http://www.businesstimes.com.sg/arch...-sale-20130605

Published June 05, 2013

Thomson View owners get more time to obtain Order of Sale

By carine lee


WEE Hur Holdings yesterday said the consenting owners of Thomson View condominium have another six months to obtain an Order of Sale approving the collective sale and purchase of the condominium.

The original deadline was yesterday.

Wee Hur's 51 per cent owned subsidiary, Wee Hur-Lucrum Pte Ltd, was awarded the tender for the collective sale in September last year for a purchase price of $590 million.

This works out to $712 per sq ft per plot ratio for the 540,314.4 sq ft, 99-year leasehold estate. It has a remaining term of about 62 years.

However, some owners of Thomson View have filed objections against the collective sale.

The High Court case is set for a five-day hearing from June 24.

Wee Hur said the extension of the deadline gives the consenting owners more time to settle the court case.

Wee Hur had established Wee Hur-Lucrum Pte Ltd last year with private equity investment firm Lucrum Capital Pte Ltd for the primary purpose of acquiring and redeveloping Thomson View.

The joint venture was looking to get a fresh 99-year lease from Singapore Land Authority, and permission from the Urban Redevelopment Authority to redevelop the property into a condominium development with apartment blocks of up to 24 storeys and a gross plot ratio of 2.1.

Wee Hur Construction Pte Ltd was to be the main contractor.

The acquisition of Thomson View condominium will build up the development portfolio of Wee Hur Group and with Wee Hur Construction's appointment as main contractor, serves to boost the group's construction order book.

Wee Hur ended trading down half a cent at 42.5 cents before the extension was announced yesterday.