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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.

Waiting for Godot yet again

The EGM 3 was held on 24 September.
Since then, there has been:
  • No summary of that meeting posted on Notice Boards
  • No sign of a CSA
  • No information on the SC website (abandoned?)
  • No requisition for EGM 4 at the MC office
  • A request made to the MC for the units which have bought over the recess area (according to the latest MCST  meeting minutes). So at this late stage, they are still mucking about trying to find out basic details.
After the last EGM, there was a non-productive SC meeting held on 1st Oct and nothing since. If they are planning to have an EGM4, it cannot be any sooner than the 3 Dec now. December is a month when many owners will be away on  vacation, so perhaps they might even be planning to skip December altogether and make a last-ditch attempt in  January.

They only need a valid  CSA before the 28 Jan 2012 midnight deadline.

Perhaps this sale committee should do us all a favour and throw in the towel now. Even the strongly pro-en bloc crowd have gone quite over the last while. The optimism at the beginning has all but died and I don't know anyone who believes this sale has a snowall's chance in hell of happening. Not this time round. Thousands of sinking fund dollars have been spent on this useless exercise to date, we should recognise now that it is dead in the water, that there can be no chance of success in the present uncertain financial climate. If there is no CSA at the 1 year deadline then the sale committee will dissolve automatically and spark a 'relevant' event in accordance with the 2nd Schedule.

10 comments:

  1. TC is still suffering from post enbloc failure syndrome...

    ReplyDelete
  2. Laguna Park - Fail
    Park West - Fail
    Tulip Garden - Fail
    Pearlbank Apt- Fail

    Looks like TC is going be be a failure too...

    missed the boat!

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  3. The failure of the recent enblocs is a reminder that developers will not pay any price we ask. Many of the enblocs are in better location then ours. There is no chance now.

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  4. To anonymous who said " the failure of the recent enblocs is a reminder that developers will not pay any price we ask...." blah, bah, blah.

    I say unto you "let it be, let it be". The land is ours, and we will not sell until we get the right price. Without land the best developers will not survive in their business. Let's see who has the last call.

    I love TC!, it's fantastic piece of land & , location with recently upgraded ammenities, round market and mrt. We will stay on if cannot enbloc. No big deal ! Try harder !

    ReplyDelete
  5. I love living in TC.
    At the moment, all failed en-bloc is good for MND.
    Because for every large estate that goes en-bloc, they will have cash to buy homes, be it new condos, or resale HDB - does not matter; it simply will push prices up. This is going against MND effort to cool (not crash) the market.
    As you can see, the MND is not removing it's cooling measure even in the uncertain economic crisis. On the contrary, MND released more land sales which is cheaper for developers, and even in some prime locations.
    Hence at this point, developers will take up these GLS rather than en-bloc, cheaper, good and can get returns faster.
    So don't waste any more TC's fund to continue with the en-bloc.

    ReplyDelete
  6. The raiders came and initiated this enbloc have failed. The appointments of the marketing agent and solicitor were poor as can be seen in the many missteps occured.

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  7. Today, I have accepted an offer to buy my apt for $1.17m.

    I honestly don't know whether this EBS will go thru or not. Anyway, I have decided to exit. God willings, I hope I make the right decision.

    Farewell my fellow neighbors

    ReplyDelete
  8. Congratulations and thank you for setting a new record for our estate.

    ReplyDelete
  9. Congrats my fellow neighbour!
    Wish you all the best.

    John

    ReplyDelete
  10. Let it be... Let it be.... Till your lease become less attractive to developers. Developers can still opt for GLS which is faster and more certain. enbloc Freehold land will still attract developers ... Not leasehold... Look at the ratio between leased and freehold land.

    ReplyDelete