Capitol Singapore's potential compromised, says High Court judge
The iconic heritage property Capitol Singapore has "fallen into economic slumber" and its potential has been compromised, a High Court judge said.
The impasse over the Stamford Road property came as relations between the shareholders, real estate veteran Pua Seck Guan and a member of the prominent Kwee family, soured.
The two were part of a consortium that put in the winning bid in 2010. The aim was to restore Capitol Theatre, Capitol Building and Stamford House to their former glory and to add vibrancy to the area.
The buildings are owned by units of Mr Pua's Perennial Real Estate and Pontiac Land affiliate Chesham Properties.
By last year, the project had stalled amid a bitter feud, with Perennial Real Estate launching winding-up applications on three associated firms that held the properties. The Patina, a hotel that was to be part of the project, remains unopened.
In March, Perennial lost the case. The High Court ruled that it would not be just and equitable to wind up the companies because there is an exit mechanism available to Perennial.
Perennial is appealing, and it could be heard later this year.
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