The collective sale of the HUDC estate faced a major hurdle last year after five owners objected to its sale. (Photo: JLL)
The High Court on Wednesday (4 January) approved the collective sale of Shunfu Ville to Qingjian Realty, reported The Straits Times.
While no written judgment was issued, the two objecting owners were given 30 days to file an appeal, which could be based on a point of law, or a combination of facts and law, said Kenneth Szeto, a partner at law firm Colin Ng and Partners.
The en bloc sale of the 358-unit privatised HUDC estate to Qingjian Realty faced a major hurdle in October last year, after five owners objected to its sale. It was reported that three of them eventually withdrew their objections.
With two owners still objecting the sale, the property developer had to obtain the High Court’s approval for the deal to go through, even though the sale committee had achieved the requisite percentage of owners’ approval. About 82 percent of Shunfu Ville owners had consented to the sale.
Qingjian’s Managing Director, Li Jun, said the company was “very happy” with the High Court’s approval. In fact, it is already examining plans and designs for the estate, even though it has to wait 30 days in the event of an appeal, he said.
Meanwhile, Lee Liat Yeang, senior partner in the real estate practice group at Dentons Rodyk and Davidson and a representative for Qingjian, said: “This is an important jab of confidence in the collective sale market, which has not seen much success in the past few years.”
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
