Industrial building's collective sale gets nod from top court

It dismisses unit owner's bid to block deal and finds sale committee did not act in bad faith

The eight-floor Citimac Industrial Complex is a freehold building near Tai Seng MRT comprising a factory, warehouse and showroom units. It was sold to a foreign developer last year.
The eight-floor Citimac Industrial Complex is a freehold building near Tai Seng MRT comprising a factory, warehouse and showroom units. It was sold to a foreign developer last year.ST PHOTO: ONG WEE JIN

The top court gave the go-ahead for a rare collective sale of an industrial building when it dismissed a bid by the lone objector to block the $430 million deal.

Unit owner Low Kwang Tong claimed the collective sale committee had acted in bad faith in determining the size of his share of the collective sale proceeds under the agreed method of apportionment.

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A version of this article appeared in the print edition of The Sunday Times on December 02, 2018, with the headline 'Industrial building's collective sale gets nod from top court'. Print Edition | Subscribe