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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.

Meet the Professionals

The EGM to select the en bloc lawyer and marketing agent was held today.

Marketing Agent with 61% of the vote
TEAM ERA
En bloc lawyer with 75% of the vote
RHT Law Advocates and Solicitors

When it came to choosing the lawyer, the SPs showed uncommon common sense by voting against their pocket.  RHT has the breadth of experience and the depth of manpower required of an estate as large as ours. $250 signing fee is not a lot of money. The rival candidate, whilst young and eager, ought to try and cut his teeth on something smaller and less thorny than Tampines Court. I wish him luck.

It was a closer call with the marketing agents but in the end people voted for the higher RP. 

Did they vote well? We shall see.

The men in blue - so named for their dashing navy blue jackets - did not give as good a presentation as their rival, whipped out completely irrelevant plans for a make-believe development at our site, had a lower the GFA and still people voted for them.

I will thrash out the reasons why I think  85% GFA is shortchanging our estate in my next post.

I would like to say something about how the EGMs are being played out. The EGM is the only time an owner can ask questions, not just for their own edification, but for the sake of others, too. The presentations went on for far too long and not enough time was given for Q&A. Indeed, the general feel from the floor was that people who ask questions are making a nuisance of themselves. It seemed all very rushed. If the time has to be extended by 1 hour, then extend it, these are our homes we are discussing, not maintenance matters. I was quite annoyed there was no standing microphone yesterday as it meant owners who put up their hands could be ignored.

The CSA is the next big one - and owners will definitely want at least 2 hours of Q & A.

10 comments:

  1. Anonymous03 July, 2011

    I believe the agents will sell at any price as they will stii get their commission. But will be paid a sum which is the true value of the GEM that we are sitting on. Ledt us not be follishly led by remarks that we are in Tampines etc.. Let me assure all residents that a fair price after all deductions should not be less then 1.9m or more. Look at the price of HDB... It has been moving up non stop. New developements Prices are astonishingly high. So are we going to sell cheap so tahty opthers get rich!!! Please keep us updated.

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  2. Anonymous03 July, 2011

    Thanks for all the relevant information. I am now very worried that we will not get a fair value.

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  3. Anonymous04 July, 2011

    Don't worry. This time I have peace. Not that the selected MA will get the job done right (on the contrary actually). But that there is a GOD up there and His justice and righteousness will rule.
    If the en-bloc is done in an unrighteous way, even if the en-bloc is completed and it may well seem that they have gained success, calamity will come as consequences to the wrong doing.
    God is not blind.
    There is a chinese saying, "People do, Heaven sees"
    Meaning you can do and no human sees the wrong doing, but heaven watches, and sin like a boomerang will come back to you.

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  4. Anonymous04 July, 2011

    I think owners of TC must psychologically prepare themselves to be in the upper hand of bargaining power. ie. No sale if price is not right. Don't fall for the pressure of MA to sell quick or " we will lose the golden opportunity of having a good deal before the property bubble burst, blah, blah, blah....."

    As land is getting more scare each day, the value of land as big as TC will goes up and never down.

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  5. Blogger itshometome said...

    It is too early to be worried. There are many arrows in the quiver. The SC has so far conducted themselves well and have taken pains to involve owners. The time to worry is when people stop asking questions and our 'agents' stop listening.

    Our En bloc lawyer quoted the Horizon Towers Appellate Court decision yesterday - it is reassuring to hear someone other than myself take that document for Gospel.

    Looking at the requisition form for the 3rd EGM yesterday, they want the owners to cough up for a Valuation ... here's hoping people will vote yes to that.

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  6. Anonymous04 July, 2011

    I agree that we should pay for some true valuation from a few good companies or surveyors. I still saty the anything less then 1.8m after deductions for all other cost is underselling.

    ReplyDelete
  7. Anonymous04 July, 2011

    Remember the Bedok Reservoir HUDC enbloc. They are clearly cheated of their precious asset. Let us not repeat their mistake. Meet our price or no sale...

    ReplyDelete
  8. Anonymous05 July, 2011

    I like the higher value just like you, I am a owner, who likes the big area TC has.
    But if you notice at the EOGMs, a large number of vocal people are those who are either property agents or en-bloc raiders.
    The speed at which they want the en-bloc done shows that they are worried about the possible interest rate hike or the looming financial crisis that might blow at the end of the year.
    So it means that unless concerned owners attend these EOGM, speak up, ask probing questions to understand and insist on a 3rd party valuation to set the RP, this sale is heading for cheap sale.
    Anyway, calamity awaits for those who greed, history shows it... but those who are greedy are often also blinded by it. In the end, it will not just be money they lose... and then regret, but too late.
    What does it profits a man if he gains the whole world but loses his own soul?

    ReplyDelete
  9. Anonymous14 July, 2011

    Let it be known that it is the owners who decide the RP, not marketing agents(MA), sales com etc.They may propose some numbers but ultimately we should be the end-party to decide by votes on various proposed RPs. If the MA cannot do it, he should leave.

    I hope that RHT gives us a draft CSA for us to study it at least a week before the next EOGM.

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  10. Anonymous15 July, 2011

    This en-bloc is heading for failure:
    1. There are very unhappy residents who will end up opposing it for valid reasons and will cause the delay
    2. With the suggested RP, even if the sale is completed it will be another sad story, people getting the money only to find out not enough because of inflation and being shorted changed by professionals. This is also a failure.
    3. Because residents are not willing to pay a little bit of money to do a 3rd party valuation before deciding on the RP - depending only on MA's own valuation...
    Sad...

    ReplyDelete