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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.

EGM No 3

Notice for the EGM No 3 to be held on Sat 24 Sept has been sent out and I received my copy today. This EGM is mainly to resolve and approve the terms and conditions of the Collective Sale Agreement..... 

ONLY NO DRAFT CSA IS ATTACHED

My previous post on the Agenda here 

Subsidiary Proprietors have not been given a copy of the draft CSA for their perusal before the EGM. I believe since the CSA was mentioned in the Notice and is the main focus of the meeting, it should have been attached as a supporting document.

If we do not receive the CSA  soon, and I mean very soon, then this hardball tactic at bulldozing the CSA through the mandatory EGM before  owners can have time to peruse and contemplate on the document is not fair. There are many, many owners in the estate whose English is not strong enough to take in pages of information at one sitting, never mind asking relevant questions. I have read this draft CSA, and believe me it is a horror to behold.  

3 comments:

  1. I just receive the Notice of EOGM today.

    The agendas are amateurishly written. No more excuses by SC esp they have MAs and solicitors on board now. If this is the standard of advice from MA and solicitor, I say sack them.

    Where is the endorsement of last meeting minutes?

    Agendas 2.3 and 2.4 are contracting. After deciding the RP, we empower SC to appoint a valuer to fix RP?

    Agenda 2.6, SC wants funds for misc expenses? No limit?, A million enough? This fund can be sponsored by the MA as is the practice in most enbloc developments. ERA will earn abt $4.5m commission and should pick up the tab.

    Someone should counter-propose this motion:

    ' To requisite a general meeting within 3 days prior to the tender close for the purpose of reviewing and deciding the RP.'

    Reason being that the enbloc process may be long drawn and by which time the ERA proposed 'RP' may be outdated. Even though we may have valuation report of the day to back up but it is still not good enough.

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  2. Their plan is probably to delay the sale, this will fulfill their prediction of slow-down, hence their justification for a lower RP.
    The Developer's request to government to slow down the Land Sales is another ploy that the MA will use to keep RP low.
    We don't need to worry about this, since if the developer wants the good location TC is at, they will have to buy at our price and they will do what is necessary to get their profits.
    But the MA will want to sell short, because the percentage of commission for the sale will not make very much difference to them as an organization; they rather make the sale cheap then no sale. But it will make a lot of difference to individual TC owners.
    However, TC owners of 3 categories:
    1. The first owners to stand to gain a lot, hence, many (not all) wouldn't care if the RP is lower or higher by say, $100mil
    2. The en-bloc raiders type owners doesn't care about RP as well. They want the sale done, get their $ and move on to raid another place.
    3. It is the second or 3rd hand owners of TC that would be feel the difference between lower or higher.
    Unfortunately, many TC owners sits on the fence and watch... then regret...
    I hope the GE and PE encouraged the owners to be more vocal and take charge of their own assets rather than let someone else take their wealth away and lament like many other en-bloc estates that had gone unhappy...

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  3. I just wonder how we can decide the RP during EGM3 as there is no formal valuation but only the recommended RP by the MA.

    If they propose a few RPs for owners to vote during EGM, then all owners will definitely vote for the highest RP.

    If the proposed RP is less than 1.7-1.8m and it is accepted by the EGM, what other action can owners take except no to sign the CSA?

    Regards

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