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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.

Are we in business?

An owner in Tampines Court has alerted me to the following article:
Tampines Court wins tender for Woodgrove Avenue residential site

SINGAPORE : The Housing and Development Board (HDB) has awarded the land parcel at Woodgrove Avenue to Tampines Court, a unit of Far East Organization, for S$105.12 million.

The developer has submitted the highest of the six bids received at the close of the tender on November 4.

The land parcel, which is meant for strata landed or condominium development, has a site area of over 20,900 square metres and a maximum allowable gross floor area of about 29,300 square metres.

Located within Woodlands Town, the site is near Woodlands MRT as well as Woodgrove shopping centre and Causeway Point shopping mall.

The site was launched for public tender on September 22 and has a lease period of 99 years.

The project, which can have an estimated 265 dwelling units, has to be completed 60 months from the date of acceptance of the tender.  
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Far East top bidder at Woodlands site

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So, has Tampines Court suddenly developed a business wing none of us know anything about? Are we expanding our portfolio and moving into the property development business? Has, perhaps, the MC gone completely mad with our sinking fund??

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Well, before you get too excited I have to tell you no, nothing of the kind.

If you cast your minds back to March 2007; you will recall how Tampines Court was undersold to a company called ORCHARD MALL PTE LTD. Now this company was registered on 24 April 2006 in the early days of our first en bloc attempt (a coincidence, don't you think). Well, at the time of it's registration it didn't have any shareholders and had a paid up capital of  $1m dollars. 

After the S&P was signed, two new companies were formed:

1) TAMPINES COURT PTE LTD
Registered 11 May 2007 with a paid up capital of $2.00 
Shareholder: Golden Development Pte Ltd

2) FCL TAMPINES COURT PTE LTD
Registered 21 May 2007 with a paid up capital of $2.00
Shareholder: Frasers Centrepoint Limited

Both these newly formed companies subsequently became the shareholders of Orchard Mall.

So, even though these companies bear our name they have nothing whatsoever to do with us. Tampines Court is not a trade name and even if you think it  bad form for them to continue using these $2 dollar companies registered in our name, as far as I know, there is nothing illegal here.

1 comment:

  1. I believe that developers like Far East would earn more buying land like this than trying to get via en-bloc. It is faster, cheaper and they can build up and sell it to market earlier. This means they get back their revenues and profit earlier and move on to other sites!
    En-bloc works better for smaller land parcels (less than $100mil or there about)

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