures not followed according to the STB rules, because these irregularities wld not have been brought up at all.So also the 3-4 cases coming up b4 the Strata Board later this month....Fortuna, Gillman and MintonRise.All of them have similar grouses i.e. invalid valuation report, improper signatories of residents and non-compliance with STB rules in the sale process in the objections of their minority groups. Looks like based on the Horz Towers case, the 3 enbloc sales will all be rejected and scuppered by the board.What happens now with future enbloc sales? One wonders!

Legal proceedings against sellers

HPL has lost in their dispute with owners of Horizon Towers. 
 
Based on the transaction of Grangeford, Horizon Towers would be asking for $1.25b excluding development and lease top-up charges. 
 
It is too huge a sum for HPL to bite. 
 
A huge victory for the owners of Horizon Towers 
 
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SINGAPORE (Dow Jones)--Hotel Properties Ltd. (H15.SG) said Friday a Singapore housing authority has revoked its agreement to buy a local condominium for S$500 million. 
 
Singapore''s Strata Titles Board dismissed the agreement because the sellers weren''t in "full compliance with statutory requirements." 
 
The company didn''t elaborate and wasn''t immediately available to comment. 
 
Hotel Properties said in February it was taking a 40% stake in a joint venture agreement to buy Horizon Towers, a 62,444 square-meter condominium complex near Singapore''s Orchard Road shopping belt. 
 
Owners of the condominium units engaged in the transaction through a collective sale agreement. 
 
-By John Jannarone, Dow Jones Newswires

Legal proceedings against sellers

My father used to own a 243 sq m. unit at Horizon Towers when it was first build. At that time (around 1984), it was one of the premier buildings in S'pore. The apartment was very nice, and well build with good materials. Even today, I think its an excellent building. The whole problem with the legislature for en bloc sales is that it forces you to sell, even if you don't want to, just because 80% of your neighbours want to sell due to greed, got conned by the developer, or otherwise pressured by family to get a huge windfall. In S'pore where we have precious little liberty, this is just the last damn straw. Sometimes, its not about the money. If we still owned our unit, I would have been pissed off. Why should I be forced to sell, and move? I don't need the money. And the location is super convenient. I can just walk to Orchard area. Where can I buy a comparable size unit in the same area to replace this one? People don't understand that developers will promise them anything to get the sale. How many people have been screwed by developers in en bloc sales? Lots. especially problems with late payments for their units, and late penalties on their new units due to this. People seem to have lost the big picture. These buildings are only 20 + years old, and in Horizon Towers case, 23 years old. They are going to tear it down? Just to build higher density? That is crazy. If the building is 60 years old and getting up there in structural integrity, I might understand that.