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."
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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 lady answered

To the lady who wrote in a comment. I forgot to ask you your unit size - so I just calculated for all sizes (154 sqm to 161 sqm).
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I have worked out the quantum used for the revised sale price for each unit size (it also depends on whether you are an alpha owner of a non-alpha owner). Since the costs & expenses were not calculable at the STB; the final sale proceeds cannot be given. Your legal costs seem to be unusually high - I think you have made a mistake there; but it doesn't matter as you are not anywhere near being a financial loss case,.
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Old Sale price: $395,000,000
Alpha (financial loss)?- No
Insufficient funds to redeem CPF? No, your CPF is fully redeemed.
Insufficient funds to pay Cost & Expenses of sale? It depends on the size of your unit/ the C&E were not known. I think the C&E would have been no less than $20k* and maybe even as high as $30k. So you would have come away with very little cash after deducting C&E.
CPF rich - cash poor.
*I cannot say for definite what the C&E would have been, but I am pegging it to Waterfront View which was $19k.
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These calculations are only applicable to the failed sale price of $395,000,000 and a 50-50 method of distribution (strata area - share value). I do not guarantee the figures are correct - just a blogger's armchair attempt. I hope someone else will have a go at deciphering the A-2 table and it's formulae.

2 comments:

  1. Hi - Thank you very much for your help. Now at least i have a better understanding of the whole issue. You are right, I myself also do not understand why my legal fees was so high (could it be a lumpsum payment to the lawyer?)

    Anyway, Thanks a lot.

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  2. "CPF rich - cash poor"

    Not necessary, depending on this lady's age - only need to set aside min sum (abt S$106k after Jul 08) in CPF after 55th birthday, bal CPF can be withdrawed.

    ReplyDelete