Source : Business Times - 9 Feb 2009
SINGAPORE’S Court of Appeal on Monday dismissed an appeal by minority owners Gillman Heights to stop the collective sale of the property.
CapitaLand, Hotel Properties and two private funds, in 2007 agreed to buy the property for $548 million.
But a group of minority owners had gone to the Court of Appeal to try and overturn the previous High Court’s ruling which allowed the sale to go ahead.
The main issue is the level of consent needed for the sale to go ahead. Currently, 80 per cent is needed if the development is more than 10 years old, 90 per cent if it is less than that. The minority owners had argued that because Gillman Heights obtained its certificate of statutory completion only in 2002, it needed 90 per cent.
However, the judges ruled today that only 80 per cent is required - which means that the sale can now go through.
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