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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.

Sale Committee Meeting No. 6

There was a SC last night at the MCST office, but no notice was put up on the board informing owners.  There was no general invitation to all interested owners to attend as observers. Now that there is an en bloc lawyer on board, I expect this is the way it will be from now on. 

Phase 1, ladies and gentlemen, is over. 

Phase 2: We are in deeper waters now, our experience from round 1 tells us that the en bloc lawyer will take over the running of the show from here on in. Will we ever hear the moderate voices on the SC ever again? Are they strong enough to put these professionals in their place? Will they be able to spot all the dangerous clauses in the CSA?

Ah, the proof is in the pudding, they say, so we shall have to wait and see.

Last night they were discussing the proverbial pudding; the draft CSA.  We shall have to wait for the minutes of that meeting, which must be posted  on the notice board within 7 days to have the smallest glimpse of what went on. Don't expect too much in the way of detail.

153      An SC clearly has a duty to act conscientiously in exercising the power of collective sale. We note that trustees owe a duty of care to their beneficiaries and are bound to take all precautions in the management of the trust property as an ordinary prudent man of business would take in his own affairs

7 comments:

  1. I guess the lawyer knows what he is doing. Maybe the past meetings without the presence of lawyers and open invitation for observers may not be at owners' interest. I believe we have a good lawyer in hand.

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  2. Transparency is not in the owners' interest?

    If we are not told about upcoming meetings then how are we to know when to expect the minutes? They could have meetings and not produce any minutes and we would be none the wiser.

    I have written this lawyer 2 letters and he has not replied. That, to me is not a good sign.

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  3. Why don't u volunteer to be sc in the first place, u choose to complain in this blog. It don't serve the purpose.
    I have been reading your blog, feel that u are a person who like to give ideas but hid behind.

    ReplyDelete
  4. On the contrary, I have been quite outspoken and most owners would know me by sight in the estate. It's not easy to hide when you naturally stick out like a sore thumb.

    My purpose is to look at the process from the outside - from the viewpoint of the 548 owners who are NOT on the committee, the ones who will bear the brunt of all decisions made on their behalf. I am just one owner out of the 548 silent majority and my voice is small.

    If I joined the sale committee, even that single solitary voice would be silenced because I would not be allowed to continue with this blog.My opinions would not be valued and I would be outvoted by the flippers at every turn. There doesn't seem to be anyone else in the estate attempting to narrate/opine/comment/expose/correct using this media.

    My purpose then is to make some noise to rouse people out of their complacency, inject some activism, goad people into looking at things more closely themselves and NOT rely 100% on a sale committee to take care of their interests. I may be right or I may be wrong, but if I get you thinking then that is enough for me.

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  5. As a member of the Sale committeee , I admit SC ought to have given notice of meeting held on 10.08.2011 to consider CSA,though convened at short notice .In any case minutes of this meeting will be given to MC office for display by ealrly next week . As the minutes may not be all that selfexpalnatory with out a perusal of draft CSA, interested SPs can email to:
    tampinescourtsc@yahoo.com.sg for a copy of CSA
    or contact me at 96506055 for a copy
    V Srinivasan

    ReplyDelete
  6. Thank you Vasan for that update. I notice that there are now 2 email addresses

    1) feedbacktampcourt@yahoo.com.sg
    2) tampinescourtsc@yahoo.com.sg

    Which is the best one to use for all correspondence? Is the former one now defunct?

    I have many, many, many, many problems with this draft CSA. But as it is just the first draft, I shall wait until the final draft that is put to owners for consideration at the EGM before lashing out at any remaining evil clauses.

    By your comment it seems the SC were given short notice to review the draft? I hope you all had at least a week to review the document, the minimum length of time for laymen to do a slow and steady analysis. Independent advice might also be sought during the period. You are the first line of defense for owners. Rushing matters is to the lawyer and MA advantage.

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  7. Both are in use- tampinescourtsc@yahoo.com.sg is the official email id of Sc for correspondence with others. The other emailid is exclusively for receiving feedback from SPs.
    srinivasan

    ReplyDelete