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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.

Raw Deal

Waterfront condos coming up at Bedok Reservoir Information about upcoming launch can be found here

FOUR condominiums will be built where the former Waterfront View estate in Bedok Reservoir Road used to be. The first will be launched in the first quarter of next year, It will be called Waterfront Waves and have 405 units, of which more than half will be three- and four-bedroom apartments. More than 60 per cent of the units will also have reservoir views, the developers added. Prices may start from $700 psf.
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Well, few from the original Waterfront HUDC will be able to buy these units from their enbloc sale price, few from Tampines Court either. The units to be built on our land will be similarly priced out of reach to minority 'mass market-ers' such as ourselves who are now middle-aged or retired and are unceremoniously thrown out into a red hot property market against our will and better judgement.
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What kind of people agree to sell at $255 psf ppr knowing that the replacement cost for owners in the new condominium would be $700 - $850 psf; a price completely unaffordable to many who had hoped to stay in the area. Would the majority owners have agreed to this raw deal had they been informed beforehand? I think not. And is that one of the reasons why the sale committee didn't dare canvass views and seek consensus before selling the property?
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Another enbloc article in the paper today:-

Enbloc Millionaires To Drive Market
but such fairytales are not for us Tampines Courters, perhaps they should counterbalance that rosy article with one reflecting the grim reality of ex-HUDC's like Waterfront View, Gillman Heights, Minton Rise and Tampines Court entitled 'No-Win Enblocers Forced Back into HDB'.
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2 comments:

  1. you guys are all losers. better get the minority to suport the sale. If it drags further...it will be a curcus in Tampines

    ReplyDelete
  2. Can anyone provide update on the two important information:

    1. What is the result of TC formal valuation?

    2. What is STB's decision on 80%/90% rule for formal HUDC estate?

    Thanks

    ReplyDelete