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."
Drop Down MenusCSS Drop Down MenuPure CSS Dropdown Menu
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.

CSA botch-up or hardball tactics?

 EGM 3 in  4 Days
  • No update on the Sale Committee website
  • No apology for missing draft CSA
  • No explanation for said missing CSA
  • No reassurance of draft CSA in near future
  • No answer to request for copy of draft CSA
This is what the management office has to say:-

By the BMSM Act, the managing agent has to give 2 weeks notice to all owners when holding an EGM/AGM. Owners received the Notice on Friday 9th Sept as the EGM is set for Sat 24 Sept. The managing agent received an email shortly before sending out the Notice saying not to attach the CSA as 2 documents were missing. Until the managing agent receives the 2 missing documents the CSA distribution has been put on hold.

So, we shall eventually receive the draft CSA, but the question is, when and will it be too late? Anything less than a week and the EGM should be postponed. Owners will have insufficient  time to read the document fully and/or show it to their legal advisers.

I am beginning to wonder if the delay is in fact intentional.  Are we being played for chumps? There is absolutely no reason why the main body of the CSA could not have been sent along with the Notice and the two missing 'documents' attached later as an addendum. This the draft CSA afterall, not the real deal.



3 comments:

  1. I had written an email to them regarding this issue. But no reply yet.

    ReplyDelete
  2. If the owners think that there is not enough time to consider the draft CSA, they can choose not ot vote to accept the CSA. If there are enough votes, the CSA cannot be accepted.

    ReplyDelete
  3. And do you really think that will happen? The gung ho owners will turn up in force and the skeptics will stay away. No doubt the predictable owners who invariably stand up and object will find themselves speaking into a void, as usual. Time will probably be restricted and don't underestimate how difficult it is to get people to understand a complex situation in a few short sentences. You would need the oratory skills of Moses to convince a crowd hell bent on a sale of the dangers that lurk within.

    the new owners, especially, dio not undersatnd what 'an expression of interest' really means and how it is actually the nail in the coffin of any chance of a good sale price.

    ReplyDelete