Committee of collective sale of Shunfu Ville that was formed four years ago and the estate of Bishan sale has ultimately gotten the attention four years later.
The Shunfu Ville is an old HUDC ( forerunner to Executive Condo) with tenure of a ninety nine year lease hold. It is located in Shunfu road, district 20 in Singapore. The Shunfu Ville is in location with just mere meters away from the Marymount MRT Station . It has facilities of an open car park including a playground. The Shunfu Ville is located in one of the most convenient locations with many schools, shopping malls, supermarkets, restaurants and many more others in close vicinity .
The Shunfu Ville is a privatized HUDC estate with over three hundred and fifty eight units. The sale of this Ville was the highlight of all headlines during the month of May last year with over 82% of the owning population came to a single agreement of selling the Bishan estate for over six hundred and thirty eight million dollars ($638 million) to the property developing organization, Qingjian Realty.
This sale was put to a halt in July last year after the rest of the individuals owning property voted against the sale of the Shunfu Ville. Later on the property owners against the sale filed an appeal to the High Courts in the area. One of the objections these individuals had interrogated about was if the transaction between both parties was committed in the concept of good faith along with taking the sale price of the Ville in to consideration.
The sale committee that was previously mentioned which was formed four years ago has launched two proposals to the public in the year 2015. Both of these proposals had a contrary sum of amount of six hundred and eighty eight million dollars. ($688 million) None of these two proposals were attractive enough to interest any formal bids or bids of any sort. The very prominent sale committee that has been the cause of this very objective appeal of the Shinfu Ville had been maintaining close contact and a string of conversation with the property developer, Qingjian Realty regarding the sale of the Ville and the business organization had offered the same amount as before which being, $638 million The committee had also signed a private treaty with Qingjian to prevent the loss of the offer.
The objections against the sale of the Shunfu Ville were dismissed on the 10th of May this year. The appeal was dismissed in the court of Appeal in Singapore. The court of appeal also noted the fact that even though the sale committee of Shunfu Ville was in a tad bit of a rush to sell the estate there was no action or proof to suggest or even hint out that there was a lack of good faith, bad behavior or offensiveness in the transaction made regarding the sale of the Bishan Estate.
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