STB rejects Finland Gardens' collective sale
In a rare decision, the Strata Titles Board (STB) threw out the collective sale application of Finland Gardens in Siglap after it failed to meet statutory requirements.
The minority objectors claimed - among other things - that the sale had been rushed and was not conducted in "good faith". Eight out of 48 owners (16.7%) objected to the sale at the STB hearing.
The objectors also alleged that the prices were not arrived at competitively and that the sale committee had rushed the sale of Finland Gardens when there was no reason to - since real estate prices were escalating.
In a filing with the Singapore Exchange, the buyer, listed company Sing Holdings Ltd, said the application was dismissed on the grounds that statutory requirements had not been fully complied with.
The minority objectors claimed - among other things - that the sale had been rushed and was not conducted in "good faith". Eight out of 48 owners (16.7%) objected to the sale at the STB hearing.
The objectors also alleged that the prices were not arrived at competitively and that the sale committee had rushed the sale of Finland Gardens when there was no reason to - since real estate prices were escalating.
In a filing with the Singapore Exchange, the buyer, listed company Sing Holdings Ltd, said the application was dismissed on the grounds that statutory requirements had not been fully complied with.
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