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The High Court granted a sale order for the $ 610 million Goodluck Garden collective sale on Monday following a protracted dispute, but Judge Woo Bih Li also criticized marketing agent Knight Frank, the Property Sale Committee (CSC) and the lawyers for CSC, Rajah & Tann. for the way they handled the sale.
The owners of the 210-unit freehold residential complex on Toh Tuck Road went to court after several owners objected to the sale.
Monday morning in court, Judge Woo said that the valuation of the property by International Colliers, in the amount of 542 million Singapore dollars, was not flawed, so that a belated evaluation of 637 million Singaporean dollars by Asian Assets Allianz – on which opponents were based -.
He also disagreed with the dissenters' arguments that the fact that two CSC members had real estate-owning parents in Goodluck Garden was a real or potential conflict of interest. It was not suggested that the distribution of the proceeds of the sale was unfair, he said.
These and other factors led him to find no bad faith in the collective selling process.
But he also said that CSC should have extended the call for bids by at least a week to give bidders more time and invite owners to decide next steps as a result of news. information that there is in fact no development charge on the property. . The collective selling committee was informed by the authorities before the closing of the call for tenders.
Marketing agent Knight Frank had previously communicated to homeowners several estimates regarding downtown, the highest amounting to 63.19 million US dollars. He launched the call for bids before obtaining an official response from the Urban Redevelopment Authority (URA) on the actual amount of this scheme.
Judge Woo also stated that the distribution of the proceeds of the sale and the terms and conditions of the collective sales agreement (CSA) should have been approved at a general meeting of the management company and by "means declared "such as the vote.
Rajah & Tann had informed CSC that signing the collective sale agreement after the meeting was sufficient for the owners who had agreed to these terms.
About 50 people attended the hearing.
Opponents are represented by Adrian Tan of TSMP Law Corporation.
Qingjian, the buyer of Goodluck Garden, declined to comment when the Business Times approached him.
This article was published for the first time in the Business Times. Permission required for reproduction.
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