File appeal despite sale completion

ONE of Singapore’s most unusual collective sale disputes, over Regent Garden, is now headed for the Court of Appeal even though the sale was completed yesterday. 
 
Last month, the High Court ruled that the $34 million sale of the West Coast Road condo to Allgreen Properties must go ahead. 
 
But now, the owners of 23 out of the 31 Regent Garden apartments have filed papers to take the case to Singapore’s highest court - the Court of Appeal. 
 
They cannot overturn the sale now that it has been completed, but they want the court to rule on certain ‘burning’ questions, and they might seek remedies if they succeed. 
 
In a statement, the sale committee said: ‘These questions include whether, in a situation where a minority of owners object to a proposed collective sale, an intending buyer is permitted to go behind the backs of the majority owners and reach a side deal with the minority owners.’ 
 
A spokesman for the majority owners said the ’side deal’ referred to the fact that six of the owners who had opposed the sale had received an extra $2 million, divided between them, in return for withdrawing their objections. 
 
Those appealing also want to know whether these minority owners are entitled to retain the extra payments without sharing the sum with the majority owners in accordance with the distribution arrangements in the sale agreement. 
 
All the owners at Regent Garden completed their sale, which means they would each have pocketed a large part of their proceeds, which range from slightly over $700,000 to $1.4 million. 
 
The remaining 5 per cent of their proceeds is due to be released to them when they vacate their homes.

Stop-start en bloc

The stop-start en bloc sale of Regent Garden, a 31-unit West Coast Road condominium, to Allgreen Properties looks set to finally go through after the High Court yesterday directed the majority owners to complete the agreement. The court also ruled that the Strata Titles Board's decision in January to reject the deal was irrelevant and ordered the majority owners to pay costs to Allgreen, the developer.