In Singapore yesterday, The Court of Appeal has dismissed the appeal of the Gillman Heights’ minority owners to end the collective property sale.
CapitaLand, Hotel Properties and two other private funds have agreed to purchase the $548 million worth of property in 2007. However, a minority group of owners have been struggling for the sale from the time it was supported by the Strata Titles Board (STB) during that year.
In the final attempt to stop this collective sale, these minority owners decided to go to the Court of Appeal in an attempt to overturn the ruling done by the High Court, which have permitted the sale to go ahead.
The major issue has been the level of consent that is necessary for the sale to go ahead. At present, 80 percent consent is necessary if a development is more than ten years old, and 90 percent consent if the development is less than that period.
These minority owners have made a case because Gillman Heights get hold of the statutory completion certificate last 2002, still requiring 90 percent consent, which the purchasers did not have.
Nevertheless, the judges prevailed yesterday that only 80 percent is necessary, for the sale to continue.