Disclaimer






"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."
Drop Down MenusCSS Drop Down MenuPure CSS Dropdown Menu
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.

Hearing day 4

Today saw the cross examination of the SC Chairman, and one minority witness.

The en bloc lawyer has apparently engaged his third Senior Counsel, Mr. Yeoh. One has to wonder what the cost of this is going to be and who is going to pay. We are only at the STB and already the SC has;
.
a) Made 2 applications (one for Beta sum amendment, the other to change the date)
b) Been to High Court
c) Engaged 3 Senior Counsels
.
The lawyer for the majority gave his oral submission today.

The lawyer for the minority will give his oral submission tomorrow at 2.30pm.
.
My previous questions:
.
How many days will they give for written submissions?
Until Wednesday 3pm
Will allowance be made for the independent minority?
No
How many days will the panel deliberate?
Change that to how many hours
Will they rush to a decision before the 25th, midnight?
Decision out by Friday 25th
.

13 comments:

  1. Anonymous22 July, 2008

    Upset

    So far only we are only getting feedback from your blog, What happens if you had not created this blog, we will be in the dark. Sales committee should update all majority concern what is happening. What will happen?

    ReplyDelete
  2. anxious1822 July, 2008

    I can sympathize with you.

    The Sales Committee is not interested in letting even the Majority SP know what is happening.

    The Sales Committee is acting as if they are the King of the Estate.

    They should be actually working for the Majority SP and keeping them informed. They should also seek the Majority SP's mandate before they employ EXPENSIVE Legal Services. The Majority SP has to foot the bill.

    The Sales Committee is getting out-of-hand. Majority SP should voice out their displeasure of how the Sales Committee had handled the Sale Process, urgently, before 25 July 2008

    ReplyDelete
  3. Anonymous23 July, 2008

    The property agent Mr. Jimmy Teng said 'No sale, No fee'. There is no payment if STB rejects the sale on 25 Jul.

    ReplyDelete
  4. Anonymous23 July, 2008

    Hi,

    What is your assessment of the odds in favour of minority?

    If STB rejects the sale on 25 Jul, then there is no way that the majority could appeal to High Court since the S&P also expires on 25 Jul? Is this correct?

    Thank you in advance for your comments?

    Regards

    ReplyDelete
  5. Concerned23 July, 2008

    Can the developers still pull out from the en bloc sale on 25 July, should STB announce their decision on 25 july?

    ReplyDelete
  6. I am confident that the case put forward by the minority lawyers was more than enough to sink any enbloc ship.

    I cannot know nor will I even guess how the STB panel members will rule.

    I believe the SC would have run out of time to appeal as the S&P expires at midnight Friday.

    ReplyDelete
  7. RE: Can the developer pull out....

    If the STB throws out the sale then the S&P lapses at midnight. The developer has said it would not seek an extension , so the sale would be off. The deposit goes back to the developer and the enbloc lawyer keeps the interest.

    If the STB grants the sale, then the developer has said in the newspaper that it would honour the sale.

    Another developer (Bravo) backed out of a sale after STB approva;l and forfeited the deposit, which went to the owners. I don't see that happening to TC - but you never know, there have been so many surprises up to now, you never can say for sure.

    ReplyDelete
  8. Anonymous23 July, 2008

    Let's hope that the sale will fall through on Friday.

    The SC employed Senior Counsels without consulting majority owners. I think all TC residents (Majority and Minority) must pay the bills if the enbloc is successful.

    I always believe that TC unit can sell at about $700K at open market now. It will be better than enbloc sale after considering the expenses of Senior Counsels.

    Regards

    ReplyDelete
  9. Anonymous23 July, 2008

    Hi

    was just going thru the 16day hearing regarding who's going to pay for valuation $36 K divide amoung 560 units," are you you going to pass the hat around". Now regarding appointing a senior councel without consulting us the majority. Are you going to pass the hat around? definately no right?

    ReplyDelete
  10. Anonymous23 July, 2008

    If the enbloc is successful, the expenses like Property Agent's commission, Senior Lawyers/Lawyers's fee, Admin charges etc) will be deducted from the sale proceed of individual units for both majority and minority. This is the practice for Enbloc sale.

    ReplyDelete
  11. Anonymous23 July, 2008

    Hi

    If we talk about practice, it is also a practice to involve all majority when decision making.

    ReplyDelete
  12. Anonymous24 July, 2008

    Hi,

    What time is the STB decision on Friday 25th? Is it open to TC residents? Thanks.

    Regards

    ReplyDelete
  13. Anonymous24 July, 2008

    Hope the en-bloc failed….even a private build HDB worth more at $500 psf, TC enbloc only $450…..what a joke....

    ReplyDelete