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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.

Financial Benefits of en-bloc for TC

What did $19,666.00 in privatization costs bring to the residents of TC? How do some owners 'enjoy the benefits of a collective sale'?

2002 high-end public housing (HUDC)
2003 privatisation at $19,666 (strata title)
2004 a fence, 2 guardhouses and sleeping security guards
2005 en-bloc rumblings
2006 signature collection
2007 en bloc sale
2008 en bloc fight
2009 low to mid-tier public housing, substantial bank interest loss, substantial CPF loss, no cash for next home.

All this has a filter down, disruptive effect on:
retirement plans
investment plans
childrens’ education plans

$576,257 is owed to the MCST for privatization balance. But some of these owners who did not pay up on time like the rest of us, need not worry – they will have their debts paid by the diligent folk whose agreement was never sought. Not only that, if they have also chalked up huge interest penalties, that too will be paid on their behalf. So, on hindsight, it would have been better NOT to pay privatization costs promptly.
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Private Apartment –--> en bloc –--> public housing
Don’t pay you bills –--> more money from en bloc

Welcome to the topsy-turvy world of en-bloc, Tampines Court style.

3 comments:

  1. Anonymous26 June, 2008

    Hi

    you mean to say if some owners did not pay for privitation need not pay anymore, this is not called privatisaion, Moreover it is not fair. Is it happening only in tc or elsewhere?

    ReplyDelete
  2. Only TC (Beta Sum trailblazer)

    but if it is successful here (and it is still being fought at the STB; round 1 went to the minority) then other estates will no doubt pick up this 'after sale' tactic with gusto.

    ReplyDelete
  3. Anonymous28 July, 2008

    I am glad that the enbloc exercise failed. I'm all for charity but who's ever heard of subsidizing your neighbor's privatization costs and/or interest incurred? It is a real pity that the SC and other folks involved did not keep the majority updated...these are the very same people who supported them from the start. Just imagine our shock and disappointment when we found out the real deal behind the beta sum!

    As someone else mentioned, this has pretty much turned out to be a lose-lose for all involved. This is a shame. If only honesty and transparency had been the name of the game, I'm sure it could have evolved into a win-win for all.

    Well, no point crying over spilled milk. As for another enbloc exercise, I for one, will certainly not put down my signature so easily next time. This whole thing has been a horrible waste of time and energy. I hope that the folks who have committed to other property will be able to sort things out.

    Just for the record, word has it that the current market value for TC is 500K. Anyone knows how accurate a figure this is?

    ReplyDelete