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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: 01 Oct 2011

To be fair, this was a sale committee meeting - not a 'meet-the-blogger' meeting.
It started off friendly enough, here was an opportunity to ask real questions, stupid questions even, but after a while, it became clear I had more questions than they were prepared to answer, and the resistance set in.  This is what always happens so no surprises there, it's all right to ask questions, so long as there are no more than 3. But I always have 20 where another person has only 1 and people's patience quickly wears thin. I went in armed with over 100 questions typed out but lost the plot early. I failed, simple as that.  I know as little now as I did 3 hours ago*.

Note to self: never attend any of these meetings again, especially on my birthday.  

There was a suggestion to meet the solicitor privately. I have thought about it and I think not. Questioning ought to be done in public where the owners can hear the answers for themselves - or the non-answers as the case may be. I am also wary of the legal position that that might put me in vis-a-vis this blog. Quoting or misquoting him is out of the question, as that would open me up to being sued.  I have  already been warned as much.  So there is no point in me asking the solicitor anything directly as a) I can't relay the answers  and b) I might be stonewalled with the stock reply about the solicitor in an en bloc being there to advise the sale committee only and not individual SPs. So, today's meeting was a waste of everyone's time, mine included.  A second reason is that owner questioning at the EGM 3 was stopped and deferred to this meeting. Observer questioning  at this meeting was curtailed and deferred to EGM 4.  I am being given the run-around so this is what I am going to do:
  • I may or may not post a list of questions on this blog, but only after the next draft CSA has been issued to all owners.
  • They can do with it what they like. This blog is not the 'voice of the people', not read by all owners and if they attach importance to it then that is their look out.
  • If the sale committee answer any of the questions, they should state whether it is a layman opinion or whether it is after consultation with the lawyer.
I was asked whether I was pro-sale or anti-sale. That is the wrong way to look at things, especially at this point. A Sale cannot be a Sale at any cost.  If the process is done well - and by that I mean ethically and not merely complying with the Schedules - then there will be nothing for me to pick on. As it is, there has been a bumper crop of irregularities, missteps, fumbling and bumbling from day 1, topped off with a draft CSA from hell.

I shall most probably be overseas when the next EGM 4 is called. I wont be there to ask annoying questions and waste everyone's time.  It is only when I come back and see that the CSA  has been approved in all it's glory, only then will I  state up front and put at the top of this blog that I am in the anti-enbloc camp, because that's when owners really make up their minds.

    *Actually, I found out a couple of interesting things, but more about them later.

    6 comments:

    1. Nonono....you are doing an amazing job on these checks and commentary. This is a world where we need alternative voices. It doesn't mean we will vote your way, or listen to everything you write on this blog or trust everything said on this blog. But we will be more informed that to listen to one voice, which is primarily self interested to work towards one goal. It becomes disconcerting when that voice has no skin in the game, no wager on the table...but gets a success fee or charges hourly rate. Well, that's my view.

      ReplyDelete
    2. Happy birthday to you.

      You have done an excellence job.

      We will not be here discussing enbloc 2 if not for the minority group saving TC in 2008.

      Regards

      ReplyDelete
    3. You are doing a great job asking those questions that needs to be asked.
      However, there's a group of owners, die also will sell at whatever they have set the RP which is too low.
      HDB prices are still going up even with so many BTO releases of late.
      HDB's Resale Price Index for Q3 increases by 3.8%
      http://www.channelnewsasia.com/stories/singaporebusinessnews/view/1156904/1/.html

      Simply means this, there will be people who originally think that they can get a sizable profit with this RP, will find their profit cut by about 20% by the time they get the money from the en-bloc because prices of the HDB they hope to downgrade to are still going upwards.
      Good luck....

      ReplyDelete
    4. I wonder if TC owners are reading the news or just seeing the $?
      "Property bull charges on
      SINGAPORE — The property market in Singapore has continued to defy expectations even as global economic prospects darkened, with prices for resale Housing and Development Board (HDB) flats as well as private homes hitting new highs in the third quarter."
      Read more: http://imcmsimages.mediacorp.sg/CMSFileserver/documents/006/PDF/20111004/0410HNP006.pdf

      ReplyDelete
    5. We just need 113 (>80%)owners who believe that the value of TC is more than the proposed RP.

      If 113 owners do not sign the CSA, then the sale cannot proceed.

      After going thru enbloc round 1 and this enbloc round 2 seems to be the repeat of round 1, Once bitten, twice shy, hope that there are enough owners learned from the mistakes of round 1.

      ReplyDelete
    6. 113 who doesn't sign is not enough...
      1. the unholy trinity will always have ways to get that 2 more just to make it slightly above 80%
      2. there will always be a sale of 1 or 2 units just before 12mths is up and these are the ones who will sign the CSA (they just want to flip-it)

      In my opinion, at least 140-168 (25%-30%) must not sign, it'll just make it more difficult to go ahead.

      ReplyDelete