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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 : 19 Nov 2011

SC Minutes 11 (Edited)

I did not attend this meeting. It looks like they are trying to fix a few of the deep flaws in the CSA to make it more palatable to the owners.

Item 2
If my memory serves me correctly, in the last round it was the owners who coughed up over $700 each for the 'costs & expenses' which were to cover items a) and b) - and the collection of monies (contractually agreed) was attempted before the announcement of the conditional sale in 4 languages in the various newspapers. I say attempted because by then many majority owners had rebelled and refused to pay.  The newspapers required their fees up front and in those days the announcement covered 3 or 4 full pages in tiny print. It must have been very expensive. The rules have since changed on the amount of detail to be publicly revealed but still, this cost is for the owners to bear. 

Item 4
I am a little confused here.. if it is the Final Draft they are discussing, are they 'discussing 'the actual amendments or 'recommending' further changes, in which case it isn't the Final Draft? 
It seems both.

Item 5
The vote was 5 to 4 not to raise the RP.  Oh dear, there are 5 members who have the 'sale might not go through' mentality. This is the same mentality that got us into trouble in round 1. It is not about getting a sale through, it is about selling collectively only when the price is right. If the price is not reached then so be it.  Therefore, I do not agree to a lower RP to serve the lowest common denominator (the flippers and those who want to cash out) and the RP agreed to in the last EGM should be reconfirmed in the next EGM. 
I have a feeling there were irregularities in the last meeting anyhow, which could possibly make that EGM null and void.

How seriously did they challenge the MA's figures?  True, My Manhattan was bought for $523 psfppr in 2010 - but it is being sold for over $1200psf in 2011. To compare land bought in Simei and then new units sold in Pasir Ris is disingenuous. Our site is much more attractive than anything in Pasir Ris and future units in our estate (in 2016)+ may attract anything between $1200 -$1400psf. So it is right to be bullish and set the target price high. No one can predict the economic outlook so far ahead with any certainty. It is for the developer to take the risks - not the owners. We do not want pessimists on the sale committee, people who live in the now and are easily swayed by negative market spiel. The choice is simple - be optimistic, think ahead, don't lower your sights, base your decisions of upward projections not downward. If the sale does not go through then the owners will not be angry, but if it goes through at a price that looks paltry and diminished then all hell will break loose again.

Item 6
The Strata Roll does not give the square footage of the units.

Let's see how the next meeting went with the lawyers :)

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