Chuan Park en bloc sale dissenters file objection with Strata Titles Board
The minority owners claim the condo’s higher baseline amounting to S$94m in buyers’ ‘savings’ was not disclosed, among other objections
DISSENTING owners of the Chuan Park en bloc sale have filed their objections to the Strata Titles Board (STB), alleging that its Collective Sale Committee (CSC) and marketing agent ERA Realty failed to disclose material facts relating to a higher development baseline for the condominium – which translates into a “deep discount” for the buyers – among other issues.
The dissenters, which The Business Times (BT) understands comprise part of 10 dissenting subsidiary proprietors (SPs), say Chuan Park owners were told that the 37,215.6 square metre (sq m) site’s plot ratio is 2.1 under the Urban Redevelopment Authority’s (URA) Master Plan 2019, which translates to a maximum gross floor area of 78,152.76 sq m.
However, a 2017 letter from the URA obtained in an earlier en bloc attempt shows that a development charge (DC) for the site kicks in for development above the maximum gross floor area of 89,824 sq m, that is, a baseline of 2.4.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
Canadian homes for sale climb with second-biggest jump on record
US homebuilder sentiment tumbles as rates slow buyer traffic
Eurozone home loan stress ‘manageable’ despite high rates, says ECB
Sandpiper Hotel in Little India back on the market for S$33 million
China mulls government purchases of unsold homes to ease glut
Europe’s property slump easing as rents increase, report says