Shunfu Ville's collective sale blocked by 5 owners
OPPOSITION by five owners out of the 358 in Shunfu Ville, located near Bishan, is holding up the otherwise settled en bloc sale of the residential development.
Many families, which are looking forward to pocketing their cut of $1.78 million from the agreed sale price of $638 million, now have to consider court action to make the objectors fall in line.
"Those who support the sale have signed a collective sales agreement according to the law," resident Deng Ruilong told Lianhe Wanbao yesterday.
"Since only 1 per cent is against it, the objectors should be the ones to take court action to block it, instead of us splurging money on lawyers," said the 64-year-old.
The sale was blocked last month by the Strata Titles Board on the grounds that the residents should first settle on a universal consent among themselves.
Mr Guo, another resident of the estate located just 200m from the Marymount MRT station, told the Chinese evening daily that the stoppage order was unfair, considering that the sale had been in the works for three years.
Also, most of the owners are retirees who need to liquidate their property to have some money for their old age, the 66-year-old added.
A resident, Mr Chen, said many facilities in the estate, which was built in the late 1980s, are now dilapidated due to lack of repair, including the ceilings and lifts.
"If it is not sold now, we would have to bear the huge repair cost.
"The sale is a win-win deal for the residents and the buying developer," said Mr Chen.
Wang Tinghua, who has lived in Shunfu Ville for more than 20 years, said he was reluctant to move out although he was for the sale.
"This is a very convenient location, close to a MRT station and many dining and shopping spots," added the 67-year-old.
He disclosed that he bought his 1,700 sq ft unit, and now he and his wife need a smaller house as their grown-up children had moved out.
According to Wanbao, the five dissenting families, which lodged their objection in July, want to keep their houses for various reasons.
One has a mother who refuses to move out, and another wants a higher payment, reported the newspaper.
The estate was sold for $638 million in May to Qingjian Realty, which previously indicated its intention to build more than 1,000 homes at the site.
Now, besides facing a stalled deal in Shunfu Ville, Qingjian also has to go back to its drawing board after the Urban Redevelopment Authority stipulated that its planned development at the site cannot go beyond 23 floors.
The cap is to ensure that the nearby MacRitchie Reservoir is not surrounded by towering buildings.
Shunfu Ville, which was built by the Housing and Urban Development Company and privatised in 2013, sits on a 408,927 sq ft site with about 70 years left on its lease.