In a major relief to Roxy-Pacific Holdings, the firm announced that it had obtained a sale order from the High Court for the acquisition of The Wilshire on Wednesday (Sep 26).
The company had earlier announced to have acquired the freehold District 10 residential property.
But in early 2018, one of the owners has objected the sale and follow by rounds of mediation by Strata Titles Board, the owner refuse to back down thus the case was brought to High Court.
The Stop Order was issued by STB at 11th July and in order for the sale to go through, they have to obtain a sale order from High Court.
The Wilshire is not the only en bloc sale that had face objections from owners in recent months
Albracca Condo in District 15 Meyer Road, also face the same issue but was granted a sale order from the High Court.
Other Collective sales in trouble are Goodluck Garden, Cairnhill Mansions and Brookvale Park.
Roxy-Pacific Holdings had tied up with Teo Tong Lim, Managing Director of Tong Eng Group for the acquisition of this residential property located along Farrer Road.
As per the announcement made in the month of January this year the firm had acquired The Wilshire Condo for sum of S$98.8 million.
The Wilshire which has an area of 39,130 sq ft site, was sold en bloc to a venture that has RP Ventures subsidiary of Roxy-Pacific which has 40% stake and TE2 Development a private family office of Mr. Teo holding 45% of the stakes.
Kim Seng Holdings holds the remaining 15% share in the joint venture.