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NUS link in Gillman Heights sale under query
NUS link in Gillman Heights sale under query
By Teo Xuanwei, TODAY | Posted: 17 March 2008 1032 hrs
SINGAPORE: Fresh revelations about the relationship between the National University of Singapore (NUS) and purchaser Ankerite have surfaced, adding a new twist to the Gillman Heights condominium collective sale brouhaha.
Acting for a group of minority owners fighting to scupper the Strata Titles Board's (STB) approval of the S$548-million sale of the property to developer CapitaLand, Senior Counsel Michael Hwang revealed in submissions to the High Court last Friday that condo majority owner NUS became a shareholder of Ankerite sometime around July 5 last year — about five months after the en bloc sale was inked.
This fact, which was not available to the STB before it approved the deal, meant the Board was unable to make a "fully-informed judgment".
CapitaLand had reportedly announced on May 15 last year that HPL Orchard Place and "two private funds" had bought 50 per cent of its subsidiary Ankerite.
The court learnt on Friday that the NUS was one of the two unidentified private funds and had acquired a 15-per-cent stake in Ankerite. The NUS owns 303 units, or about half, of the property.
The 22 owners are also citing other grounds to oppose the sale of the sprawling 607-unit Alexandra Road estate. They revolve around how the former HUDC estate's age was calculated, the way the sale process was conducted and how the sale price was arrived at.
One of the issues was whether Gillman Heights had acquired consent from 90 per cent of the owners for an en bloc sale if it were less than 10 years old.
Although it was completed in 1984, the condo only underwent privatisation in 1995 and acquired the Temporary Occupation Permits or Certificates of Strata Completion (CSC) in 2002. At the time, the NUS had agreed to the en bloc sale on June 22, 2002, the agreeing signatories made up 82.43 per cent only.
However, Senior Counsel Quek Mong Hwa, who is representing the majority owners, said en bloc sales of three privatised HUDC estates — Amberville, Waterfront View and Farrer Court — had been successfully completed before the Gillman Heights saga.
Two other similar estates, Minton Rise and Tampines Court, were also awaiting approval from the STB.
In his rebuttal, Mr Hwang said these estates did not have Temporary Occupation Permits or Certificates of Strata Completion issued by the Building and Construction Authority at the time the en bloc sales were completed.
On Sunday, some of the 22 minority owners told TODAY they were fighting to overturn the deal because they "love their homes". The hearing continues tomorrow. - TODAY/ar
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Re: NUS link in Gillman Heights sale under query
I am shocked that NUS has done such a thing.
If NUS had wanted to do so, at least they should reveal this front end rather than have to be found out first.
Good job Michael Hwang.
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Re: NUS link in Gillman Heights sale under query
This is reality! NUS take it as a business deal, an investment.
They didn't care how it will affect genuine home owners!
May justice be prevailed.
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Re: NUS link in Gillman Heights sale under query
If indeed the report is true, then a grave injustice had been done to the owners. NUS should have made full disclosure of their interest right in the beginning. Wonder what happened. Surely an institution like NUS need not behave like greedy developers ?
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Re: NUS link in Gillman Heights sale under query
I find it quite disgraceful that an educational insutuition which markets itself as a world class educator be caught involved in such compromising business acts. Such a total conflict of interest!!
I wish the owners of Gillman Heights all the best and may you preserve your homes!! and beat the unscrupulous in the dirty commerical deals!!
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Re: NUS link in Gillman Heights sale under query
Quote:
Originally Posted by Unregistered
I find it quite disgraceful that an educational insutuition which markets itself as a world class educator be caught involved in such compromising business acts. Such a total conflict of interest!!
I wish the owners of Gillman Heights all the best and may you preserve your homes!! and beat the unscrupulous in the dirty commerical deals!!
You see the en bloc culture has bad influence to all sectors, including educational institution. Is is time that the educationists start to re-education themselves the very basis of value in life, where forturnately money is not the priority.
Let's value our home and protect it from being robbed.
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Re: NUS link in Gillman Heights sale under query
Truth is stranger than fiction!
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Re: NUS link in Gillman Heights sale under query
Is this some sort of secret deal that NUS or Capitaland need to keep it under cover?
I believe this revelation will have a negative effect on Singapore as an education hub.
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Re: NUS link in Gillman Heights sale under query
An enbloc novel cannot be immaculate. It has to have lots of twist. It makes the sale more interesting. So Wousy!
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Re: NUS link in Gillman Heights sale under query
ENBLOC may "come n go." But the ENBLOC BS "stays."
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Re: NUS link in Gillman Heights sale under query
Would be interesting to see what the "secret deal" is. Can't wait for the next episode.
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Re: NUS link in Gillman Heights sale under query
University School fee hike continue !
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Re: NUS link in Gillman Heights sale under query
So much ado about nothing. NUS bought into Ankerite after the en bloc sale. There is nothing wrong with that.
If it comes to the crux, they should have been stopped from the purchase of Ankerite, not from selling Gillman Heights. The chronology is important.
From owning half of the property to owning 15% of the purchaser, there is nothing illegal about the sales transaction. Eg. if an enbloc developer offers new units in exchange, the owners are allowed to take the exchange. Everything is above board.
Please say something serious instead of just throwing mud at NUS.
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Re: NUS link in Gillman Heights sale under query
Even if the idea of buying into the Buyer "suddenly" arose after the decision to sell, NUS still has to explain why they did not disclose this before the STB.
And was the " exchange" scheme offered to all sellers?
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Re: NUS link in Gillman Heights sale under query
Question is why NUS want to buy into Ankerite - a company set up for the enbloc purchase ?
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Re: NUS link in Gillman Heights sale under query
Hypothetically, if I own 80% of the estate and I agree to sell the estate at $350psf. Subsequently, I invest in the buyer. Do I have a duty to declare to STB that I am now one of the investor? (If I take away the votes of NUS, the percentage of owners who agree to the sale is only 60%)
Where can the minority owners, people who only own a single property and very likely live in it their whole life ensure that the deal was done in good faith.
I do think that we should question not just the justification of the “Buy” by NUS but also the “Sale” in the case.
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Re: NUS link in Gillman Heights sale under query
So many questions. Where are the answers ?
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Re: NUS link in Gillman Heights sale under query
Quote:
Originally Posted by Unregistered
So many questions. Where are the answers ?
The answer is 80% of the vote had been achieved to sell. Then is a done deal.
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Re: NUS link in Gillman Heights sale under query
The question is whether NUS was already in discussion with Capital Land even before the sale was done.
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Re: NUS link in Gillman Heights sale under query
Quote:
Originally Posted by Unregistered
The question is whether NUS was already in discussion with Capital Land even before the sale was done.
God knows.
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Re: NUS link in Gillman Heights sale under query
Quote:
Originally Posted by Unregistered
The question is whether NUS was already in discussion with Capital Land even before the sale was done.
One has to bear in mind that NUS did not start the en bloc process. They were the passive majority. And if they found an opportunity to reinvest their proceeds, they are well within their rights.
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Re: NUS link in Gillman Heights sale under query
Did I just read the previous comment say: “They are well within their rights!!!” Do these rights include the right as a subsidiary proprietor to have a relationship with the purchaser whereby they become the purchaser?
You said: “So much ado about nothing. NUS bought into Ankerite after the en bloc sale. There is nothing wrong with that.”
. . . “From owning half of the property to owning 15% of the purchaser, there is nothing illegal about the sales transaction.”
There is most definitely something illegal in question here not "nothing illegal" as the Land Title (Strata) (Amendment) Bill No. 32/2007 clearly says (9) The Board shall not approve an application made under subsection (2) – (a) if the Board is not satisfied that – (i) the transaction is not in good faith after taking into account only the following factors: . . . (C) the relationship of the purchaser to any of the subsidiary proprietors;
Comments about one’s rights and what is legal or illegal cannot be a matter of mere opinion but a matter of Law. Unless we are suggesting we have the right to break the Law. Certainly not! Let the High Court decide since there is clearly a question here as to the relationship of the purchaser to the majority subsidiary proprietor in question.
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Re: NUS link in Gillman Heights sale under query
It was said previously: “So much ado about nothing. NUS bought into Ankerite after the en bloc sale. There is nothing wrong with that.”
Let me highlight, GILLMAN HEIGHTS IS NOT SOLD as the SALE IS NOT COMPLETED yet. That is why there is a completion date given on March 20th, 2008. Consequently, whatever NUS has done before 20/3/08 is done before the sale not after the enbloc sale. There is everything wrong with NUS buying into Ankertite before the enbloc sale is completed!!!!
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Re: NUS link in Gillman Heights sale under query
Does anybody knows the history of how NUS acquired 300+ units of Gillman Heights from the Govt.? and lots of units were unoccupied for a long time???
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Re: NUS link in Gillman Heights sale under query
Anybody knows what happened at the appeals today?
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Re: NUS link in Gillman Heights sale under query
Quote:
Originally Posted by Unregistered
Anybody knows what happened at the appeals today?
Nothing much. The summaries were given. The judge reserved judgment. Finished at lunchtime.
Some nice oratory by Huang and the lawyer for the appealing majority.
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Re: NUS link in Gillman Heights sale under query
So have they changed the completion date or is it still 20th March 08? When is judgment going to be given? Any idea?
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Re: NUS link in Gillman Heights sale under query
Quote:
Originally Posted by Unregistered
So have they changed the completion date or is it still 20th March 08? When is judgment going to be given? Any idea?
Decision date not known. There will be a stay on completion, of course.
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Re: NUS link in Gillman Heights sale under query
For all your hue and cry, there is no lack of good faith on NUS's part. The S&P was done a good five months before their puchase of Ankerite. And all that needed was STB approval.
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Re: NUS link in Gillman Heights sale under query
Sound like the judge dunno what to do next.
Ha Ha.