HT 1 and 2

The failed Horizon Towers buyers have sent a a letter to lawyers representing the MAJORITY owners who signed the original sales deal..... alleging the sellers are in breach of contract.

I have no idea how this will eventually pan out, the developer went into this sale knowing it was conditional to STB approval. The majority could theoretically sue the Property Agent and Lawyers for negligence for not getting the papers in order.

What is certain, though, is that the MINORITY owners are clear from this possible financial fallout. Since they didn't sign the CSA, nor any sales agreement, no one can sue them for breach of contract.

According to the Straits Times (Tues, Aug 7); the consortium of buyers are urging the sellers to extend the deadline for the sales option. The SC can extend the option by 4 months and make a fresh application to the STB. What is not clear is whether or not this will make any difference as we do not know the exact nature of the "irregularity" in the sales process that scuttled the sale at the STB. Is it fixable? The sale price would also remain unchanged.

So, the majority has 4 options:

1. 
   
   Extend the deadline and make a fresh STB application
2. 
   
   Appeal to the High Court to reconsider STB's decision.
3. 
   
   File an originating Summons with the High Court to decide if the Sales and purchase agreement is still valid
4. 
   
   Call the developer's bluff and be sued for breach of contract

One off-shoot from all this is that being a majority owner now comes with inherent risks. RISKS THAT WERE NEVER HIGHLIGHTED AT ANY EN BLOC MEETING. Who in their right minds would want to take on that risk? It's safer to stay on the sidelines, let others roll the dice at the STB. Stalemate. Collective sales might even come to a standstill.

AUG 25

I have reviewed my earlier, unclear comments.

The HT saga is getting very serious. Big money ($30,000/majority unit) is involved if they decide next Wednesday to take up the challenge and fight the developer. I hope the majority owners have the courage (and the money) to see this through to the end. This episode needs conclusion

Part 1 of the saga: I was of course on the side of the minority, but they are now out of the picture and safe in their homes. They can go on with their lives undisturbed by the unfolding events. They won fair and square.

Part 2: As a reasonable person, I am not unsympathetic to the majority's plight as they are now acting like a minority under siege! They have to fight their corner, even though their problems are primarily of their own making. I hope the real culprits eventually get to face the music, too, in a court of law. Basically, I want all owners to come out of this debacle unscathed, minority (and they have) and yes, the majority, too.