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SINGAPORE: The buyers of Horizon Towers have started legal proceedings against the sellers.
Under a deal signed in February, the owners of Horizon Towers agreed to sell their units collectively to a consortium comprising Hotel Properties Limited (HPL), Morgan Stanley Real Estate and Qatar Investment Authority.
The deal was valued at S$550 million.
But the sale was scuppered earlier this month when the Strata Titles Board rejected the deal of the Leonie Hill development due to a technicality.
The consortium has now gone to the High Court.
It is seeking for a declaration that the sellers were in breach of the agreement.
It is also asking that the sellers make effort to obtain a collective sale order from the Strata Titles Board.
It is seeking compensation for the alleged breach of contract.
No financial details were given, but the consortium had earlier threatened to sue for between S$800 million and S$1 billion if owners did not proceed with the sale.
- CNA/so
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