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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.

Botanic Gardens View

Here they go again at the BGV estate. I have been keeping a close eye on the goings on there for quite a while - a few owners keep demanding transparency and consideration, yet the SC and the property agent (surprise, surprise as to who they are, do they have their fingers in ALL the pies?) seemingly bulldoze ahead regardless.


It looks like the SC are seeking ratification for their CSA through the mail - and giving owners very short notice to respond. As I have heard time and time again - if an owner does not object or make his opinions known then he is supposed to have acquiesced to the proposal/decision.
The SC and property agent are being very bullish and high handed in their dealings here. They are also ignoring the directive given by the then DPM Prof S Jayakumar in the Second Reading Speech on Land Titles (Strata)(Amendment) Bill on 20 Sep 2007; in which he said

"12. The sale committee shall convene general meetings to consider key issues such as the appointment of any lawyer, property consultant or marketing agent, the apportionment of sales proceeds, the terms and conditions of the CSA; and the terms and conditions of the S&P agreement. These changes will ensure that the owners will have the opportunity to discuss key issues before consenting to them."

Seeing as the last EOGM was 14 months ago; the proper thing to do would be to hold another EOGM to discuss further with the owners the important matter of the terms and conditions set out in the CSA and the method of apportionment of sales proceeds. A decent SC would do the decent thing - a group of gangsters will try to push it through as fast as they can, sailing very close to the minimum requirements of the LTSA.

Note:
The SC are in power indefinitely as their tenure is only fixed to one year from first date of signing the CSA, which hasn't begun yet. Any future SC in Tampines Court should have their pre-CSA tenure fixed to 6 months, otherwise the estate is left hanging in the wind. Owners must demand this.


7.-(1) The collective sale committee shall convene one or more general meetings of the management corporation in accordance with the Second Schedule for the following purposes:-
Before CSA signing begins 7-(2)
a) to consider the appointment of Enbloc lawyer and Property Agent (no 2)
b) to consider the apportionment of sale proceeds (no 3)
c) to consider the terms and conditions of the CSA (n0 4).

2 comments:

  1. no worries here. no eogm, no en bloc. have they been ill-advised by their lawyers?

    ReplyDelete
  2. There was an EOGM - 14 months ago.

    ReplyDelete