Futura minority owners withdraw appeal against en bloc sale
By Woon Siew Leng, 938LIVE | Posted: 03 April 2008 1747 hrs
SINGAPORE: Minority owners of the Futura condominium on Leonie Hill Road have withdrawn their appeal against the en bloc sale of the property.
The reasons for the decision have not been disclosed.
Futura was sold to City Developments' subsidiary City Sunshine in October 2006 for S$287 million. This means each unit owner will get between S$3.7 million and S$9.4 million.
However, some minority owners complained that the deal was not done in good faith, with no land survey done.
They also contended that a meeting of owners was not called before the price was accepted.
Now that the appeal has been withdrawn, the sale must be completed within a month. - 938LIVE/ac
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