"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.

More articles

Poser over homes with 99 year leases
Straits Times 29 March 2008
Enbloc properties hardly slums
IN HIS letter, ‘Sense of kampung in condos overstated’ (March 20), Mr Lau Chee Kian warned that ‘old estates’ could ‘degenerate into slums like in many countries’. Nassim Park was only 14 years old when it went en bloc although it was in very good condition.

Horizon Hill Towers, the subject of the long running and costly acrimonious dispute now being heard in the High Court, is in pristine condition even though it is older than Nassim Park. Cavenagh Gardens in Cavenagh Road was built in the early 1960s whereas Pacific Mansion in the River Valley area and built slightly later are now around 45 years old and can hardly be considered slums by any standard, being in much better condition than some of the HDB flats only about 20 years old.

Whether an estate would turn into a slum is more dependent on the maintenance rather than age, as the many examples in China, India, Europe and others where some of the buildings are centuries old, have shown. ‘The fact that the majority are willing to sell needs not and does not justify the compulsory sale by dissenting subsidiary proprietors, as the former’s decision could have been misconceived, ill advised, wrongly influenced, etc, and, as it is, turned out to be wrong, because in most cases the price they sold was too low. Dispute, acrimony and ruined lives could have been avoided from the beginning if all those concerned had faced up to the root causes and inherent deficiencies faced in most management corporations.

Bin Hee Heng

Straits Times 29 March 2008
Condo spirit better than HDB's
 MS SUSAN Prior’s letter, ‘En bloc sales eroding our sense of kampung’ (March 17), about the sense of kampung in condominiums is certainly not overstated. The kampung spirit in condominiums is very much better than in HDB estates where residents hardly interact with each other.

In fact, all en-bloc sales are motivated by greed, worsened by en-bloc speculators who hope to make quick profits by flipping the properties without any feelings for the residents who do not want to sell. It is a load of rubbish to say that enbloc is good for rejuvenation of an estate. In this regard, I would suggest that the Government raise the percentage of approval required from the present 80 per cent to 90 per cent in order to protect the interests of the minority owners.

William Tay Kay Chiak

Straits Tiems 29 March 2008
No regrets: enbloc buyers that is
I REFER to Mr Lau Chee Kian’s ‘Sense of kampung in condos overstated’ (March 20) in response to Ms Susan Prior’s ‘En-bloc sales eroding our sense of kampung’ (March17). In almost all en-bloc sales, most owners wished they had not sold their homes because they realised too late.

Has no property developer, who has made purchases in hundreds of en-bloc sales so far, ever regretted its land-banking? For confirmation, we should hear from a horse’s mouth, as reported in the Business Times on Nov 15 last year, ‘S’pore home price gains set to slow’: ‘Mr Lim Ee Seng, chief executive officer of Frasers Centrepoint Group, one of the biggest buyers in en-bloc sales, says: ‘We are still looking to boost our land bank, but we are opportunistic and won’t pay current values because our costs would be too high.’ The price gain has helped the developer on earlier purchases of existing apartments, which are sold at a profit. An example is the St Thomas Suites development in the city’s downtown, where apartments were recently sold at $2,189 a square foot. ‘We bought the site of St Thomas Suites at $600 per square foot,’ said Mr Lim in the report. That’s a whopping 365 per cent profit that the Frasers Centrepoint Group has made. That’s why, with their ‘paltry windfall’, the majority owners will never be able to buy a replacement unit. Sad to say, they must regret and downgrade.

Mr Lau rightly points out: ‘The kampung era is long gone. The world has moved on.’ The tremendous advances in science and technology have transformed our way of life altogether, chief of which is changing us from a caring into an impersonal society. Fortunately, Singapore has led in the field of preserving our cultural heritage from being eroded by these negative influences. Singapore has, by and large, succeeded in preserving our core values shared by all in our multi-racial, multi-religious and multi-cultural society. And the ’sense of kampung’ embodied in our core values is part and parcel of our rich cultural heritage.

Admittedly, it is an uphill task to mobilise every Singaporean to imbibe the kampung spirit of yesteryear, but it is not an impossible task. The majority owners in an en-bloc sale cannot be regarded as a litmus test of their view on the ’sense of kampung’. Our uniquely Singapore has, against all odds, managed to accomplish almost everything that we have set our hearts and minds to do - most difficult of all is in uniting a people as pluralistic as Singapore into an almost homogenous nation in just 42 years. And it is a matter of time before the long and tedious process of re-moulding our people into this tremendous sense of kampung camaraderie bear fruits. Succeed we will.

Han Soon Juan

Straits Times 29 March 2008

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