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S$362M en block sale to proceed after court-ordered settlement in Singapore

The Cairnhill Mansions development in Singapore is set for an en bloc sale at S$362 million after a High Court-ordered settlement was reached, The (Singapore) Business Times reported.

The owner of the penthouse who was objecting to the sale will receive an extra S$867,004.79 that will be equally borne by the owners of the other units, according to the High Court's orders.

The sale of the 61-unit development to Low Keng Huat (Singapore) Ltd. was stopped by the city-state's Strata Titles Board in July after two failed rounds of mediation with the penthouse owner. The sale of the 69 Cairnhill Rd. property was agreed to in February.

As of Oct. 4, US$1 was equivalent to S$1.38.