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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.

SC Meeting: 10 Aug 2011 @ KFC

SC Minutes 7 (Edited)

'Emergency Meeting' at KFC .... on the morning of the 10th of August; I believe this to be a typo error, it should be Sat 27 Aug (unconfirmed).
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Anyway, my suspicion that the worst of the sale committee members (whose election should have been voided due to her gross non-disclosure) had somehow been removed was right. Her name was  absent from the last minutes. Two members have 'resigned due to personal reasons'. There are 4 new owners left with 10 declared properties between them.

The SC noted that the amended CSA has been received from the Lawyers
I doubt if there have been any substantial changes, and the 2 week notice before the next EGM should be ample time to reappraise the text.

The SC noted the Solicitors advice that they would not be able to respond directly to  the Letters/Notice of Motion  sent by SPs.  since they are engaged by the SC, and it would not be possible for them to deal with issues raised by individual SP(s).
So you see, these lawyers are not YOUR lawyers, they are not acting on YOUR behalf and even though you will eventually pay them thousands of dollars in fees, they will not answer a single question you pose, unless you are thinking about signing the CSA that is.  This should not deter you from writing to them however, and maybe even start CC-ing your emails to the STB or even the Ministry of Law...
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the individual SP(s) may take up with SC or at the EGM , and SC to advise SP accordingly  the SC are in the dark, too, and cannot answer the kind of legal questions I may wish to ask. At the EGM, there may not be enough time given over to Q&A and with no stationary microphone it is all too easy to ignore some SPs raised hands. I expect the en bloc lawyer and marketing agent to talk for a very long time, eating up as much time as possible before allowing owners a limited chance to speak.

The issue of strata area was discussed and pending re-verification of the exact strata area 
which may take some time, it was agreed to seek postponement of the EGM by few days from the scheduled date of 17.09.2011
So, my accusation about the marketing agent using the wrong total strata area at the last EGM didn't fall on deaf ears.   It is well to make them double check and produce the Singapore Land Authority confirmation of total strata area, with the breakdown per unit because either:-
  • the current marketing agent is wrong, in which case the proposed sales proceeds  on a per unit basis would have to be adjusted downwards, or
  • the last set of figures given in the affidivat at the STB was erroneous in which case some owners would have received more than their fair share of the sales proceeds. 
    I have found just a single 1m discrepancy in our last en bloc lawyers figures. It rests on this marketing agent to prove their figures are correct (which I do not believe they are).

    And what about their basis for using only  85% efficiency when it should be 95% at least?
    I have handed the SC the formal valuations under affidavit at the STB for verification; the Bonus GFA is added to the GFA when computing the residual land value.

        The EGM has been postponed to Sat 24 Sept

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