HARBOUR VIEW GARDENS

OOH... have to put up HARBOUR VIEW GARDENS


... the minority dissenters WON at the high court.

... sneaky Compensation/Contribution Agreement paying off 1 owner $200k to reach the 80% was judged BAD FAITH  - and the sale thrown out .

The Contribution Agreement was in fact two agreements - one agreement between the majority owners and the Marketing agent  and the other agreement between the Marketing agent and the lucky owner. The CSC refused to disclose either agreement to the minority.

Interesting reading - a little wooly perhaps, but interesting all the same.
You can find it for free at the Supreme Court website.. under Recent Judgements
 09 April 2013

End of the road for enbloc (and this blog)

From the Minutes of the SC Meeting held on 11 Jan 2013:

As of 11 Jan 2013, 36% of the SPs had signed the CSA. The enbloc exercise has lapsed as it did not attain 80% consensus despite best efforts by SC. The meeting was convened to decide on the procedure on the refund of the en bloc fund.

(details on procedure can be found on the Notice Board)

The Sales Committee recorded a note of thanks to the SPs who have extended their support to the SC for the past 1 year.

 

Cooling measures

Additional measures to cool the property market

Thomson View Condo

 Thomson View sale hits a roadblock

4-weekly Statutory Notices

Shunfu HUDC

SC Letter / Notice of meeting

SC Meeting; 11 Nov 2012

Supporting Evidence

The Strata Titles Board has been the 'watchdog' over collective sales for many years now.  Whilst I shall be eternally grateful to the 5 members of the STB who threw out TC's collective sale in round 1, the actual set up at the STB and how it handles these matters is lamentable.

I am glad someone at the STB has thought to make improvements and create more transparency for regular owners by updating Form 21 of the Application for Collective Sale Order.

The Purchaser's Business profile must now be included. Anyone can search and download the business profile at the Acra website for $5.50.

The Valuation report must have supporting evidence and details on calculation ... in other words the RLV (residual land valuation).

It is way too late for owners who have signed the CSA to get a first glimpse of this all important document after the conditional sale has been entered into and an application for sale made to the Board. We should be able to see the marketing agent's preliminary RLV now, and the actual Valuer's RLV immediately following the valuation but before any conditional sale is entered into.

Without these 2 separate calculations, how can we be sure that we are not being duped? 

The Final Push

You can never sound the death knell until all options have been exhausted. There has been a fresh injection of hope with an increased RP. A RP that is potentially attractive to about 50-55% of the owners in the estate -  but that is just my opinion. The SC hopes it is enough for 80%.  Regardless of how you feel about the new RP, shouldn't we be asking what the new RP is based on? Is there any supporting evidence and calculation to go with it from the marketing agent?  

Two more signing sessions are penciled in for Nov, and a letter from the SC Chairman on the Notice Board   (The letter has since been removed).

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