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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 final chapter

So, after 11 months, the final chapter of the failed Tampines Court enbloc has been closed. The objecting minority didn't go for blood; preferring instead to accept an offer to bring matters to an end and simply for all to get on with their lives. We were prepared, though, to bring issue to Court for the full amount had the matter dragged on any longer.


 Summary of Round 1 

JUST FACTS


Tampines Court is an ex-HUDC estate
Tenure: 101 Yrs From 01/12/1985
No. of units: 560
Unit sizes: 1650 - 1720 sqft
Share Value: 4
Privatised 01 April 2002
CSC (Full) 14 March 2003
Site area 6.526 ha (16.126 acres) 702,162 sqft / 65,233m2
Height Restriction: 49 metres AMSL 
Green Buffer: 0.626 ha (1.547 acres) 67,382 sqft
Net Site Area 5.900 ha (14.579 acres) 635,071 sqft
Coverage Area: 24%
No. Of Persons Accm : 560 x 5 = 2800 persons
Density 560 / 5.9 95 units per ha (38 units per acres)
Residential Density 2800 / 5.9 = 475 persons / ha (192 persons per acres)
Gross Floor Area 10.096 ha (24.947 acres) 1,086,724 sqft /111,548.4 m2
Restriction in Title/ Gross Plot Area 10.096 / 5.9 = 1.71
DC Table: Use Group B2, Sector 98
Plot ratio is 2.8 as per Master Plan 2008
Potential Gross floor Area (PGFA) over 2 million sqft / 182,652.4 m2 

2005
Dec - Self-appointment of pro-tem En Bloc Committee
Dec - Informal valuation $389,719,233.00

2006
11 Feb - 1st Dialogue session
25 Feb - 2nd Dialogue session
19 April - Draft CSA and cover letter received by owners
14 May - CSA Dialogue session
05 May - First signing of CSA
15th/20th/21st/ 27th May 2006 - CSA signing
09 July - Dialogue session
15 July - CSA Dialogue session
29 July - Update by pro-tem committee tagged after the AGM
05 Aug - Dialogue Session
12 Aug - Dialogue session
.
NEVER SAW THE SC AGAIN UNTIL AFTER THE SALE>>>
2007
21 January - purported 80% threshold reached
23 January - Press Release:- Sea Breeze apartments sold for $53.8 million
In Tampines, a 22-year-old former HUDC development, Tampines Court, has been put up for collective sale with an indicative value of $527 million, inclusive of development charges and differential premium of about $107 million.
It is marketed by Dennis Wee Group. Investment sales director Jimmy Teng said the 702,458 sq ft site has a plot ratio of 2.8 and a potential gross floor area of at least two million sq ft.
‘The successful developer could build about 1,700 units with an average size of 1,250 sq ft,’ he said, adding that developers also have the option to bid for one of the two subdivided parcels.
Source: The Business Times, 23 January 2007
27 January - Press Release:- Tampines Court up for en bloc sale (Weekend Today)
31 January - Announcement of tender in Straits Times
04 February - 80.00% - Statutory 8 week Notice
12 February - Press release:- Collective sale site in next wave may fetch around $1 billion each 
Over at Tampines Court, marketing agent Dennis Wee and the appointed lawyer for the majority owners, Phang & Co, plan to make the huge, 702,162 sq ft leasehold site more digestible to prospective developers by dividing it into two smaller plots.
Developers will be invited to bid for one or both sites. The award will seek to maximise the overall sale price achieved for the two sites combined.
‘If one party submits the highest bid for one plot and another for the second plot, then both developers will have to jointly agree to buy the entire site as the two halves must be sold together,’ explains SK Phang, principal in the law firm.
After completion of the sale of the site, the developers would then partition the site into the two halves and each developer will become the sole owner of the half he has bid for.
As far as owners of the 560 units in the estate are concerned, their sale proceeds will be the average of their share value in the estate and the floor area of their unit – regardless of which subdivided plot their unit stands on.
Source: The Business Times, 12 February 2007
  
08 March - Close of Tender
25 March - Sold by private treaty
Purchase price: $395,000,000.00 + $10 million Beta Sum = $405 million 
Dev. charge + Dif. Premium = $107 million
$260 psf of potential gross floor area. (pgfa) including developmental charges and differential premium.
*Average gross sale price per unit : ~$705K before adjusting for Alpha sums, deduction of costs and expenses etc
(as stated in property agent letter dated 27 March 2007) 

  
28 March - Press Release:- Tampines Court being sold for $405 million (Business Times)
28 March - Dialogue session
1-April - Dialogue session
21 April - Sale and Purchase presentation
31 March - 80.71% - Statutory 8 week Notice
03 May - Outline Planning Permission (OPP)
25 May - 81.6% - Statutory 8 week Notice
22 June - Upgrading to 99 yrs lease
30 June - Minority Dialogue session
19 July - 81.6% - Statutory 8 week Notice
21 July - EOGM
26 July - RPA in principle date of approval
28 July - AGM
12 Aug -
19, 20 August - Collection of disbursement fee ($781.25) from majority owners
5 September - Appointment of Valuer
12 September - 82.14% - Statutory 8 week Notice
06 November - 82.14% - Statutory 8 week Notice
27 December - Notice of application for Sale in 4 Newspapers
31 December - 82.14% - Statutory 8 week Notice 
2008
TAMPINES COURT CASE: STB 02/2008
07 January - Application for sale to the STB
18-22 January - minority objections filed
29 February - Day 1 minority mediation at the STB . Group of 39 legally represented, plus 4 single objectors with no legal representation.
10 April - Day 2 minority mediation
09 June - Day 3 minority mediation
16,17,18 June - STB Hearing. Group of 32 minority legally represented and 2 independent minority.
19 June - Buyer does not agree to amend the S&P Agreement (Beta Sum)
23 June - Interlocutory Application to Amend Application (in chambers).
Application withdrawn
27 June - Buyer not minded to agree to the extension of time (S&P)
30 June - Interlocutory Application to bring forward the date for the adjourned hearing
02 July - Minority objection to bring date forward
09 July - Arguments for and against presented
10 July - Further arguments added
11 July - Application dismissed by STB
16 July - majority apply to High Court to have the date of hearing brought forward : High Court originating Summons 941 2008/P
18 July - High Court Originating Summons 941 2008/P 
Mir Hassan bin Abdul Rahman and Another v Attorney-General[2008] SGHC 147 
Court allows date to be brought forward
21 July - STB Hearing day 4 and Majority Oral Submission
22 July - Minority Oral Submission
23 July - Written submission
24 July - Extra submissions?
25 July - STB dismissed the sale. Grounds for dismissal: lack of good faith in sale price and method of distribution.
25 July midnight- Qualifying Certificate expiration, Sales and purchase agreement expires.
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The End of En bloc Round 1

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