{"id":99342,"date":"2018-10-08T11:23:41","date_gmt":"2018-10-08T04:23:41","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/cairnhill-mansions-collective-sale-finally-gets-green-light\/"},"modified":"2018-10-08T12:03:05","modified_gmt":"2018-10-08T05:03:05","slug":"cairnhill-mansions-collective-sale-finally-gets-green-light","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cairnhill-mansions-collective-sale-finally-gets-green-light\/","title":{"rendered":"Cairnhill Mansions collective sale finally gets green light"},"content":{"rendered":"


\nThe penthouse owner who opposed the sale will receive $16 million for her 8,525 sq ft unit, up from the $15.2 million that she was supposed to get. (Photo: CBRE)
\nThe en bloc sale of Cairnhill Mansions will finally proceed at $362 million, following a settlement with the penthouse owner who opposed the sale, reported the Business Times.
\nThe settlement will see the owners of the other units at Cairnhill Mansions giving the penthouse owner $14,400 each \u2013 or an extra $867,004.79 for objector Djie Tjoe Nio.
\nThis means Nio will receive $16 million for her 792 sq m (8,525 sq ft) unit, up from the $15.2 million that she was supposed to get.
\nMore:\u00a0Developers\u2019 En Bloc Appetite Diminishing: RHB
\nIn his statement, Justice Quentin Loh revealed that mediation between the objector and the collective sale committee (CSC) started on 2 October and carried on \u201cinto the wee hours of the night\u201d.
\nHe said he was satisfied that the payment was \u201cjust and equitable\u201d.
\nThe law states that the Court can raise the proceeds of the sale for an objector once it is satisfied that doing so would be just and equitable.
\nTo be paid from the proceeds of the owners, the total amount cannot exceed 0.25 percent of the sales proceeds for each unit or $2,000 per unit, whichever is higher.
\nIn Shunfu Ville\u2019s case, a unit owner objected to the sale claiming that she acquired her unit at a premium and had spent a considerable amount renovating it. The development\u2019s CSC eventually agreed to increase her sale proceeds, which was approved by the judge.
\nIn the case of Cairnhill Mansions, the collective sale agreement approved during the extraordinary general meeting by the subsidiary proprietors provided that the sellers are to agree to a High Court order should it find it just and equitable to raise the proceeds for objecting owners.
\nThe collective sale agreement also gave the sales committee the power to consent to any proposed order by the High Court in such cases.
\nLow Keng Huat acquired the property at 69 Cairnhill Road in February for $362 million. The civil engineering and property development firm also acquired the adjacent 67 Cairnhill Road four months later at $100 million.
\nThe penthouse owner opposed the sale, saying that the valuation method worked unfairly against her \u2013 resulting in the stop order from the Strata Titles Board and the CSC to apply for High Court approval.
\n\u201cHer case was not that she would suffer a financial loss,\u201d said Justice Loh, adding that the law \u201cis a means to address specific inequities that can arise in a collective sale\u201d.
\nMore:\u00a0Understanding The En Bloc Process (August 2018)
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Cairnhill Mansions collective sale finally gets green light<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The penthouse owner who opposed the sale will receive $16 million for her 8,525 sq...<\/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-99342","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-pQi","jetpack-related-posts":[{"id":79926,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cairnhill-mansions-riviera-point-sold-en-bloc\/","url_meta":{"origin":99342,"position":0},"title":"Cairnhill Mansions, Riviera Point sold en bloc","date":"February 15, 2018","format":false,"excerpt":"\r Aerial view of Cairnhill Mansions at Cairnhill Road. (Photo: CBRE) Singapore\u2019s collective sales market continues to sizzle with the sale of Cairnhill Mansions and Riviera Point for $362 million and $72 million respectively, revealed marketing agent CBRE. Nestled on a 43,103 sq ft site, Cairnhill Mansions was sold to\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":90937,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/developer-acquires-more-land-in-cairnhill-eyes-bigger-redevelopment-site\/","url_meta":{"origin":99342,"position":1},"title":"Developer acquires more land in Cairnhill, eyes bigger redevelopment site","date":"June 8, 2018","format":false,"excerpt":"\r Singapore-listed Low Keng Huat previously signed a collective sales agreement to buy Cairnhill Mansions along Cairnhill Road in District 9 for $362 million. (Photo: CBRE) Glopeak Development, a unit of Singapore-listed property developer Low Keng Huat, has agreed to purchase several pieces of freehold residential land adjacent to the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":68318,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cairnhill-mansions-to-go-on-sale-for-362m\/","url_meta":{"origin":99342,"position":2},"title":"Cairnhill Mansions to go on sale for $362m","date":"October 6, 2017","format":false,"excerpt":"\r The 18-storey Cairnhill Mansions comprises 61 apartments. (Photo: CBRE) The freehold Cairnhill Mansions project in District 9 will be launched for collective sale in a few weeks\u2019 time, marketing agent CBRE revealed on Thursday (5 October). The 61-unit project has a guide price of $362 million, which works out\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":69974,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/two-prime-freehold-sites-up-for-sale-for-a-total-of-477m\/","url_meta":{"origin":99342,"position":3},"title":"Two prime freehold sites up for sale for a total of $477m","date":"October 25, 2017","format":false,"excerpt":"\r Aerial view of 67 Cairnhill Road and Cairnhill Mansions. (Photo: CBRE)\u00a0 Two prime freehold sites in District 9 that are among the few remaining sizeable plots available in Cairnhill Road have been launched for sale by exclusive marketing agent CBRE on Tuesday (24 October). These comprise a 19,800 sq\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":88551,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/8-more-properties-launched-for-en-bloc-sale\/","url_meta":{"origin":99342,"position":4},"title":"8 more properties launched for en bloc sale","date":"May 17, 2018","format":false,"excerpt":"\r Cairnhill Astoria (the red building) in prime District 9 has joined a growing list of properties launched for en bloc sale. (Photo: Colliers International) Singapore\u2019s red-hot collective sales market continues to sizzle with more homeowners jumping on the en bloc bandwagon. Cairnhill Astoria in Cairnhill Rise and Trendale Tower\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":98050,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/two-freehold-condos-in-district-9-up-for-en-bloc-sale-again\/","url_meta":{"origin":99342,"position":5},"title":"Two freehold condos in District 9 up for en bloc sale again","date":"September 18, 2018","format":false,"excerpt":"\r Located near Orchard Road, Grange Heights is making a second attempt at a collective sale. (Photo: Colliers International) Undeterred by the government\u2019s property cooling measures, two freehold condos in District 9 near the Orchard Road shopping district are making another try at an en bloc sale. Grange Heights along\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\/99342"}],"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=99342"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/99342\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=99342"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=99342"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=99342"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}