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."
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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.

EGM 3

The EGM 3 that very nearly didn't happen. The 1 hour deadline for the 30% quorum inched closer and closer and I think they just made it with less than 5 minutes to spare. In the end there was just 31% attendance. This was rather surprising; I was expecting a higher turnout.

Another big surprise was in store. Apparently there was a last minute meeting and a decision taken NOT to proceed with item 2.1 on the agenda  'To resolve and approve the terms and conditions on the Collective Sales Agreement'.  A wise decision, as really, this half-baked, ill-conceived draft CSA would never have reached it's intended goal anyhow, which is to garner 80% support from owners. So it's back to the drawing board and owners will be presented with a full draft 3 sometime in the near future. No blank pages or spaces for owners to wonder at, but if they are going to be intransigent on making substantial changes to the body of the draft, then it might be just a colossal waste of time (and MCST money). We are not a virgin estate, we require an extra-ordinary CSA with non-standard terms.

I never thought I would say this, but I have a new-found admiration for out ex-enbloc lawyer and his tremendous organizational skills. He certainly was the en bloc king in that respect.

The EGM 3 wasn't a complete waste of time, the remaining 7 resolutions on the Agenda were voted on.

2.2 To resolve and empower the SC on appointment of an independent property consultant for report on apportionment of Sales Proceeds
Yes: 83%
I voted NO because there's no need. Tampines Court is not a difficult development, we are virtually all the same size and pay the same maintenance fee. It is only complex developments with wide ranging strata area and/or commercial units that might require outside help. The calculations involved for TC are very easy to do.
Problem: This report has to be done before the next draft is sent out, so who is going to pay for it up-front?

2.3 To resolve and decide on the Reserve Price
There was much discussion about this. The marketing agent put up his proposed RP and that's what we voted on. 
Yes: 79%
I voted No, it's high enough to entice many owners, but not me.
For reasons of confidentiality, the RP cannot be disclosed on this blog.

2.4 To resolve and decide on the need for independent Valuations prior to fixing the RP and empower the SC to appoint the Independent valuer.
Again a lot of discussion. To me this resolution comes too late, and I was particularly perturbed by Valuations in the plural.
No: 59% 

2.5 To resolve and empower the Sales Committee to increase the Reserve Price
Yes: 79%
2.6 To resolve and set up an Enbloc sale fund to meet the Preliminary Enbloc Sale expenses (out of pocket expenses, meeting expenses, Independent valuers/property agent fees and authorise the SC to collect and account for such fundsLots of discussion. People wanted to know the exact sum involved. I believe this will appear as a new clause in the the next draft CSA. My own view is that a proper list should be compiled and a reasonable sum set.
Yes: 64%

2.7 To resolve and authorise the MC to permit the Sales committee to use the conference Room at no cost
I voted Yes. Sure, let them have access to a few tables and chairs, it's just a room for goodness sake. 
Yes: 83%

2.8 To resolve and authorise the SC to use the Void decks for any meeting of the SPs with the Solicitors for signing the CSA or for meeting SC members.
I voted Yes. Well where else are they going to go?  KFC? 
Yes: 82%

A
female lawyer did a brief presentation of the salient points in the CSA. I think they were trying to counter-argue some of the points in this blog.  They seemed to be spooked by my deduction that the purchaser could buy units up individually and were quite adamant that this was not so.   If that is true then they will have to remove all ambiguity from the terms and keep things simple and crystal clear. As this was not the EGM to go into too much detail on the terms, questioning by SPs was cut short.

OFFICIAL RESULTS

 Shedule time to start meeting: 1pm
Quorum reached: 1.57pm,  31% (744 Share Values)


5 comments:

  1. 2.3 - All I am interested is how much I will be getting. Any idea ? When you said too low means below 1.7M ? If that's the price, I agree it's too low. Anything less than 2M not worth going enbloc.

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  2. Replacement Unit
    ----------------

    I missed the MA presentation in EGM3. Did they recommend any replacement unit for residents with the propsoed RP?

    With the proposed RP, downgrading to HDB is not a problem. The price of HDB Exec apartment in Tampines is about 600k to 700k.

    Moving to former HUDC is ok for some but not all based on the current price. Former HUDC Sime Ville is 995k (june 2011), Shunfu is 1.2m(Jul 2011), Hougang is 900k(jun 2011), Lagoon View is 1.6m (Jun 2011).

    Moving to Condo in Tampines / Simei area with same floor area is difficult unless we move to a smaller apartment.

    AQUARIUS BY THE PARK 1m (1227 sqft) (Aug 2011)
    Baywater 1.1m (1281 sqft) (May 2011)
    THE TROPICA 928k (1238 sqft) (Sep 2011)
    MELVILLE PARK 975k (1378 sqft) (sep 2011)
    The Clearwater 1.1m (1227 sqft) (jul 2011)

    New Condo
    ---------
    Waterfront Isle 1183+ psf
    My Manhattan 1200+ psf
    WaterView 870+ psf

    My choice is only downgrade to HDB or move to a smaller condo in Tampines Simei area if I want to keep some cash for the future.

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  3. There was some, but I was busy jotting down other stuff and so didn't quite catch what he said. Sorry.

    The presentation was short overall, and I am requesting for the MA slide information from the SC through their feedback email.

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  4. What is the RP that they agreed on?

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  5. Thought I just put in my comment on TC owners, whether they attend or not attend the EOGM. They either simply have a 'don't care' just sell at or above RP and the other group simply 'trust' those they have appointed, aka the SC, MA and lawyers.
    Unfortunately, the world is not so simple.
    (deleted by itshometome ,as I am not sure if this counts as libel), shows it isn't as simple as it looks and you should trust your own assets in your own hands. Not only was the draft CSA given only a few days prior to the meeting for owners to review, it was a very POORLY written one that has all the disadvantage to owners only a few people bothered to read and bring it up.
    Are owners still trusting their hard earned money to others?
    Wow, I am amazed!
    The CSA wasn't discussed because they know it isn't good enough.
    So all the printing of a lousy drafted CSA was a waste of money and cutting down of trees...
    I am all for a good & fair en-bloc, but I can't trust this SC, MA and lawyer with my home.
    Same advice, people on earth do what they want, God in Heaven watch. Beware of retribution.

    ReplyDelete