The west is uncharted territory for me up until recently.
I would make my way to work, and thanks to the Downtown Line, my journey to the west isn’t that tedious.
On my commute, I would always pass by a rustic old building with the sign—Beauty World Centre in blue.
I have heard that it houses a plethora of great eateries (a total of 41 food stalls) and I have always been meaning to check it out.
Apart from its great food, the building caused a buzz in local news media in regards to its future earlier this year.
Built in the 1980s, this historic building was rumoured to get a major facelift through broker Propnex Realty, a potential buyer offered to buy it for $17.5 million.
The stall holders were definitely worried about their future and how this move will affect their business.
Definitely not good for the businesses: imagine you having to worry about whether you’ll still have your stall in the near future every day.
Let’s fast forward to now
According to The New Paper, the three trustees of the Beauty World Food Centre have gone to court asking for the authority to sell the property for a potential $17.5million.
The trustee would have been able to proceed with the sale but four stall owners were against the sale.
The Straits Times had a look at the court documents as mentioned by The New Paper—the potential buyer paid the trustees $175,000 for an option to purchase the centre.
Majority of the stall owners are in their late 60s or 70s and they are in favour of a collective sale—hoping to retire from the business.
The money was then distributed to the stall owners, but four of the owners who own six different stalls between them rejected the sale.
For those who are lost, let me give you a little background
In 1998, there was a trust arrangement of sorts due to the stall owners wanting to buy over their respective stalls.
As there were too many buyers, lawyers handling the transaction came up with a scheme for two trustees to buy the property on behalf of all the operators.
Here comes the tricky part, since not every stall owner is into the idea of selling the building: the trustees have requested the court to enable them to go ahead with the sale albeit the trust documents neither spell out nor imply that they have the power to sell the property.
The hearing is adjourned to 24 October 2017 for further hearing as the judge wanted more information.
While it might look like they are in a state of limbo—lets use this time to enjoy our favourite food stalls while we can.
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This article was first published on goodyfeed.com
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