Page 1 of 11 123456 ... LastLast
Results 1 to 10 of 109

Thread: NUS link in Gillman Heights sale under query

  1. #1
    Any complaints please PM me
    Join Date
    May 2006
    Posts
    8,129

    Default 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

  2. #2
    Unregistered
    Guest

    Default 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.

  3. #3
    Unregistered
    Guest

    Default 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.

  4. #4
    Unregistered
    Guest

    Default 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 ?

  5. #5
    Unregistered
    Guest

    Default 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!!

  6. #6
    Unregistered
    Guest

    Angry 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.

  7. #7
    Unregistered
    Guest

    Question Re: NUS link in Gillman Heights sale under query

    Truth is stranger than fiction!

  8. #8
    Unregistered
    Guest

    Thumbs down 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.

  9. #9
    Unregistered
    Guest

    Default 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!

  10. #10
    Unregistered
    Guest

    Default Re: NUS link in Gillman Heights sale under query

    ENBLOC may "come n go." But the ENBLOC BS "stays."

Page 1 of 11 123456 ... LastLast

Similar Threads

  1. Gillman Heights sale finally completed
    By mr funny in forum En Bloc Discussion and News
    Replies: 7
    -: 23-05-09, 15:55
  2. GILLMAN HEIGHTS: Final bid by 10 owners to end transaction
    By mr funny in forum En Bloc Discussion and News
    Replies: 1
    -: 04-02-09, 15:23
  3. Gillman Heights en bloc dispute goes to Court of Appeal
    By mr funny in forum En Bloc Discussion and News
    Replies: 0
    -: 17-12-08, 17:08
  4. Some Gillman Heights owners fight on for their homes
    By mr funny in forum En Bloc Discussion and News
    Replies: 19
    -: 10-04-08, 20:25
  5. CapitaLand buys Gillman Heights for $548 million
    By ahlahdin in forum En Bloc Achieved
    Replies: 8
    -: 07-02-07, 11:08

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •