Tuesday, September 12, 2006
[RealEdge] BT : Hearing on Eng Lok Mansion sale adjourned
| Published September 12, 2006  | |||
| Hearing on Eng Lok Mansion sale adjourned Strata Titles Board hears 80-year-old widow Chow's views about sale
By UMA SHANKARI
MORE than 60 unit owners in Eng Lok Mansion have to wait for at least another week to see if the sale of their property will go through.
Yesterday, the Strata Titles Board heard the views of 80-year-old widow Chow Ai Hwa, who is contesting her 62 neighbours to stop the collective sale of her estate Eng Lok Mansion, a prime residential site next to Gleneagles Hospital in Napier Road. After hearing evidence from both sides, the Board's tribunal decided to adjourn. Both Eng Lok and Madam Chow now have until Sept 18 to file their submissions, after which another date will be set for the verdict. Madam Chow and her son are the only two parties to hold out in the en-bloc sale to developer Napier Properties. Last month, Madam Chow turned to the Strata Titles Board to block the sale. She argued that Napier Properties' $138 million offer, which would net each unit owner $2.2 million, was insufficient. In addition, she said that owners of bigger units - such as herself and her son - should be entitled to a larger payout than owners of smaller units. At yesterday's hearing, lawyer David De Souza and his partner Jeanette Lee, who act for Eng Lok, called property consultancy Chesterton, which did the valuation on Eng Lok, to give evidence. Chesterton said that the division of the proceeds was based on share value, rather than unit size. This is because it is not clear if there is a difference in the market price between the larger units and the smaller units, explained Chesterton at the hearing. As for Madam Chow, she took the stand to express her views. She also cross-examined Eng Lok's witnesses. | |||
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