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Court rejects Perennial’s appeal to wind up Capitol entities

By Angela Teo

/ EdgeProp |

November 15, 2017 7:30 AM SGT

The Court of Appeal has dismissed Perennial Real Estate Holdings’ appeal to wind up three of its 50%-owned joint venture (JV) companies – Capitol Investment Holdings, Capitol Retail Management and Capitol Hotel Management.

As 50:50 joint venture companies between Perennial and Pontiac Land affiliate Chesham Properties, the JV companies collectively own the assets of integrated development Capitol Singapore.

On Apr 16, 2016, Perennial had appealed to the High Court for the winding up of the three JV companies, citing disagreements with Chesham on “a number of key issues relating to the Capitol Project”.

The High Court dismissed the winding-up applications on Mar 3, which prompted Perennial to make an appeal on the High Court’s decision on Mar 20.

The Court of Appeal has not released the full grounds for its decision to dismiss the appeal. Perennial is considering its options with regards to the JV companies and says it will make necessary announcements where there are material developments on the matter.

According to Perennial, all components of Capitol Singapore – retail, theatre, hotel and residences – have received their Temporary Occupation Permits. Capitol Singapore is located the junction of North Bridge Road and Stamford Road.

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