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Cairnhill Heights sale: Would-be buyer pulls out

makapaaa

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<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0><TBODY><TR><TD class=msgtxt><TABLE cellSpacing=0 cellPadding=0 width="100%" border=0><TBODY><TR><TD>Cairnhill Heights sale: Would-be buyer pulls out
</TD></TR><TR><TD><!-- headline one : end --></TD></TR><TR><TD>Developer cites poor market conditions for 11th-hour decision </TD></TR><TR><TD><!-- Author --></TD></TR><TR><TD class="padlrt8 georgia11 darkgrey bold" colSpan=2>By Joyce Teo </TD></TR></TBODY></TABLE>
A DEVELOPER has backed out of a planned $44 million purchase of an enbloc sale site in the prime Cairnhill area at the 11th hour - sparking anger from some of the home owners.

The firm, Jewel 1, blamed 'difficult, uncertain and deteriorating market conditions' for its decision to pull out of buying Cairnhill Heights.
The move came just 20 days before the deal to buy the 19-unit condo was due to have been completed on Feb 24, the condo's sales committee said yesterday. The developer, wholly owned by one shareholder, will have to forfeit its 5 per cent deposit of $2.2 million.
'This really feels like a stab in the back. Where is the good faith?' said one owner, also a sales committee member, who declined to be named.
The decision came despite a protracted legal battle in which Jewel fought for the right to buy the site.
The developer outlined its decision in a letter to the lawyer involved in the proposed sale.
Three sale committee members told The Straits Times they felt let down by the developer, as they regarded the firm as a partner in a deal that they had robustly defended against all challenges, believing it was a reputable property developer.
Jewel 1, which was registered in 2006, has only one shareholder and director - Mr Cheong Sim Lam. He was not available for comment.
Mr Cheong's family owns Hong Fok Realty, and he is the uncle of SC Global chief Simon Cheong.
He had agreed to buy Cairnhill Heights in May 2007, at the height of the property boom and amid a frenzy of collective sale deals.
The Strata Titles Board granted the sale in March last year. An objector at Cairnhill Heights then took the case to the High Court but lost the appeal in November.
A sale committee member who wished to remain anonymous said: 'Having been on the same side for almost two years now, sometimes fighting shoulder-to-shoulder to secure the sale, the last thing you would have expected is for your contracting party to turn around and leave you in the lurch.'
The sale committee said it has reserved all options in terms of possible legal recourse.
Owners of the 19 units will get their share of the forfeited deposit, after deducting for expenses, which are still being calculated.
If the sale had gone through, each owner would have received $1.97 million to $2.5 million, apart from the sole penthouse owner, who would have pocketed $5.5 million.
About half of the owners have rented out their units. One of the owners lives there but also own properties elsewhere in Singapore.
At least one owner is believed to have already bought a replacement property - assuming the full sale price would soon be paid - and is now stuck with two homes.
One owner, businessman Georg Mechtler, said: 'We felt aggrieved, having committed for more than two years to sell this property while the market kept climbing. Now, we have missed all our selling opportunities of this cycle. And the buyer only forfeits a miserable 5 per cent.'
Still, not all owners are upset. One said she is happy that an architectural icon has been preserved. Cairnhill Heights was designed by Singapore- based architect Geoff Malone. 'We should keep evidence of our architectural heritage,' she said.
[email protected]

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lifeafter41

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Asset
Interestingly the buyer is able to just forfeit the 5%. But when you sign the S and P agreement to buy a condo, even after paying 5% or 20% even if want to back out also cannot. Sure kenna sued.
 

commoner

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Loyal
you guys went into en bloc sales eyes big big, now deal fell thru', the contracting party simply exercise his rights not to buy,,,, so what you guys wanna do? sue him? what lost opportunities of selling? you folks go to en bloc sale because it commands a much higher price during that time,,,,,, stupid f***ers
 

silverfox@

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Interestingly the buyer is able to just forfeit the 5%. But when you sign the S and P agreement to buy a condo, even after paying 5% or 20% even if want to back out also cannot. Sure kenna sued.

Every agreement is different if drafted to requirements. If the person signs on the dotted line, meaning they agree to the agreement. What is there to dispute? If the owners are complaining, they should have done that before signing to the developer and sales commitee agreement and get the agreement drafted again.
 

numero uno

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you guys went into en bloc sales eyes big big, now deal fell thru', the contracting party simply exercise his rights not to buy,,,, so what you guys wanna do? sue him? what lost opportunities of selling? you folks go to en bloc sale because it commands a much higher price during that time,,,,,, stupid f***ers

LOL. This en bloc thing just goes to show how sh!tty some of the owners are!!! afterall it is in the contract and the buyer has no obligation to follow through the deal as he just need to forfeit the deposit. Bustards all of of them. behaving like spoilt brats. no Cow beh cvow bu like some real assh#loes. I am really really happy they got sh!t on their face and deal fell through as property prices would drop 50% at least as in HK. so their pigeon holes not worth much and developers probably predicted it going to get very worse aadn pull out. Right on!!!! screw them right . more of such thuings goiing to happen in next 6 months and this recession is going to last for 3 years at least. alreadty in UK they are predicting a 10 year long recession like in Japan. ALL this bullsh!t about manipulating property prices for asset enhancement is all a big con job by the developers!!!!!!!!!!! the owners feel aggrived but I felt very happy !!!!! Justice is served
 

numero uno

Alfrescian
Loyal
Interestingly the buyer is able to just forfeit the 5%. But when you sign the S and P agreement to buy a condo, even after paying 5% or 20% even if want to back out also cannot. Sure kenna sued.

get real. it's a free world. not happy with terms don't buy.
 

commoner

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Loyal
some owners so happy can sell en bloc, go and buy another property at the peak of property prices, now buyer back out, sellers carry a bomb,,,,serves them right
 
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