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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.

SC en-bloc update (OCT)

A letter from the Sale Committee to 'Fellow Owners', but intended primarily as an update for the majority (as stated).
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No reason given for the delay
No apology

10 comments:

  1. Wrong! it has been sent to all owners

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  2. And I'm glad to hear it.

    Perhaps I was fooled by the reference to "owners' instead of 'all owners' and the first sentence stating:-

    "We would like to update majority owners on the status of the en-bloc sale"

    Member of the sale committee, are you? That's Ok, I welcome all comments (as long as they are not abusive, defametory or plain vulgar) and corections, too.

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  3. That should be corRections.

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  4. Me another anonymous person. I think we should request for information about the $20 million deposit given by the developer (buyer). If I'm not mistaken, its sometime in March. A deposit of that amount should earn about almost $600K if placed in a FD. The interest should be used to pay for necessary expenditures, and if unused should be returned to the owners upon completion of sale.

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  5. To: TC Sale Committee
    (If any member reading this comment)

    Pls expedite the sales process of TC, do not delay any more, you should know that the property prices in Tampines Area are rising every month. Any delay will cost us more money to buy a replacment (HDB or Condo)unit later.

    So, please do not take your own time and dalay the sale.

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  6. To anonymous,
    It is already too late.
    Check the URA web site for the latest prices.
    At 600psf in this area for a 1650sq ft apartment, you should get $990,000 in a unit sale.
    If you note today's news, prices of HDB has also gone up significantly.
    The earliest time according to the SC letter for you to receive the money, is May 2008. At the rate at which they are working, it will be later rather than earlier!
    Your best hope is for this sale to fail and sell it as a single unit. Based on URA's listed pricing you will get more and faster!

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  7. Farrer Court was also in June this year but they have already advertised in the newspaper.

    Why TC SC taking so long to put advertistment in the newspaper ?

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  8. On the question: Why they took so long to advertise?
    Answer: I remember seeing somewhere that they are waiting for people to pay the $780 plus fee.
    Comment: They can wait long long. They should use their ingenuity to use the interest earned from the deposit or even the deposit itself, unless of course this is not allowed by law. Let's see if the SC can keep to its timeline of Nov/Dec for the advertisement and STB submisison. Yes, I agree its taking so long to complete. Farrer Court's agents were much faster and they sell at a pricier rate too.

    Anyway, if our unit is sold in the open market (assuming no en-bloc), will it fetch $700,000? I dont think it can fetch $900,000 given the conditions. So for all of us who wants to complete the en-bloc faster, we should cooperate and hand over the $780 plus fee to the agents quickly.

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  9. If TC is for revaluation does this mean a new tender exercise and new price assuming the value is significantly up?

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  10. No, the formal valuation being done now by the Sale Committee will not change the fact that the estate has been conditionally sold to Far East Organisation. There will be no new tender, no increase in sale price if it turns out to be higher than the informal valuation done in 2005.

    If significantly higher, the STB could (theoretically) throw out the sale but that has never been the case, as far as I know.
    Their valuation is just a STB requirement.

    Independent minority valuations (and there might be more than 1 done at minority owners' expense)on the otherhand, might be more reflective of the market value of TC, and if significantly higher, could pose problems for the SC at the STB hearing next year.

    So, the formal valuation itself will change nothing (assuming it will remain around $395M); it's the minority challenge or challenges to that valuation that will matter most at the STB.

    ReplyDelete