A Singapore court has ordered real estate portal PropertyGuru to compensate rival 99.co with up to 40 per cent of its legal costs incurred in a copyright infringement case that the court dismissed in March while freehold development Fernhill Court is up for en bloc sale for $93 million.
PropertyGuru to pay 40% of 99.co’s legal costs
A Singapore court has issued a ruling that orders property portal PropertyGuru to pay rival 99.co an equivalent of 40 per cent of its legal costs acquired as a result of a copyright infringement lawsuit involving the two portals.
The court issued the ruling after it dismissed PropertyGuru’s claim that in 2016 that 99.co had infringed its copyright when rival property agents re-published content first published on the former’s site.
The case was dismissed in March of this year although the Singapore court ruled that 99.co had partially breached a settlement agreement it had earlier reached with PropertyGuru.
Singapore-based 99.co was launched in Singapore in 2015 and expanded to Indonesia in 2016.
Fernhill Court up for sale for $93 million
Built in 1981, Fernhill Court is situated next to the Nassim Road, Dalvey Road and White House Park Good Class Bungalow (GCB) areas and is within an easy stroll to Orchard Road.
The property comprises 18 maisonettes with sizes ranging from 2,271 square feet to 2,982 square feet. Colliers said the reserve price of S$125 million translates to a land rate of S$1,885 per square foot per plot ratio, after factoring in a development charge of S$3.7 million payable for the intensification of land use.
“Each owner could stand to receive a minimum of between S$6.32 million ($4.7 million) and S$8.3 million ($6.2 million) from the successful sale of the development,” Colliers said.
The successful buyer will no longer be required to obtain an approval from the Strata Titles Board for the sale because 100 per cent consensus for the owners of the property has already been obtained.