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."
Drop Down MenusCSS Drop Down MenuPure CSS Dropdown Menu
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.

Lengthy Silences

I have been very lenient on the sale committee up to now as they cannot all be tarred with the same brush. There are some good 'old' owners who genuinely want to see the sale done properly. They have tried to be inclusive by inviting all owners to attend their meetings and the last few minutes have been well written and informative, as they were written by the same 'old' owners mentioned above. So, it is difficult for me to be anti-SC without giving due regard to those good contributors but - in my humble opinion -  there is the other half of the sale committee which cannot be trusted one inch.

With a new en bloc lawyer on board, things might go on very differently from now on. We shall see.

We have heard nothing from the sale committee since the EGM. We do not know the official outcome of that meeting, whether the elected lawyer and marketing agent have signed an agreement, or indeed seen the agreement that they signed. It is binding on owners, so we need to see it, thank you.  When can we expect the minutes of the meeting to be posted? Will there be a transcript? And what of the CSA, what is happening there? Are owners requests being pooled? Has there been any attempt to canvas for owner input?

My main grouse is this: the sale committee has not developed a direct and speedy form of communication with the masses. Some owners rely entirely on my blog for information which should not be, as I glean my info from here and there and not from the SC directly. The SC emails owners on a selective basis (eg. the minutes of meetings);   I have a very serious problem with 'selective' because to me anything 'selective' should be avoided at all costs. There is no way the SC can gather every email address in the estate, and even if it tries, there are bound to be some who simply never use the computer.  What are the options open to them?

A blog: no attempt at all on this front as yet.

The letterboxes are locked, and even though the managing agent does have a master key it cannot be used in the service of owners, no matter what group they belong to. I would scream blue murder if I found an anonymous letter or (unfranked) SC letter nestling in there. The managing agent cannot be there at the beck and call of ANYONE.

Which brings us to the topic of Notice Boards:
There are 23 Notice Boards in the estate (including the MC office board).  The Notice Board is common property and is managed by the Management Office. They are locked and no one can put things up willy-nilly, it would have to be approved by the managing agent first. As common property, it is maintained with estate funds, which naturally come from all owners in the estate.  The sale committee cannot use estate funds for it's activities, save holding the required EGMs. The LTSA states that the meeting minutes and the very important 4 weekly CSA signature collection notices be affixed to the Notice Boards.

The sale committee are requesting to use the Notice Board to post other material. 

Now, the sale committee is just one group  in the estate, albeit elected, but still just a group of owners with a cause to peddle. It does not seem right that the Notice Board be opened to them alone since there are other individuals/groups who would have equal claim to air their viewpoint and therefore equal claim to use the board. We all pay the same fees remember. 

The simple nub of the matter is this: special consideration cannot be shown to one group alone, as it would breach the impartiality of the managing agent and improperly annex common property to further the cause of one faction . The Notice Board, if it is to be open at all,  must be universally open to every owner in the estate to post as he or she pleases (within rules laid down by the management office, of course).  It must be a case of ALL or NONE.

NEXT  EGM:     possibly set for 10 Sept, or so I believe.    Agenda?  No idea as yet.

6 comments:

  1. Anonymous22 July, 2011

    Bigger site are not attracting developer(Pine grove and Hawail tower)no sales! on straits times today.

    ReplyDelete
  2. Anonymous22 July, 2011

    I agree with your comments. I was not aware that "selected" owners were provided with updates. This is not acceptable. No comments have been forthcoming on your suggestion to check whether it is the principal office of ERA that has been appointed or a group of ERA agents banding themselves together. The implications are very serious and should be addressed. I do not want to sell my home but I know that I do not have a choice if 80% of the owners agree. But please let us do it right.

    ReplyDelete
  3. Anonymous23 July, 2011

    Next EOGM on 10 Sep? Move a motion for:

    To resolve that the Reserve Price for the collective sale of Tampines Court be $1.9m.

    We should decide the RP instead of the MA or SC or others proposing it and finally get voted in. We should move first and propose ahead to ensure we are not scuttled. Any seconder?

    ReplyDelete
  4. Anonymous24 July, 2011

    How come we have to pay for independent valuation reports on RP and apportionment method? Should not the marketing agent pay for those? It will cost anything from $20,000 to $80,000 for those reports. It dont think anyone would want to pay. Maybe those eager to sign will cough out the amount. Those who do not sign will not have to pay.

    ReplyDelete
  5. Anonymous25 July, 2011

    I can be seconder. But no use, someone else will propose another number and get a seconder. And then it'll go into a vote. Desperate and property agents sellers will push for the lower easier to close deal which simply couldn't careless about owners who has to downgrade.
    Why don't we also propose for a 3rd party valuation to be done prior to setting the RP?

    ReplyDelete
  6. 1. Forgive me for my little knowledge of independent valuation report will cost that much ? It's just how they arise with reasonable figures ! Which I believe that it's not difficult to obtained at all !

    2. There was proposal on earlier comments to put RP of 1.9 mil. ( hope he is reasonable person enough to realize what and how TPC worth ? ) I quite sure that our good resident have enough info. to support the figure. Otherwise we're all wasting our time. And the worst if we sign on for any property agent, u will not be able to sell on w/ any other Agent ! ( why ! Because nobody can or want to bid at this price at current market) . Or just simply as good as saying " No Sell ".

    3. I am not aware of any agreement to give time frame to ERA to promote and sell TCP ? And we can have the choice to change later ? In my opinion RP & commission cost are the main factors. What is much different between .5 to .6 % of 1.4 - 1.6 mil. ? I think it's not much at all !!! Pls. Be reasonable to ourselves .

    ReplyDelete