Sunday, 26 August 2007

Mayer Mansion - Owners Win Suit Against Developer

Another Going to Court case. You can find full details at CondoSingapore here. I doubt it will have bearing on Horizon Towers though (since this was a case of the developer not fulfilling the deal). Details are as follows:-

Estate: Mayer Mansion, Devonshire Road.
Source: BT 16/5/07, BT 22/8/07
Stage: Sold 12/12/06 to Travista, a foreign-owned developer for $30m. Travista sued owners through High Court on 3/4/07, Judge dismissed case on 14/5/07. Travista appealed to Court of Appeal but was turned down Jul 07. Estate sold to Golden Flower Group for $42m.
Lawyers for Owners: Mr Hri Kumar & Mr Tham Feei Sy of Drew & Napier for High Court case, Senior Counsel Davinder Singh, Mr Hri Kumar & Mr THam Feei Sy of Drew & Napier for Court of Appeal.
Developer: Travista (voided).
Reason: Travista did not complete the sale transaction by the due date and had therefore rescinded the SPA. Travista sued owners arguing that they are entitled to complete the purchase.
Details: When Travista failed to complete the sale by a stipulated date, owners considered the SPA rescinded. Travista sued the 13 owners, applied for injunction against owners exercising their rights (application turned down). High Court Justice Prakash dismissed case, declared the SPA rescinded, deposit forfeited, caveats lifted, Travista ordered to pay owners' costs of $15000 + disbursements. Court of Appeal dismissed the appeal.

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