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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.

The end is nigh

The enbloc sale of Tampines Court is dead if the STB does not approve the sale by the 25 July 2008. There will be no extension of the S & P as the buyer does not want to extend the time.
"Not minded to extend" = do not agree to extend = pull out
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Wonders will never cease.
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There is no big, bad developer breathing down the necks of Tampines Court majority bullying them into closing the sale before the deadline. There has been no request from the buyer to bring the hearing date forward 'or else'. This is not Horizon Towers No. 2 whereby the majority were threatened with a lawsuit if they did not extend. Indeed, the buyer seems quite complacent to let this slippery fish go, perhaps to catch it again at a later date, when market conditions improve. Tampines Court will still be here in 5 years time. They can wait. We can wait, too.
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So what is the Sale Committee doing?
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Why aren't they convening a meeting with the majority to touch base and find out the current wishes of the very people they claim to represent? Do the majority want to take advantage of the legitimate exit that has opened up unexpectedly? Perhaps they do, perhaps they don't. The SC may claim legal authority over signatures inked 2 years ago - but not moral authority. They haven't spoken a word to the majority since the EOGM in JULY 2007! That was a full year ago for crying out loud.
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Do the majority even know what's going on?

22 comments:

  1. Anonymous30 June, 2008

    Looks like the price wasn't as high as what we thought!

    ReplyDelete
  2. Anonymous30 June, 2008

    Interesting and good turning point for both majority and minority of TC.

    Majority owners can sell their units at open market again. The price may be very close to the $700K.

    Minority owners can keep their home.

    ReplyDelete
  3. Anonymous01 July, 2008

    win-win for all? I guess the real winners are the legal teams for both sides. lol.

    ReplyDelete
  4. Hurray, if the deal falls through, it means any owner in TC can sell at whatever price they desire for their unit at whatever time they like without the troubles, conditions and limitations of the collective sales.
    GREAT JOB by the minority!!!
    Well DONE!. Keep up the pressure until 25th July! National day this year will have new meaning for celebration!

    ReplyDelete
  5. Anonymous01 July, 2008

    HI

    I too agree , Majority should ask the sale comitee to hold a meeting and ask them what is happening ,and what they have done so far for the benefit of majority. Where do the majority stand now? all this questions the sale committe should be able to answer. I truely hope someone from the majority willlead.

    ReplyDelete
  6. No one has won yet. This saga has more twists and turns than a pretzel. Everything boils down to the STB and the 5 judges on the panel; and no one knows how they will weigh the facts or how they will decide.
    So celebration would be premature for either side.

    ReplyDelete
  7. Anonymous02 July, 2008

    agree that celebration is premature. only the lawyers are celebrating now. the rest will have to wait, pockets may be hurt here....

    ReplyDelete
  8. I disagree with your point about lawyers. There is no basis to tar them all with the same brush. Our lawyers have been unbelievably patient and understanding over the past year and have taken our cause to heart. They have put up a tremendous case and continue to fight our battle to the best of their ability. Believe me, win or lose, they are worth every penny.

    ReplyDelete
  9. Anonymous02 July, 2008

    no intention to tar the lawyers. But they are the only one who will benefit from this whole episode. There will be no winners in TC, marjoity or minority. Both with have lose financially and live with the animosity. Those who have bought replacement units will suffer greater loss depending on when they bought it. Sad but true.

    ReplyDelete
  10. Anonymous02 July, 2008

    I don't agree that it will be a win win situation if the enbloc fell through as the majority stand to lose $781.25 they've paid for STP expenses.

    ReplyDelete
  11. Peanuts compared to those who stand to lose up to $260,671 in CPF losses if the deal goes through.

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  12. Anonymous02 July, 2008

    How did you arrive a loss of $260,671 for some if the deal goes through. What is the fair price then? Let me guess,it should be 705,000+ 260,671 right?

    ReplyDelete
  13. Anonymous03 July, 2008

    Take what you see here with a pinch of salt as most are interested parties. If there are actually six figure losses, the enbloc would not have reached this stage. If the majority loses $781. The minority will lose much more. Like I say, no winners except the lawyers.

    ReplyDelete
  14. Anonymous03 July, 2008

    I know this is not so relevant, but seems strange that no one seems to think the same for doctors

    ReplyDelete
  15. It was the Waterfront View High Court decision that decided CPF losses should not be reimbursed - so that is why the sale has reached this stage with many owners in the red. We all know in our hearts that CPF is still our hard earned money nonetheless and substantial losses in that account impacts on our retirement plans, ability to buy our next home etc.
    So these owners will lose big time and there is nothing they can do.

    Actually, since the Waterfront View couple stopped after the High Court decision and didn't go for the Appellate Court, that leaves the definitive ruling on this matter still open. Anyone game to try?

    ReplyDelete
  16. Anonymous05 July, 2008

    If this enbloc deal is off, is 2nd enbloc attempt still possible for TC? i.e. the case with Bay Shore Park.

    Does anyone knows the recent bank valuation for TC condo?

    What's the average rental cost for TC?

    ReplyDelete
  17. Anonymous08 July, 2008

    I don't see how some residents who claim will lose "thousands" in interest payment fr.morgage will benefit fr. this failed enbloc. I think they will lose more interest if they keep the the property much longer.Can we gurantee TC will get better price in future? Remember, the longer you dispose of the property the more interest it will incur if your unit is still under morgage.

    ReplyDelete
  18. Anonymous08 July, 2008

    I am very shocked to read the above comment on our property value. Over the weekend i was looking out for units to buy. This is what i got upon enquiry.
    No.1 Hougang area HUDC not privatised asking for 640,000. NO.2 Shun Fu not privatised asking for 920,000.

    If enbloc sales don't go through; thats the best thing can happen for residence of tampines court. As we can easily sell in the open market for not less than 700K. There is no necessity to consider for alfa beta etc. etc

    ReplyDelete
  19. The last two comments were submitted by the same anonymous person - which is a bit confusing. Are you playing devil's advocate here?

    (yes, gmail can tell if you are a new anonymous or a repeat anonymous)

    ReplyDelete
  20. Anonymous09 July, 2008

    Sorry you are wrong.My comment was made at 8:52am.and I was expecting your response in explaining 'How would the residents save on interest payment by keeping their unit longer then necessary.Don't they realise that by selling and settling their morgarge earlier save them from paying the interest?

    ReplyDelete
  21. I find gmail confusing. All 3 comments are grouped so I assumed they were from the same person. Perhaps the box 'email follow up comments' below does the trick.

    About your question:
    When you sell a home, you then have to buy a new home and take out a new mortgage. The new mortgage could be higher than the balance in the old and if you want to maintain the same standard of living and size of your apartment then it can be quite hefty indeed.

    Let's take Waterfront Waves as an example. A new unit (1500 sqft- smaller than TC) costs around $1 million. Which is better - take out a new loan of $600k or pay off the $200k you have now?

    Your age comes into play. What if you're in your 50's? and have other draws on your salary?

    Not everyone wants to retire and 'downgrade' 20 years before their time.

    As for whether the price will be higher in the future...sure it will. Downturns are temporary, and the population is increasing. Large, windy units walking distance to MRT like ours will be sought after.

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  22. Anonymous09 July, 2008

    OK.It make sense.I will make more comments using my initial AR in future.

    ReplyDelete