A stroke of Goodluck

By Cecilia Chow & Timothy Tay / EdgeProp | December 2, 2018 8:00 AM SGT

To the relief of many Goodluck Garden residents, the High Court has given the go-ahead for the condo’s en-bloc sale. But the verdict could have implications for other collective sale disputes.

Owners of Goodluck Garden will gather for a meeting on Nov 29, when property consultant Knight Frank and legal advisers Rajah and Tann will update them on the steps to be taken towards the completion of the collective sale of their condominium. It follows the High Court verdict delivered on Nov 26, in which Justice Woo Bih Li granted the sale order, paving the way for the $610 million enbloc purchase of the freehold, 210-unit Goodluck Garden by a joint venture between Qingjian Realty and Perennial Real Estate Holdings.
Justice Woo had said: “After considering all the facts holistically, including those not specifically mentioned in this oral judgment, I conclude that although the conduct of the CSC [collective sale committee], Knight Frank and the lawyers for the CSC was wanting in various aspects, there was no bad faith after taking into account the sale price, which was $68 million, or 12.55% higher than Colliers’ valuation.”
Goodluck Garden’s CSC chairman, who wants to be identified only as Mr Lim, said he felt “relieved” over the verdict. “We are now focused on working with our lawyers and marketing consultant on the process of concluding the sale,” he told EdgeProp Singapore in a phone interview. “We hope the sale can now go through for the benefit of the majority — or 86% of the owners — as it is for the good of the community, especially in the light of the current market conditions.”
The defendants, the 13 owners who had objected to the collective sale of Goodluck Garden, have 30 days to file an appeal with the Court of Appeal. They will be advised by their lawyer, Adrian Tan, a partner at TSMP Law Corp and his team. Tan declined to comment.
‘A perfect storm’
In his verdict, Justice Woo said that although the CSC and their professional advisers may view the court’s decision as a victory, he hoped they would “reflect long and hard on their missteps”.
A lawyer who declined to be named commented: “The Goodluck Garden case was a perfect storm of strange missteps. It was a sobering wake-up call for all industry practitioners from the High Court judge”.