News

Futura Condominium En-Bloc Before The Courts 
Posted on Sunday, July 29, 2007 - 08:00 PM

The minority objectors to the en-bloc sale of Futura Condominium have appealed the Strata Title Board decision to allow the sale to the High Court.

The development was bought by a subsidiary of CityDev at a price of $287.3m in October 2006. This works out to $1,179 per sq ft per plot ratio.

The minority objectors allege that the transaction was not done in good faith.
The sale committee is alleged to have reduced the reserve price from $291m to $287.3m without any meeting of the owners. Further is is alleged that no land survey was conducted and no minutes were kept of the sale committee meetings.