HORIZON TOWERS

Horizon Towers also had it's day today in the Court of Appeal.

4 owners are appealing the July 2007 high Court decision

Judgement is reserved to an unspecified future date.

According to the Pariah, points about 'qualified privilege', and the 'sale committee, as agent ignoring the wishes of the Majority consenters as principles in asking for re-affirmation of the en bloc mandate' were forwarded.

It's not the end of the road yet!


Two year battle to kill deal will end on Friday

Four owners of Horizon Towers want the Court of Appeal to throw out a decision handed down last July that backed the $500 million sale of the property to Hotel Properties (HPL) and its partners, Morgan Stanley Real Estate and Qatar Investment Authority. Objectors have been fighting for two years to have the deal overturned. Their key objection is the loss of their homes, particularly at what they see as a giveaway price and by a process they feel was badly handled. The saga began in January 2007 when the majority owners accepted a price of just under $850 psf of gross floor area for the 99-year leasehold estate in Leonie Hill. The 199 apartment owners would each have pocketed about $2.3 million while the 11 penthouse owners would have received at least $4 million each. But when the property market began climbing after the deal was signed, many owners believed their $500 million reserve price was too low. HPL has obtained provisional permission to turn the Horizon Towers site into 253 flats and eight detached houses. The court will hand down its judgment on Friday  

Straits Times - 04 Feb 2009