{"id":54401,"date":"2017-05-11T10:45:10","date_gmt":"2017-05-11T03:45:10","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/shunfu-ville-sale-finally-goes-through\/"},"modified":"2017-05-11T10:49:47","modified_gmt":"2017-05-11T03:49:47","slug":"shunfu-ville-sale-finally-goes-through","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/shunfu-ville-sale-finally-goes-through\/","title":{"rendered":"Shunfu Ville sale finally goes through"},"content":{"rendered":"


\nThe court dismissed an appeal lodged by some of the owners who objected to the sale.
\nThe collective sale of Shunfu Ville has finally received the green light, after the Court of Appeal dismissed the appeal lodged by objectors, reported the Straits Times.
\nThe $638 million sale of the privatised HUDC estate made headlines last May when more than 82 percent of the owners consented to sell the 358-unit estate to Qingjian Realty.
\nLast July, the deal faced a major hurdle when some of the owners objected to the sale. They later filed an appeal to the High Court, with one objection asking whether the transaction was made in good faith, considering the sale price.
\nThe sale committee at Shunfu Ville had launched two public tenders from 2015. With a reserve price of $688 million, both tenders failed to attract bids. Nonetheless, the committee had been in discussion with Qingjian, which offered $638 million.
\nWith this, the committee secured the requisite 80 percent consent for the $638 million sale of the estate. Due to the urgency of the timeline, it did not call for another tender at the said price.
\nIn ruling in favour of the sale, the Court of Appeal said while the \u201ccommittee was in somewhat of a rush, there was nothing to suggest an absence of good faith or impropriety in the transaction\u201d.
\nIt noted that the committee entered into a private treaty with the property developer as \u201cfailing to commit to Qingjian not only did not assure that a better offer would come along\u201d but could have also resulted in \u201cthe loss of Qingjian\u2019s offer\u201d.
\nThe conclusion of the sale will see each flat owner at Shunfu Ville receiving $1.782 million on average. It is understood that the sale is set to be completed in July, with the owners to move out six months from then.
\nActing for Qingjian, Lee Liat Yeang, Senior Partner at Dentons Rodyk & Davidson, said the decision was not only significant in clarifying the law in this area, but also gives greater confidence to property developers looking to acquire land via en bloc sales.
\nPleased that the deal went through, Li Jun, Managing Director of Qingjian Realty, said the firm, which plans to build 1,000 homes on the Shunfu Ville site, now faces higher development charges of around $50 million \u2013 affecting its profit margins.
\nFeaturing a mix of landed units and high-rise units of up to 25 storeys, the project will be launched one year from now, he noted.
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Shunfu Ville sale finally goes through<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The court dismissed an appeal lodged by some of the owners who objected to the...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-54401","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-e9r","jetpack-related-posts":[{"id":39667,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/high-court-gives-green-light-to-shunfu-ville-sale\/","url_meta":{"origin":54401,"position":0},"title":"High Court gives green light to Shunfu Ville sale","date":"January 5, 2017","format":false,"excerpt":"\r The collective sale of the HUDC estate faced a major hurdle last year after five owners objected to its sale. (Photo: JLL) The High Court on Wednesday (4 January) approved the collective sale of Shunfu Ville to Qingjian Realty, reported The Straits Times. While no written judgment was issued,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":56008,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/news-roundup-may-2017\/","url_meta":{"origin":54401,"position":1},"title":"News Roundup (May 2017)","date":"May 26, 2017","format":false,"excerpt":"\r Our top Singapore property stories. Rare sea-facing landed homes to launch in Sembawang A new freehold strata landed housing development located next to Sembawang Park at the end of Sembawang Road is expected to go on sale soon. 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With just over 70\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":29745,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/shunfu-ville-sale-dispute-could-drag-on-prove-costly-for-owners\/","url_meta":{"origin":54401,"position":3},"title":"Shunfu Ville sale dispute could drag on, prove costly for owners","date":"October 13, 2016","format":false,"excerpt":"\r The ongoing dispute over the collective sale could drag on for months and cost the owners up to $400,000 in legal fees. (Photo: JLL) The sale of Shunfu Ville, the largest en bloc deal since 2007, has hit a brick wall. This week, several newspapers reported that five households\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":61838,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/lakepoint-condo-eyeing-en-bloc-sale-site-bigger-than-shunfu-ville\/","url_meta":{"origin":54401,"position":4},"title":"Lakepoint condo eyeing en bloc sale, site bigger than Shunfu Ville","date":"July 26, 2017","format":false,"excerpt":"\r View of the Lakepoint condominium at Lakepoint Drive. (Photo: Jianwei Huang) Owners of the ageing Lakepoint condominium near Lakeside MRT station are believed to be exploring opportunities to go en bloc in the next two years, or even earlier, according to some residents with knowledge of the matter. PropertyGuru\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":51777,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/eunosville-put-up-for-en-bloc-sale\/","url_meta":{"origin":54401,"position":5},"title":"Eunosville put up for en bloc sale","date":"April 13, 2017","format":false,"excerpt":"\r The owners are expecting offers of up to $653 million, which would make the estate the biggest en bloc sale in recent years.\u00a0 Former Housing and Urban Development Company (HUDC) estate Eunosville has been put up for collective sale, with the owners expecting offers of between $643 million and\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/54401"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=54401"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/54401\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=54401"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=54401"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=54401"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}