High Court Granted Sale Order for Albracca Collective Sale

//High Court Granted Sale Order for Albracca Collective Sale
High Court Granted a Sale Order for Albracca En Bloc Sale

High Court Granted a Sale Order for Albracca Collective Sale

The Collective Sales Committee of Albracca condo located a Meyer Road can breathe a sigh of relief as the High Court granted orders for its sale on Friday.

This after one of the owners had objected to the sale and obtained a Stop Order. Sustained Land had picked up the 11-unit condo for S$69.1 million last July.

The unhappy owner had represented himself in the case while De Souza Lim & Goh appeared on behalf of the sales committee.

As per news reports the High Court in its order also imposed penalty on the objector and ordered him to bear the disbursements and the legal fees that the other owners had to pay for the lawsuit.

It isn’t clear yet if the owner would appeal against this decision. For Sustained Land it is a welcome order and its Director Douglas Ong said that he was happy the case finally came to a closure.

Collective Sales Aborted  (Click and Learn More)

Due to New Cooling Measures and unstable Market, Developers decided to pull out

They may not be the only ones…

  1. Fairhaven
  2. Teck Guan Ville

Other Stop Orders issue by Strata Titles Board

Albracca was among many other en bloc sales that have faced objections from owners in the recent months and invited Strata Titles Board stop orders.

In most cases owners who filed these objections with the STB and refused to withdraw objections following mediation attempts by the Board taking the matter to the court.

The list of properties whose sale hangs in the court includes The Wilshire, a 20-unit development located on Farrer Road.

The property was picked up by RP Ventures (a subsidiary of Roxy-Pacific) in a joint-venture with Teo Tong Lim led Tong Eng Group for a sum of S$98 million.

The Stop Order for this deal was issued on 11th July by an objector while an application to obtain sale order has been filed by the JV.

Other properties that find themselves in similar situations include Cairnhill Mansions located on Cairnhill Road and Goodluck Garden that is situated along Toh Tuck Road. Hearing is pending for both these properties.

Tan Ching Chern a realty expert said that as per law in cease of objections to en bloc sales, Strata Title Board mediates but its mandate is limited as it doesn’t weigh the merits of the case.

If the objections aren’t withdrawn the Stop Order remains in effect and the sales committee have two weeks to apply for relief from the High Court.

The High Court in such cases studies the merits of the objection and then decides upon if the sale should go ahead or the objection stands on valid grounds.

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City Gate Singapore
2018-10-08T09:54:46+00:00July 29th, 2018|2018|