Singapore's Strata Titles Board issued a stop order to prevent the S$362.0 million collective sale of the 61-unit Cairnhill Mansions development in the city-state from pushing through, The (Singapore) Business Times reported.
The preventive order for the agreement with Low Keng Huat (Singapore) Ltd. for the 43,103-square-foot freehold site at 69 Cairnhill Rd. could send the matter to court. It was issued after the owner of the penthouse in the estate refused to withdraw an objection for the appropriation of the expected proceeds from the pending transaction even after two rounds of mediation, according to the publication.
The property's collective sales committee is given 14 days to apply for the approval of the transaction in the city's High Court. CBRE, the marketing agent for the asset, declined to comment on the matter, the July 3 report added.
In late June, the Strata Titles Board issued a similar order to halt the S$610 million collective sale of the Goodluck Garden residential estate along the city's Toh Tuck Road.
As of July 2, US$1 was equivalent to S$1.37.