Business Times - 09 Apr 2008
IT'S official. Tulip Garden's owners have rescinded the $516 million en bloc sale of the estate to a unit of Bravo Building Construction.
Lee & Lee partner Ow Yong Thian Soo, representing Tulip Garden owners, confirmed that the firm yesterday sent a notice of rescission of the sale- and-purchase agreement for Tulip Garden to Bravo's lawyers. 'We also informed them that the sellers will be forfeiting the 5 per cent of the transaction price paid to them so far. And our clients reserve all rights,' he said.
The notice of rescission was sent to Bravo after it failed to pay the second 5 per cent instalment by the deadline on April 7. Bravo had requested another extension of this deadline to June 7, as well as to extend the completion date of the transaction (which is when it would have had to pay up the remaining 90 per cent of the purchase price) from May 28 to Aug 7. Tulip Garden owners met over the weekend and most indicated they wanted to cancel the sale if Bravo missed the payment deadline on April 7.
Opinion:
The S$516 million collective sale of Tulip Garden, a freehold residential property located along Farrer Road, to a unit of Bravo Building Construction has been officially rescinded. The collapse of the en bloc transaction was down to the majority owners’ refusal to accept the developer’s request for an ‘unconditional’ extension of time of the next 5 per cent installment payment due to them.
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