Results 1 to 2 of 2

Thread: High Court approves Shunfu Ville collective sale

  1. #1
    Join Date
    Oct 2011
    Posts
    10,829

    Default High Court approves Shunfu Ville collective sale

    http://www.straitstimes.com/business...ollective-sale

    High Court approves Shunfu Ville collective sale

    Jan 5, 2017

    Lee Xin En


    Property developer Qingjian Realty yesterday obtained High Court approval for the collective purchase of Shunfu Ville estate.

    The Straits Times understands that two owners who had objected to the sale were at the High Court yesterday, but were not represented by lawyers.

    No written judgment was issued, but the objecting owners have 30 days to file an appeal.

    Dentons Rodyk and Davidson senior partner Lee Liat Yeang, who is acting 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."

    In May last year, around 82 per cent of Shunfu Ville owners agreed to sell the 358-unit privatised Housing and Urban Development Company estate to Qingjian Realty.

    Each flat owner stood to pocket an average of $1.782 million, after they had agreed to lower the reserve price from $688 million to $638 million.

    But Qingjian faced a hiccup in October, when five owners objected to the sale. This meant that the deal needed High Court approval. Owners can object on grounds such as financial loss, even after the sale committee gets the requisite percentage of owners' approval.

    The Straits Times understands that three of the objecting parties eventually withdrew their objections. It is not clear why the two remaining owners are objecting.

    Qingjian managing director Li Jun told The Straits Times the company was "very happy" to have obtained the High Court's approval.

    He added that while the company would wait 30 days, in case of appeal, it was examining plans and designs for the estate.

    Mr Kenneth Szeto, a partner at law firm Colin Ng and Partners, said an appeal could be based on a point of law, or a combination of law and facts decided by the High Court.

  2. #2
    Join Date
    Jun 2009
    Location
    Southbank
    Posts
    9,531

    Default

    http://www.singaporelawwatch.sg/slw/....ojJ0WxrG.dpbs
    High Court approves Shunfu Ville collective sale
    Source
    Straits Times
    Date
    05 Jan 2017
    AuthorLee Xin En
    Property developer Qingjian Realty yesterday obtained High Court approval for the collective purchase of Shunfu Ville estate.

    The Straits Times understands that two owners who had objected to the sale were at the High Court yesterday, but were not represented by lawyers.

    No written judgment was issued, but the objecting owners have 30 days to file an appeal.

    Dentons Rodyk and Davidson senior partner Lee Liat Yeang, who is acting 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."

    In May last year, around 82 per cent of Shunfu Ville owners agreed to sell the 358-unit privatised Housing and Urban Development Company estate to Qingjian Realty.

    Each flat owner stood to pocket an average of $1.782 million, after they had agreed to lower the reserve price from $688 million to $638 million.

    But Qingjian faced a hiccup in October, when five owners objected to the sale. This meant that the deal needed High Court approval. Owners can object on grounds such as financial loss, even after the sale committee gets the requisite percentage of owners' approval.

    The Straits Times understands that three of the objecting parties eventually withdrew their objections. It is not clear why the two remaining owners are objecting.

    Qingjian managing director Li Jun told The Straits Times the company was "very happy" to have obtained the High Court's approval.

    He added that while the company would wait 30 days, in case of appeal, it was examining plans and designs for the estate.

    Mr Kenneth Szeto, a partner at law firm Colin Ng and Partners, said an appeal could be based on a point of law, or a combination of law and facts decided by the High Court.

    Source: Straits Times © Singapore Press Holdings Ltd. Permission required for reproduction.

    - See more at: http://www.singaporelawwatch.sg/slw/....szelMNgh.dpuf

Similar Threads

  1. Court of Appeal gives Shunfu Ville sale the green light
    By reporter2 in forum En Bloc Achieved
    Replies: 0
    -: 17-05-17, 22:27
  2. Shunfu Ville deal revives collective-sale dreams
    By reporter2 in forum En Bloc Discussion and News
    Replies: 15
    -: 13-10-16, 12:13
  3. Shunfu Ville sale may be one-off
    By reporter2 in forum En Bloc Discussion and News
    Replies: 10
    -: 24-05-16, 06:23
  4. $688m price tag for Shunfu Ville collective sale
    By reporter2 in forum En Bloc Discussion and News
    Replies: 1
    -: 10-09-15, 19:18
  5. High Court rejects Airview Towers' Collective Sale
    By DrMinority in forum En Bloc Discussion and News
    Replies: 13
    -: 26-04-08, 07:59

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •