Ankerite Pte Ltd, CapitaLand’s auxiliary, has finally purchased Gilman Heights Condominium at $548 million. It will be redesigned by Anekrite to consist of 1,000 apartments. Speculations have been formed when the developer did not reach the preceding deadline of May 15. Even so, lawyers of both buyer and seller gave out a statement and made it clear to the people concerned that the deadline was changed to May 22.
Ankerite’s acquisition to Alexandra Road’s almost a century leasehold manor went on for two years since the transaction was first filed in 2007. February of this year, the deal of Gilman Heights, at last, were given the go-signal after a last-minute appeal by minority owners top overturn the deal were dismissed by the Court of Appeals. However, final obstacles come into view.
One of these obstacles was revealed in the duration of the industry’s ongoing application: the relocation of $750,000 from the management corporation’s management fund (MCST) to the plummeting account of August 2007 and March 2008.
Ankerite’s lawyers wanted to take back the transmission. Nevertheless, these issues have already been resolved, together with a different suit filed by a local contractor as opposed to the MCST. As the resolutions for these concerns have been claimed, so has Ankerite Pte Ltd’s new property.