S$810 million sale of Thomson View condo put on hold due to ‘incomplete’ documents
On Thursday (22 May), the S$810 million sale of Thomson View Condominium was put on hold after lawyers representing the collective sale committee (CSC) submitted “incomplete” documents.
A packed courtroom of at least 25 residents and stakeholders awaited the High Court’s ruling — a decision that marked potentially the largest residential collective sale since Chuan Park’s S$890 million deal in May 2023.
Lowered reserve price from S$918 million
Thomson View was sold to UOL, Singapore Land (SingLand), and CapitaLand Development (CLD) after at least 80% of owners agreed to lower their reserve price to S$808 million.
This allowed the CSC to accept an S$810 million offer, even though it fell short of the original S$918 million reserve.
Source: Nestia
In Oct 2024, UOL, SingLand, and CLD agreed to buy the 99-year leasehold condo through a conditional call-and-put option. A month later, UOL executed the call option, making the deal official, The Straits Times (ST) reported.
Judge noted some signatures were collected outside stipulated time frame
During the hearing on Thursday (22 May), High Court Judge Audrey Lim questioned whether the 80% approval threshold was met within the stipulated one-year window.
She had asked for clarification on the number and timing of signatures in the original Collective Sale Agreement (CSA) dated 4 Jan 2024, as well as a supplementary CSA that followed.
Source: Monster Ztudio on Canva, for illustration purposes only
Justice Lim reminded the court that all 206 signatures must have been collected between 8 Jan 2023 and 7 Jan 2024 to comply with the 1-year deadline.
However, she pointed out that some of the signatures were signed in Oct and Nov 2024, which fall outside the stipulated period.
Judge chides lawyer for submitting ‘incomplete’ documents
CSC lawyer Hui Choon Wai said there were 211 signatories on the CSA, with 206 of them also signing the supplementary agreement.
Justice Lim then asked Ms Hui to explain how the CSA and the Supplementary CSA differed “in that the CSA contained 211 unit holders’ signatures and the supplementary CSA contained 206 of these unit holders’ signatures”.
She pointed out that the supplementary affidavit should only show five unit holders’ signatures that were not in the CSA.
Justice Lim added that the affidavit should explain how many of these unit holders signed within the one-year frame, and if the 80% requirement was met.
Source: bongkarn thanyakij on Pexel. For illustration purposes only
In addition to those terms, the proportion shares and plot size should also be included.
“If the 80 per cent threshold is not made out, counsel is to file written submissions to explain why the court should grant this application” to approve the sale, Justice Lim said.
“It is important you do the proper due diligence … You spent a lot of time trying to get the requisite (80%) threshold … and you have errors all over the place.”
Also read: Bukit Batok 5-room flat sold for S$1.018M, sets new resale record in area
Bukit Batok 5-room flat sold for S$1.018M, sets new resale record in area
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Featured image adapted from Mingtiandi.
