July 26, 2008
COLLECTIVE SALE
CapitaLand appeal on Gillman deadline
CAPITALAND, the lead buyer of Gillman Heights, has asked the Court of
Appeal to review one point of a High Court ruling that allowed the
estate's collective sale to proceed.
Its move comes after a group of 10 minority owners from the estate
filed an appeal over the sale earlier this week.
CapitaLand bought the $548 million Gillman Heights site together with
Hotel Properties and two private funds. The sale was opposed by some
owners but was eventually given the go-ahead by the High Court.
But in dismissing the objecting owners' appeal, the Court also ruled
that the sale committee could not agree to extend the deadline for
obtaining the Strata Titles Board's approval to Feb 5.
This was despite a supplemental collective sale agreement that had
made a valid extension of the deadline to this date.
It is this point that CapitaLand is focusing on. Its legal move is to
protect itself if the point is raised by the minority owners at the
court hearing.
A spokesman said: 'The filing of the cross-appeal is primarily
technical and the aim is to preserve and strengthen our position in
the Court of Appeal hearing.'
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