High Court approves Shunfu Ville collective sale

Property developer Qingjian Realty yesterday obtained High Court approval for the collective purchase of Shunfu Ville estate.

The Straits Times understands that two owners who had objected to the sale were at the High Court yesterday, but were not represented by lawyers.

No written judgment was issued, but the objecting owners have 30 days to file an appeal.

Dentons Rodyk and Davidson senior partner Lee Liat Yeang, who is acting for Qingjian, said: "This is an important jab of confidence in the collective sale market, which has not seen much success in the past few years."

In May last year, around 82 per cent of Shunfu Ville owners agreed to sell the 358-unit privatised Housing and Urban Development Company estate to Qingjian Realty.

Each flat owner stood to pocket an average of $1.782 million, after they had agreed to lower the reserve price from $688 million to $638 million.

But Qingjian faced a hiccup in October, when five owners objected to the sale. This meant that the deal needed High Court approval. Owners can object on grounds such as financial loss, even after the sale committee gets the requisite percentage of owners' approval.

The Straits Times understands that three of the objecting parties eventually withdrew their objections. It is not clear why the two remaining owners are objecting.

Qingjian managing director Li Jun told The Straits Times the company was "very happy" to have obtained the High Court's approval.

He added that while the company would wait 30 days, in case of appeal, it was examining plans and designs for the estate.

Mr Kenneth Szeto, a partner at law firm Colin Ng and Partners, said an appeal could be based on a point of law, or a combination of law and facts decided by the High Court.

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A version of this article appeared in the print edition of The Straits Times on January 05, 2017, with the headline High Court approves Shunfu Ville collective sale. Subscribe