26 Jun '13, 12am

Court proceedings underway for Thomson View en bloc sale (S$ 590-million)

Jun 25, 2013 - PropertyGuru.com.sg Comment E-mail to friend Bookmark & Share The High Court yesterday began the week-long hearing that will decide on the S$590-million collective sale of Thomson View (pictured ) 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,...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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