DEVELOPER Kwee Liong Keng stands to pocket $8.814 million when his penthouse apartment near Orchard Boulevard is sold in a collective deal.
But Pontiac Land?s chairman and managing director went to the Strata Titles Board recently to object to the sale of Beverly Mai condominium in Tomlinson Road.
He wanted an extension of two months before all the residents had to move out, or another $20,000 on top of what he will get for the apartment, to make up for him breaching a rental contract with a tenant.
Mr Kwee, who bought the unit 31 years ago for $360,000, got his way somewhat on Saturday morning when the board sat.
He will get $10,000 extra, paid out of the pockets of four residents who make up the sale committee.
The five-member tribunal - headed by its president Tan Lian Ker - heard that the collective sale of the freehold estate requires all residents to move out by next August.
But Mr Kwee?s lease with his tenant was up only two months later, in October. His tenant, an expatriate, was reluctant to move out before then.
He said he had raised his concerns with CB Richard Ellis, which had brokered the deal, in March and again at the estate?s extraordinary meeting in May, to ensure that the handover date fell after October next year.
This did not happen.
Mr Kwee told The Straits Times he opposed the deal not because he wanted to get more money, but to 'protect the integrity of a business contract'.
He had initially asked the board to move the deadline back to October next year, but it refused, he said.
'If they could have let us extend it by two more months, then everyone would have been happy,' he said.
'I would be happy, my tenant would be happy and the rest of the estate would also be happy.'
Mr Kwee added that he would now tell his tenant that he had tried his best to fulfil his contract but he had to comply with the board?s decision.
Beverly Mai was represented by Mr Norman Ho and Mr Lee Liat Yeang from Rodyk & Davidson, while Mr Kwee sent one of his employees to represent him at the mediation.
With the only objection out of the way, the board gave its approval for the sale of Beverly Mai to property magnate Ong Beng Seng?s Hotel Properties at a price of $238 million.
The deal will be sealed in three months? time.
Fifty apartment owners will collect $4.4 million each from the collective sale while the two penthouse owners will each get double that amount.
Mr Kwee is the president of the Real Estate Developers? Association of Singapore and chairman of the Pontiac Group, a family business set up by his father 47 years ago.
The group has developed landmark buildings such as The Ritz-Carlton, The Conrad Centennial, The Regent and Camden Medical Centre.
Mr Kwee said he will donate the $10,000 to charity.
benjamin@sph.com.sg
SOLD EN BLOC: Beverly Mai condo is to be sold
to Hotel Properties. Fifty apartment owners will get
$4.4 million each, while penthouse owners will get
double the amount. -- LAU FOOK KONG
IT'S NOT ABOUT MONEY: 'If they could have let
us extend (the handover date) by two more months,
then everyone would have been happy. I would be
happy, my tenant would be happy and the rest of the
estate would also be happy.' - Mr Kwee Liong Keng,
who says that all he wanted was to 'protect the
integrity' of the contract he entered into with his tenant
