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Airview Towers Print E-mail

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1. Written by News on 27-03-2008 01:49
High Court rejects collective sale
A SINGLE home owner,Mr Ken Lee, 52, has managed to persuade the High Court to reject the $202 million collective sale of Airview Towers in the River Valley area. 
The High Court upheld a decision of the Strata Titles Board (STB) last October to throw out the sale application as the minimum 80 per cent approval had not been met in the required time. 
Bukit Sembawang Estates was the prospective buyer. Unit owners would have reaped about $2 million each. 
The court case centred on just two out of the 100 units at Airview Towers, which made the crucial difference between the approval level rising above or falling below 80 per cent. 
These two new owners had bought their units during the collective sale process from owners who had signed the agreement - but the new owners failed to sign the agreement in time. 
That meant the condo did not meet the minimum requirement for the sale to go ahead of 80 per cent of share values within 12 months of the first signature

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