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STB Rejects Horizon Towers Sale On Technicality 
Posted on Saturday, August 04, 2007 - 06:00 AM

The Strata Titles Board dismissed the application by the majority owners of Horizon Towers to approve the sale on "technical grounds".

In rejecting the application on Friday, 3rd August 2007, the Strata Titles Board (STB) accepted the argument put forward by the minority owners that there were technical irregularities in processing the Collective Sale Agreement (CSA), signed in February.

This ruling stands out for the sum of money at stake - over S$500 million - the biggest deal to be dismissed by the STB on technical grounds. However, it does not set a legal precedent as there have been other cases in the past where dismissals were made on technical grounds.