Sing unit seeks to join appeal over en bloc ruling

Sing Holdings – Said its joint venture vehicle is filing an intervention application with the High Court to be added as a party to the appeal made by majority owners of Finland Gardens in Siglap against the ruling that dismissed their en bloc transaction. Finland Gardens Pte Ltd (FGPL) is the 70-30 joint venture between Sing Holdings and Eastern Summer - the wholly-owned unit of US-based fund Forum Asian Realty Income II LP. The Strata Titles Board (STB) threw out the collective sale application of Finland Gardens in Siglap last November after it failed to meet statutory requirements. Sing Holdings said the High Court has adjourned the appeal hearing and the intervention application to Feb 15. Sing Holdings proposed to buy the freehold site in November 2006 for $49.5m. The owners of each unit would stand to reap about $1m to $1.27m, depending on the size of the unit.