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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.

Newspaper rebuttal

The petition signed on Sunday by some majority owners was delivered to the the Mp for Tampines GRC and Minister for National Development Mah Bow Tan On Monday evening.
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Mr. Mah has in his possession another petition; one handed in by the minority owners at the previous Monday's Meet the People Session, albeit quietly, without media attention. We had turned down repeated requests for an interview; preferring not to dramatize our estate in the media.
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The minority only request that due process be followed, that the law should be allowed to take it's natural course. We were assured in previous sessions by our eminent MP that due process is paramount in the legal system. That although he cannot and would not interfere directly in the decision making of the STB, he would make representations on owners' behalf, both for minority and majority. That is only fair.
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Newspaper report:
"It has become a nerve-wracking time for the owners, as many have committed themselves to other properties"

Both the en bloc lawyer and the Property Agent have stated in previous letters to the owners that it was unwise to purchase a new unit before the sale was confirmed- and there is a long way to go before it is confirmed.

En bloc Lawyer letter dated 27th March 2007:-
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These owners have therefore only themselves to blame for ignoring sound advice and making unwise purchases beyond their means.
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Property Agent letter dated 27th March 2007:-
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"Owner K. Balasubramaniam, 55, said residents could lose about $200,000 should the sale fail. He said the average open market value of a typical unit was $500,000 - while each owner would get $700,000 should the sale go through.
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Just where did Mr. Balasubramaniam get his figures from? Where is his evidence? Plucking unsubstantiated figures from the air and presenting them as facts to the Minister is deplorable. Did the reporter for the ST ask for proof before reporting these figures in the paper? There is NO such thing as an average open market value of a typical unit for TC. The last individual unit sold in Tampines Court was in OCTOBER 2006 - at a price of $520,000. There has been a freeze on the sale of units at least since 15/05/2007* as the buyer has placed caveats on all the units, both minority and majority.

* my unit taken as example

Publish Post

7 comments:

  1. Anonymous16 July, 2008

    Based on www.hdb.gov.sg, a unit of 146 Sqm in Tmapines has a resale value of $615,000. With a similar area of 1700sq feet a HDB unit will cost $670,000. Is the majority/SC is providing relaible information about price?

    [moderated by blog administrator; comment deleted]

    ReplyDelete
  2. AND we are Private property, not HDB.

    ReplyDelete
  3. Anonymous16 July, 2008

    It is a matter of market condition now - you may be surprise to find that there is no more buyers lined up for our unit.

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  4. The $500k figure quoted in the article is fictional, with no basis in data. 'Guesswork' as to how the market will welcome us back is useless. TC will spruce itself up first.

    ReplyDelete
  5. Anonymous16 July, 2008

    just wait for 2-3 more years, you will be glad to pocket another $200,000 for your retirement....

    You have not seen the effect or IR yet...cheers

    ReplyDelete
  6. Anonymous17 July, 2008

    If everyone think we can sell even higher why not someone try and we will see, talk till the cow's come home would not help if I can fetch $850K and above, I will be very happy. No point debating on price right now without solid evident facts.

    ReplyDelete
  7. Caveats have been served on our units - both Minority and majority- by the buyer. You cannot sell.

    ReplyDelete