Date: 5 October 2018, Author: Grace Leong, Source: ST
Title: Thomson View fails in fourth bid to sell en bloc
Brief: Thomson View, a 255-unit estate has been unsuccessful in securing the required 80% approval rate to go en bloc after raising its reserve price to $938 mil. The development comprises 200 apartments, 54 townhouses and one shop unit sitting on a 540,314 sq ft site. This marks its fourth attempt in launching a collective sale. The biggest challenge, according to the collective sale committee chairman, Mr Tan Kin Lian, lies in the potential liability of signing owners to bear the legal costs if the sale was to be challenged in the Courts again. In the last attempt in 2013, a High Court ruling had found the former marketing agent, HSR International Realtors guilty of offering incentives to four owners to sign the sale agreement. Owners who had agreed to the collective sale had to bear the legal fees in the six-figure range then.