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Thread: Eng Lok Mansion en bloc sale to go ahead

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    Default Eng Lok Mansion en bloc sale to go ahead

    Property
    Published October 12, 2006

    Eng Lok Mansion en bloc sale to go ahead

    Tribunal rules in favour of the majority of unit-owners

    By UMA SHANKARI

    THE collective sale of Eng Lok Mansion will go ahead, the Strata Titles Board ruled yesterday.

    [URL=http://imageshack.us][/URL]
    Prime site: The freehold Eng Lok Mansion was sold to Napier Properties in March for $138 million

    The freehold development, on a prime site next to Gleneagles Hospital in Napier Road, has been the subject of a contest between the majority of unit-owners who have agreed to an en bloc sale, and two owners trying to block the sale.

    In March this year, Eng Lok was sold to developer Napier Properties for $138 million or $1,218 per sq ft per plot ratio - a record at the time.

    The 64 owners stood to get about $2.16 million each.

    But soon after, 80-year-old Chow Ai Hwa said she would contest her 62 neighbours to stop the sale.

    She was also acting for her son, who owns a unit in the property.

    Madam Chow, who has lived at Eng Lok Mansion for 37 years, said the owners should have been paid more for their units. She also contested the way the sale proceeds were to be divided equally among all the owners, pointing out that some apartments were bigger than others.

    Yesterday, the five members of a Strata Titles Board tribunal hearing the case decided that the sale should go through, after considering the objections raised by Madam Chow.

    The tribunal said there was no problem with the valuation report produced ahead of Eng Lok's sale. 'We are satisfied that the valuation was not suppressed in order to achieve the collective sale,' the Strata Titles Board said in a grounds-of-decision document.

    The method of distribution was also examined throughly by the board, the document said. Since the majority of owners had agreed that the proceeds should be divided equally, there was no reason why that decision should be changed, the board said.

    In addition, the tribunal awarded $6,000 of costs to Eng Lok Mansion. David De Souza, acting for Eng Lok with his partner Jeanette Lee, was pleased with the decision. 'As always, there was some uncertainty as to what the decision would be, but I wouldn't say that it came as a surprise,' he said.

  2. #2
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    Default Re: Eng Lok Mansion en bloc sale to go ahead

    8 Napier: Napier Properties eyes high $2,000 psf for new condo
    November 10th, 2006

    Napier Properties, which bought Eng Lok Mansion earlier this year, is setting its sights on an average price in the high $2,000 psf range for a 46-unit new plush freehold condo it plans to launch on the site next May.

    The pricing will be at the top end of the Singapore luxury residential market and possibly set a new benchmark, Mark Wee, a substantial shareholder and director of Napier Properties, told BT.

    We ll introduce a product with a quality of finishes that surpasses anything currently in the Singapore residential market, he added.

    The 10-storey project, to be named 8 Napier, will be designed by the Singapore office of UK-based architectural firm Aedas.

    Napier Properties - whose other substantial shareholder is former Parkway Holdings boss Tony Tan - had earlier planned to develop a medical centre on the Eng Lok site, to make the most of its location next to Parkway’s Gleneagles Hospital.

    However, the authorities turned down the proposal as it was not in line with their planning intention for the site.

    We took a view on luxury residential property prices and also figured it made more sense to pursue a high-end condo, as we could get more saleable area out of that compared with medical suites. And we can target a wider market -global property investors - for a condo, compared with the local doctor market for medical suites, Mr Wee said.

    He also reasoned that some of the priciest real estate in global cities like New York and London is around famous parks, and said that 8 Napier, which is just two minutes walk to the Botanic Gardens, will be in that league.

    8 Napier is being designed to bring the Botanics theme into the project, with wide balconies and generous planter boxes. We’ll even put the plants in and maintain them for the residents. The condo will also maximise green views of the Nassim and Dempsey areas, added Mr Wee, who is managing director of Penang s Island Hospital group.

    8 Napier will consist of three-bedroom units of about 2,200 sq ft, four-bedder apartments of about 2,900 sq ft, and six penthouses of up to 5,000 sq ft.
    Mr Wee estimates 8 Napier s breakeven cost at nearly $2,000 psf.

    Eng Lok Mansion was in the news recently because of an 80-year-old owner's objection to its en bloc sale. When the Strata Titles Board last month approved the collective sale, she said she would appeal against that decision in the High Court.

    David de Souza, acting for Eng Lok Mansion's sellers, confirmed that as of yesterday, Mdm Chow Ai Hwa had not served a notice of appeal on him, although the deadline to do so expired on Wednesday.

    Source: The Business Times, 10 November 2006

  3. #3
    DrMinority
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    Default Re: Eng Lok Mansion en bloc sale to go ahead

    [SIZE=4][B]The Business Times Singapore
    April 12, 2007 Thursday
    Eng Lok Mansion sale hits snag;
    Napier Properties makes formal demand for late completion interest, matter going to court[/B][/SIZE]

    THE collective sale of Eng Lok Mansion appears to have hit another snag. And this time, all the owners could be involved.

    According to court papers obtained by BT, Napier Properties, which bought Eng Lok Mansion in March 2006 for a then record price of $138 million, is claiming interest of $136,109.60 from the previous owners for late completion.

    The completion date was originally to be Jan 12. But it appears that owners of five units failed to provide all the documentation needed to transfer titles of their units on time.

    It is understood the Eng Lok Mansion transaction has since been completed with 95 per cent of the agreed sum paid. However, Napier Properties has made a formal demand for late completion interest and the matter will be heard in the Subordinate Courts tomorrow.

    A sale committee was authorised to act for the owners. And three members of that committee - Tan Hui Peng, Francis Lim Ewe Cheng and Goh Ban Hock Andrew - are named in Napier Properties' writ of summons filed on March 12.

    The law firm acting on behalf of Napier Properties, Rodyk & Davidson, declined to comment because the matter is 'presently before the courts'.

    Lawyers representing the sale committee, De Souza Tay & Goh, also declined to comment.

    Only one vendor contacted by BT would comment. Told that Napier Properties was claiming interest, Chow Ai Hwa said: 'I have not received any money yet so I can refuse to move.'

    Ms Chow previously tried to block the sale of Eng Lok Mansion. She took the matter up with the Strata Titles Board, which decided she had no grounds for objecting. She said then she would take the matter to the High Court but has not done so yet.

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