The High Court yesterday began the week-long hearing that will decide on the S$590-million collective sale of Thomson View condominium.
The case centres on whether the sale of the 255-unit development to a joint venture between Lucrum Capital and Wee Hur Development was made in good faith; thus, meriting the approval of the court.
Notably, owners of 215 units, which work out to over 84 percent of share value, have agreed to sell the site for S$590 million.
However, 17 owners of 12 units objected the sale, claiming that the collective sale committee’s (CSC) marketing agent HSR paid some owners to consent to the sale.
In its submission, HSR, which was allowed by the court to participate, said the compensation given to unit owners was derived from its own fee, adding that “HSR lost money, not the objectors, not any of the other owners, and not the CSC.”
Moreover, the objectors also claimed that the offer set forth by Lucrum-Wee Hur was too low in view of a government announcement in August 2012 that a nearby MRT station would be built along the Thomson Line.
The five-day hearing saw CSC chairman Philomene Ngui taking the stand during the first day, while Jeffrey Goh, Head of Investment Sales at HSR, will likely take the stand today.
Source – PropGuru – 25 Jun 2013