WWLegal.com :: Horizon Towers Sellers Studying Demand To Extend Deadline

Horizon Towers Sellers Studying Demand To Extend Deadline
Posted on Thursday, August 09, 2007 - 11:00 PM

The majority owners of Horizon Towers, who face possible legal action over the failed en bloc sale, are meeting to decide if they should accede to the buyers demands to extend the deadline for the completion of the collective sale and to file a fresh application to the Strata Title Board.

The buyers - Hotel Properties Limited (HPL), Morgan Stanley Real Estate and Qatar Investment Authority - have alleged that the sellers are obliged under the sale and purchase agreement to file a proper application to the STB that meets with the statutory requirements.

The sellers are denying that they had breached the sale and purchase agreement with the buyers.

The legal suit which the buyers have threatened to bring against the majority owners - of 173 units - is for damages of between S$800m to S$1 billion. This would mean that each owner would be personally liable for $5.78 million - a sum which is likely to wipe out any potential gains from a fresh en bloc sale.

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