MAJORITY owners at Horizon Towers are considering their next step following last Thursday's surprise decision by the Court of Appeal to throw out the collective sale.

The owners will meet their lawyers on April 16 to discuss their options, including the possibility of suing the original sale committee for breaching its duties.

The committee bore the brunt of severe criticism in the Court of Appeal ruling.

It cited the committee's hasty agreement to sell Horizon Towers, its failure to follow up on a higher offer, and its negligence in not disclosing a possible conflict of interest.

This centred on two owners who bought additional units just before they were appointed to the estate's sale committee.

The ruling brings to an end the long saga of the collective sale of the Leonie Hill estate.

The sale was mooted in October 2005 and the owners agreed to a reserve price of $500 million the following year.

A deal was signed in January 2007 when the majority owners accepted a price of just below $850 per sq ft of gross floor area from Hotel Properties and its two partners.

The 199 owners of the 99-year leasehold estate would each have pocketed about $2.3 million, while the 11 penthouse owners would each have received $4 million to more than $6 million.

A series of court challenges followed. Some majority owners turned against the deal when they saw how the soaring market had made their sale price look like a giveaway.

Read the full story and more reports in today's edition of The Sunday Times.