Holland Hills en bloc sale will go ahead
A last-ditch attempt by Dynamic Investments to thwart the Holland
Hills Mansion en bloc sale was over in less than 20 minutes yesterday.
In a Court of Appeal hearing, three judges, including Chief Justice Chan Sek Keong, upheld last October’s High Court ruling that the Strata Titles Board had approved the $292-million sale in good faith.
The issue in contention was the board’s approval of the sale proceeds distribution by the 50:50 method – 50 per cent based on share value and 50 per cent on floor area.
Dynamic, which owned the largest unit in the block, had wanted the distribution to be based solely on floor area, or it would stand to lose about $2.4 million. The 642-square-metre penthouse it owned had a share value of six while the smallest unit, measuring about 57 sq m, had a share value of three.
Noting that no fresh evidence was adduced in the appeal hearing, Dynamic’s lawyer Clarence Tan told Today the hearing lasted “all of 17 minutes”. He added: “My clients have no more avenues to appeal. Obviously, the judges found that I couldn’t prove the ‘bad faith’ element.”
Source : Today – 20 Feb 2008
In a Court of Appeal hearing, three judges, including Chief Justice Chan Sek Keong, upheld last October’s High Court ruling that the Strata Titles Board had approved the $292-million sale in good faith.
The issue in contention was the board’s approval of the sale proceeds distribution by the 50:50 method – 50 per cent based on share value and 50 per cent on floor area.
Dynamic, which owned the largest unit in the block, had wanted the distribution to be based solely on floor area, or it would stand to lose about $2.4 million. The 642-square-metre penthouse it owned had a share value of six while the smallest unit, measuring about 57 sq m, had a share value of three.
Noting that no fresh evidence was adduced in the appeal hearing, Dynamic’s lawyer Clarence Tan told Today the hearing lasted “all of 17 minutes”. He added: “My clients have no more avenues to appeal. Obviously, the judges found that I couldn’t prove the ‘bad faith’ element.”
Source : Today – 20 Feb 2008
Owner who objected to Holland Hills Mansion en bloc sale loses appeal
Dynamic Investments, which owned the largest
unit of Holland Hills Mansion, had tried to appeal against the Strata
Titles Boards’ (STB) approval of the S$292 million sale, but its case
was dismissed by the Court of Appeal on Tuesday.
Dynamic Investments had argued that although the sales committee
followed the guidelines set down by the Singapore Institute of Surveyors
and Valuers, it did not assess if the result was fair.
In its decision in July, STB acknowledged that Dynamic Investments would have been paid more if a different method of apportionment of proceeds was used.
STB, however, maintained that the method chosen was not made in bad faith.
The three appeal judges agreed and turned down Dynamic Investments’ appeal because they found “no elements of bad faith in determining the distribution of sale proceeds”.
Dynamic Investments wanted the share of proceeds to be determined solely by floor area instead of the 50:50 method, which is 50 per cent based on the property’s share value and 50 per cent based on the floor area.
Using the 50:50 method, Dynamic Investment received S$6.4 million from the sale. But if the sale was based solely on floor area, it would have received about S$2.4 million more.
Source : Channel NewsAsia – 19 Feb 2008
In its decision in July, STB acknowledged that Dynamic Investments would have been paid more if a different method of apportionment of proceeds was used.
STB, however, maintained that the method chosen was not made in bad faith.
The three appeal judges agreed and turned down Dynamic Investments’ appeal because they found “no elements of bad faith in determining the distribution of sale proceeds”.
Dynamic Investments wanted the share of proceeds to be determined solely by floor area instead of the 50:50 method, which is 50 per cent based on the property’s share value and 50 per cent based on the floor area.
Using the 50:50 method, Dynamic Investment received S$6.4 million from the sale. But if the sale was based solely on floor area, it would have received about S$2.4 million more.
Source : Channel NewsAsia – 19 Feb 2008
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