Court halts $590 million collective sale of Thomson View

[Extremist]

The High Court has halted the $590 million collective sale of Thomson View Condominium and slammed the behaviour of marketing agent HSR, in a landmark judgment released yesterday.

Experts say the ruling by Justice Andrew Ang could have a chilling effect on the collective sales market as it means that developers will face the difficult task of keeping a much closer eye on the behaviour of sales committees and marketing agents.

Justice Ang said HSR had "egregiously breached" its duty to avoid conflict of interest during the sale process by paying some owners to back the deal. He noted that by offering incentive payments to select owners, HSR in effect was reducing its own commission from the sale, but to the benefit of only those owners.

The ultimate outcome was that HSR was acting in "bad faith" regarding the distribution of the collective sales proceeds by HSR to unit owners, he said...

 

[Tuayapeh]

The High Court has halted the $590 million collective sale of Thomson View Condominium and slammed the behaviour of marketing agent HSR, in a landmark judgment released yesterday.

Experts say the ruling by Justice Andrew Ang could have a chilling effect on the collective sales market as it means that developers will face the difficult task of keeping a much closer eye on the behaviour of sales committees and marketing agents.

Justice Ang said HSR had "egregiously breached" its duty to avoid conflict of interest during the sale process by paying some owners to back the deal. He noted that by offering incentive payments to select owners, HSR in effect was reducing its own commission from the sale, but to the benefit of only those owners.

The ultimate outcome was that HSR was acting in "bad faith" regarding the distribution of the collective sales proceeds by HSR to unit owners, he said...

nimpeh was going to ask.....


wtf is those lazy cheebye kiahs in the fucking CPIB gonna do about this?

isnt there a glaring corruption offence committed on the face of the evidence here or they only interested in fixing public servants niah???

 

[TopSage]

The High Court has halted the $590 million collective sale of Thomson View Condominium and slammed the behaviour of marketing agent HSR, in a landmark judgment released yesterday.

Experts say the ruling by Justice Andrew Ang could have a chilling effect on the collective sales market as it means that developers will face the difficult task of keeping a much closer eye on the behaviour of sales committees and marketing agents.

Justice Ang said HSR had "egregiously breached" its duty to avoid conflict of interest during the sale process by paying some owners to back the deal. He noted that by offering incentive payments to select owners, HSR in effect was reducing its own commission from the sale, but to the benefit of only those owners.

The ultimate outcome was that HSR was acting in "bad faith" regarding the distribution of the collective sales proceeds by HSR to unit owners, he said...

Applause for the strong ruling by Andrew Ang. The "extra" payment to certain members that is not disclosed to others in the condo is tantamount to a bribe. This set the standard for other en bloc cases. HSR's dirty tactics is disgusting.

 

[I_Hate_Pappies]

This is a common practice in most en-bloc cases. How did it got busted?

 

[halsey02]

This is a common practice in most en-bloc cases. How did it got busted?

It was a common practice way back then, to go into those shops that sells joss sticks, joss papers etc., for a rectangular paper with drawings of people. You take that paper, paste it on the road side, or on wall or ?? then you take out your shoe or slipper, you slap the paper very hard. In which they call, 'da siao ren' or 'da siew yan'.

Those who were involved in the collective sales, did not, 'slap it hard enough' or offer enough, 'sticky rice balls' in sweet syrup to those 'da siao ren', so they went & 'poon pi pi' to the authorities!! ha ha ha ha

 

[peppertail]

Indeed a good and strong ruling that was long overdue. But did they actually break a law? Any punishment for those involved? Halting the sale affects everybody, even the innocent parties.

 

[peppertail]

Here is the whole story: http://business.asiaone.com/news/court-halts-thomson-view-collective-sale

SINGAPORE - The High Court has halted the $590 million collective sale of Thomson View Condominium and slammed the behaviour of marketing agent HSR, in a landmark judgment released on Wednesday.

Experts say the ruling by Justice Andrew Ang could have a chilling effect on the collective sales market as it means that developers will face the difficult task of keeping a much closer eye on the behaviour of sales committees and marketing agents.

Justice Ang said HSR had "egregiously breached" its duty to avoid conflict of interest during the sale process by paying some owners to back the deal. He noted that by offering incentive payments to select owners, HSR in effect was reducing its own commission from the sale, but to the benefit of only those owners.

The ultimate outcome was that HSR was acting in "bad faith" regarding the distribution of the collective sales proceeds by HSR to unit owners, he said.

The case was heard over five days in June and centred on an application by Thomson View's collective sales committee to approve the sale, which had stalled after some owners' objection.

The objectors - represented by law firms Drew & Napier, Daisy Yeo & Co and Kelvin Chia Partnership - told the court that the sale should be canned as it was not made "in good faith".

As well as the issue of HSR paying a few owners to back the sale, the agreed price was another bone of contention among some owners.

They said the $590 million offer accepted by the sales committee was too low in light of a government announcement in August last year of a Thomson Line MRT station to be built nearby.

However, Justice Ang ruled that the sales committee's behaviour during the sale and marketing of the property "did not amount to bad faith".

The tender for the 540,314 sq ft Thomson View site had been awarded to Wee Hur-Lucrum, a joint venture between mainboard- listed Wee Hur Development and private equity investment firm Lucrum Capital, at $712 per sq ft per plot ratio in September last year.

Wee Hur-Lucrum's lawyer Lee Liat Yeang of Rodyk & Davidson said it needed time to analyse the judgment before deciding on its next course of action.

The Thomson View en bloc was one of the largest such deals in recent years and the owners' success in securing a buyer at $590 million had been taken as a sign of improving sentiment.

The ruling will focus attention on another mega collective sale that has yet to close - Eunosville opposite Eunos MRT station. It went on the market in June with an asking price of $688 million.

 

[MBSSLOTS]

peppertail the fox sprit.. did u seduce leongsam to give you 360 points!

you are such a low class dirtslut! :oIo:

 

[peppertail]

peppertail the fox sprit.. did u seduce leongsam to give you 360 points!

There are some people that appreciate my valuable contributions to this forum!

 

[MBSSLOTS]

There are some people that appreciate my valuable contributions to this forum!

gimme a break!

you are no different from a fucking beggar! :oIo:

ZERO integrity.

You want points! Buy! Dont BEG!

 

[peppertail]

gimme a break!

you are no different from a fucking beggar! :oIo:

ZERO integrity.

You want points! Buy! Dont BEG!

You are just jealous because your only source of points is money and clones. Nobody likes you .

 

[MBSSLOTS]

You are just jealous because your only source of points is money and clones. Nobody likes you .

And you mean you have people liking you in SBF? :oIo:

 

[Tuayapeh]

And you mean you have people liking you in SBF? :oIo:

I must unequivocally state that i hate this cheebyekiah!!