reporter2
04-10-13, 19:05
http://www.businesstimes.com.sg/premium/singapore/thomson-view-owners-face-big-legal-bill-now-20131004
Published October 04, 2013
Thomson View owners face big legal bill now
By grace leong [email protected]
THE legal costs and disbursements incurred by the Thomson View Condominium homeowners who had consented to a proposed $590 million en bloc sale is in the six-figure range, BT understands.
These costs, from the onset of applications to the Strata Titles Board and to the courts, increased considerably because of new issues that arose when the secret incentive payments made by HSR International Realtors to four owners became public midway through the legal action.
Since the order for the collective sale was refused because the High Court found that these offers by HSR amounted to bad faith, BT understands that the next issue is whether the Thomson View Collective Sale Committee (CSC) will take action against the real estate agency and the four owners, and whether it can recover damages.
When contacted yesterday, HSR declined comment on the matter.
Lawyers said the owners of 215 units had agreed to the en bloc sale. Under the collective sale agreement, the consenting owners are liable to contribute towards legal costs. At this stage, the owners have been asked by the CSC to make payments to account for costs and disbursements, documents obtained by BT showed.
BT understands that those who refuse to pay costs may be exposed to a claim by the CSC for such contributions.
HSR International is a subsidiary of Catalist-listed real estate agency HSR Global. Tong Kooi Ong, who controls The Edge Media Group, publisher of The Edge in Malaysia and Singapore, has a controlling stake in HSR Global.*
Published October 04, 2013
Thomson View owners face big legal bill now
By grace leong [email protected]
THE legal costs and disbursements incurred by the Thomson View Condominium homeowners who had consented to a proposed $590 million en bloc sale is in the six-figure range, BT understands.
These costs, from the onset of applications to the Strata Titles Board and to the courts, increased considerably because of new issues that arose when the secret incentive payments made by HSR International Realtors to four owners became public midway through the legal action.
Since the order for the collective sale was refused because the High Court found that these offers by HSR amounted to bad faith, BT understands that the next issue is whether the Thomson View Collective Sale Committee (CSC) will take action against the real estate agency and the four owners, and whether it can recover damages.
When contacted yesterday, HSR declined comment on the matter.
Lawyers said the owners of 215 units had agreed to the en bloc sale. Under the collective sale agreement, the consenting owners are liable to contribute towards legal costs. At this stage, the owners have been asked by the CSC to make payments to account for costs and disbursements, documents obtained by BT showed.
BT understands that those who refuse to pay costs may be exposed to a claim by the CSC for such contributions.
HSR International is a subsidiary of Catalist-listed real estate agency HSR Global. Tong Kooi Ong, who controls The Edge Media Group, publisher of The Edge in Malaysia and Singapore, has a controlling stake in HSR Global.*