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"I am a BLOGGER NOT an expert. This is a BLOG not a 'go-to' website for official information. I represent no one's view save my own. I have neither legal nor financial training, nor do I have anything to do with the real estate industry. My understanding of the Collective Sale Process is from a layman's position only. My calculations, computations and tables are homespun and may contain errors. Please note that nothing in this blog constitutes any legal or financial advice to anyone reading it. You should refer to your lawyer, CSC or financial adviser for expert advice before making any decision. This disclaimer is applicable to every post and comment on the blog. Read at your own risk."
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There is one thing worse than an Enbloc ----- and that is an Enbloc done badly. Since the majority have the necessary mandate to sell, then they owe it to all SPs to make a success of it. Minority SPs can only watch and wait, if they sell then lets pray it's at a price we can move on with, if they don't sell, then we are happy to stay for a few more years.

GILLMAN HEIGHTS

20 October
The STB has had to make some adjustments due to 'unforeseen circumstances'. (I'm guessing it's because they have to make room for the continuation of HT hearing on the 30th Oct onwards.) Written and oral submissions have been pushed forward as a consequence. What those submissions are, I do not know.
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05 October
After arriving late for the 3rd day of the hearing, I only heard three minority owners questioned on their affidavits in the morning. .
After he counsel had finished with a witness, any minority owner could stand up and ask further questions of that witness. This participation by the on-lookers was a surprise to me as in my previous attendance at another estate's hearing, no such participation occurred. Was it just for minority witnesses only, I wonder?
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I cannot give an account of the 4th day as I was only partially present. A statement given by a minority owner's valuer being one witness.
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The last day of the hearing was a continuation of day 4. I was told the argument for CSC was given in a written submission only.
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The Board has up to 3 months to deliver their written decision. How soon for an oral one?
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28 September

For the first two days (24th & 25th Sept), Counsel for the minority cross-examined all the applicants' witnesses namely the SC Chairman, the two valuers & the two marketing agents.
(as it is an ongoing case, details have been omitted)

Next week, 3 Oct-2007:- will be for witnesses for the minority which should total around 10 people altogether giving their statements.

4 Oct-2007,:-arguments on point law regarding the 80/90% requirement will be heard.(TOP/CSC) Also scheduled; the perceived irregularities in the CSA etc

That's all for now, folks.

__________________________

18 September
Taken from CondoSingapore article:

An issue as simple as the age of the estate is one of the biggest points of contention. The former HUDC estate was built in 1984, but privatised in 2002, when the Building and Construction Authority issued the Certificate of Statutory Completion after work on additional facilities was completed.

Depending on which year is used, the majority consent needed by the sale committee would differ. Under current laws, a 90-per-cent approval is required for developments less than 10 years, while older developments only need 80 per cent.

At Gillman Heights, the consent level was 87.5 per cent of its 608 units.

Several issues have dogged the sale since a deal was struck with CapitaLand in February. For example, the Collective Sale Agreement (CSA), inked in June last year, had expired, and there was no valid extension in the supplemental CSA, Mr Ng said.

"Since the CSA is in fact over, the sale committee is not authorised to represent the subsidiary proprietors in making the sale order application," he said. The sale committee lawyers, from Lee & Lee, could not be reached for comment.

Gillman Heights is one of a series of high-profile en bloc deals gone ugly. And a lawyer, who declined to be named, felt that even with the new regulations expected to kick in early next month, such messy tussles would be here to stay amid a property boom.

"The new laws would reduce the complaints over the transparency of the process," he said. "But why are people unhappy? Because they can't buy a replacement with the money (they're getting)."


Strata Titles Board Hearing Dates: Sept 23, 24 & Oct 3,4,5

The outcome of this case will determine whether or not Tampines Court requires 80 % or 90% approval before application to the Board. This is probably one of the reasons why there has been no advertisement to date in the newspapers (a STB requirement), even though 7 months have lapsed since the sale.

5 comments:

  1. Any update on the outcome of Tampines Court formal valuation? Thanks

    ReplyDelete
  2. None that I know of. It will be submitted with their application of Sale to the Board and only they know when that will be..

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  3. Any more news on the hearings about Gillman Heights?

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  4. hear gillman heights decision has been postponed until 19th Nov while more legal submission are made. Anyone know what this means?

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  5. Ok, well the STB has had to make some adjustments due to 'unforeseen circumstances'. (I'm guessing it's because they have to make room for the continuation of HT hearing on the 30th Oct onwards.)
    Written and oral submissions have been pushed forward as a consequence. What those submissions are, I do not know.

    ReplyDelete