Complete Property Market Updates of Singapore

April 30, 2008

Airview Towers en bloc case back to Strata board

Filed under: 1 — Propertymarketupdates @ 4:31 am

THE $202 million collective sale of Airview Towers may now be back on after the Court of Appeal yesterday overturned a High Court decision to axe the sale.

The case now goes back to the Strata Titles Board (STB), which will decide whether to approve the sale.

The Court of Appeal found that the 80 per cent requirement for a collective sale to go through was not necessary at the point of application with the STB.

Owners can apply for an STB order as long as the 80 per cent approval of owners is achieved within the set 12-month period for collecting signatures.

The STB and the High Court had rejected the sale of the River Valley area condominium to Bukit Sembawang Estates. They interpreted the law to mean that the 80 per cent requirement was necessary as at the date of application with the STB over the sale.

The Court of Appeal also found that the collective sale agreement bound all owners, including new ones who might have purchased a unit from a majority owner during the collective sale process.

The original owners, in signing up for a collective sale, signed for themselves and future buyers. Part of the dispute centred on two flats the owners sold after signing up for the sale.

The 100-unit estate had one objector, Mr Ken Lee, who was unrepresented. He was ordered to pay costs at the STB, High Court and Court of Appeal levels.

Source : Straits Times – 25 Apr 2008

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