Record-Breaking Collective Sale Approved: Chuan Park Set For Stunning Redevelopment
The High Court has given its approval for the record-breaking collective sale of Chuan Park, paving the way for a stunning redevelopment of the property.
With an impressive price tag of $890 million, this sale has surpassed previous sales records.
The majority of the 342 units, representing a significant share value and strata area, have given their consent for the sale, meeting the legal requirement.
However, some dissenting owners have raised concerns about the conduct of the collective sale committee, alleging a lack of good faith and failure to disclose important information.
The court, after careful consideration, ruled in favor of the sale, stating that the dissenting owners failed to provide sufficient evidence to support their claims.
Key Takeaways
- Chuan Park's $890 million collective sale has been approved by the High Court.
- The sale surpasses the Tulip Garden sale in 2019 and the Thiam Siew Avenue sale in 2021.
- 342 units with a total share value of 1,409 shares (80.93%) and total strata area (80.11%) have consented to the sale.
- Chuan Park will be redeveloped into a new-concept residential project in District 19.
Sale Approval and Deadline
The High Court has granted approval for the collective sale of Chuan Park, which exceeds previous sales records, and the deadline for the sale is set for July 5, 2023.
This decision marks a significant milestone for the condominium, as it surpasses the Tulip Garden sale in 2019 and the Thiam Siew Avenue sale in 2021 in terms of the sale value.
The collective sale has received consent from 342 units, accounting for a total share value of 1,409 shares (80.93%), meeting the 80% requirement set out in the Land Titles (Strata) Act.
It is crucial for the majority sellers to obtain the order for sale by the given deadline, as failure to do so may result in the developers walking away from the purchase.
This development has garnered immense interest and anticipation among stakeholders, as they look forward to the future redevelopment of Chuan Park into a new-concept residential project in District 19.
Dissenting Owners' Allegations
Dissenting owners raised concerns regarding the collective sale committee's alleged lack of good faith and failure to disclose material facts, specifically in relation to the undisclosed higher development baseline and its impact on the sale price. They claimed that the development baseline for Chuan Park was higher than what was disclosed, which could have affected the sale price. However, the judge found that the defendants failed to provide evidence to support their claims.
Other objections were also raised, including claims that the 80% mandate had not been met. Despite these allegations, the judge ruled that a pre-application feasibility study (PAFS) was not necessary and that the sale price was the best price reasonably obtainable.
As a result, the collective sale of Chuan Park was approved, and the property will be redeveloped into a new-concept residential project in District 19.
Redevelopment Plans and Buyers
Redevelopment plans for the property involve transforming Chuan Park into a modern residential project, Chuan Residences, located in District 19. The developers from Kingsford Group and MCC Singapore have ambitious plans for the site.
The aim is to create a new-concept residential development that will cater to the needs and desires of the local community. The project will feature modern amenities and facilities, ensuring a high standard of living for the residents.
The buyers have a strong track record in the real estate industry, and their involvement in this project instills confidence in the success of the redevelopment. With their expertise and resources, they are well-positioned to create a stunning and desirable residential project that will contribute to the overall development of the district.