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."
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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.

My reasons for not signing the CSA

There is insufficient legal protection for owners, the 33 covenants are too burdensome, the RP is not guaranteed, the inclusion of a provision to lower the RP is worrisome as the mechanism and timing for lowering RP is vague and open-ended. Owners can sign for unspecified supplemental agreements.   I worry that I might not get what is declared in the Method of Apportionment and that my actual nett sales proceeds will be lessened significantly.  More than 1 valuation at close of tender is tantamount to price fixing. There is no re-affirmation from owners. There is no 1-4-1 exchange as a safeguard against a low sale price. There is no fixed completion date once the S&P is signed. 

21 comments:

  1. 1.8m or higher then let's talk n I mean nett. Cut the rubbish. Sales committee should not fear us with aging estate... Pls Laguna and Potong Pasir is also old....Having said that I also have to say that if majority agrees then so be it... Now that's the way the system works. I personally will not sign until I am sure of minimum1.8m... That's that

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  2. The piece of land in TC is around 3 times the size of an average en bloc site, successfully transected last year. Therefore there are additional challenges if it is done the same way like the rest as there are not too many big developers around and not to mentioned the current market environment etc.

    From that alone, leadership quality and with innovations can only lead this estate to a good bargain, sorry to say we see none!

    Never mind lah dreams are free anyway.

    Since now the oil prices are heading north. Our only hope is to wait for a arabian knight to come by just like Raffles hotel.

    So don't sign and let us wait long long lah! 

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  3. why risk your home with the SC for those things you don't need.

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  4. Agree...1.8m minimum... If land is big then we wait for a developer from China or Middle east to give us the true value. Lets not use the age old excuse tt the land is too big and as such it will be hard for developers to buy. Developers love telling this story and also the sales people. If it too big then do not buy. Developers just want us to sell it low then they in turn will develop it ab
    Nd sell it really high based on history. It's basically the same old boys playing the same old games. So as I stated 1.8 m then it can be considered n that she'd be after all deductions... Happy cny

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  5. @ Agree.... what do you think TC is so unique and bursting with potentials that only Chinese or ME developers notice whilst our locals don't.

    It takes 2 hands to clap. You can shout whatever price you want, but if developer is not interested, there is no sound, no EBS.

    Size of land does not matter. All developers, foreign or local, are only interested in P&L. They balance between how much money they can make vs the risk to be taken. Foreign developers are more cautious because they are in foreign land with so many unkowns. As long as they can see potential in large plot, they will form syndicate with 4 to 5 like minded developers. Unfortunately, the hard truth is that TC is not up there to catch their attention

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    Replies
    1. Don't worry about developer's P&L, unless you are one.
      The developers know how to make profit.
      Look at the DBSS case in Tampines, can drop $100K overnight per unit and still make money.
      The Land in TC has very high potential. However the developers has observed the profile of many of the sellers - the willingness to do "Cheap sale" for whatever the reason. So the developers are playing the wait game with TC owners.
      2 MRT stations + 1 more, shopping malls, Market, many buses, International school, SUTD, Airport, etc.
      Do your studies in property, the prices of properties near MRT fluctuate the least and rises the most. Likewise, rental in these properties gets more.
      This is what the buyers will not want to tell you. You must open your eyes big big!

      Delete
    2. It is laughable that you mention TC is attractive because it is between 2 MRT stations. Save for Joo Koon, Pasir Ris & Airport, can you name me which estate along the MRT line that does not have 2 stations serving it.

      According to PropertyGuru, TC is 0.91km from Tampines MRT & 0.76km from Simei. Can you imagine walking an equivalent distance of 2 laps in a running track just to reach the train. Get really unless you don't know how to read map

      Delete
    3. @It is laughable...
      In En-bloc 1, the valuer was asked about the accessibility of transport around TC and time taken to walk to Tampines MRT, he wasn't sure about it and guessed around 30mins, of course the audience couldn't help but laugh.
      The valuer turned 'pei seh'.
      The valuer for minority however presented a map for the tribunal to see how TC has advantage over all the other condos compared by the SC's valuer.
      Soon there will be another dotted line to the new MRT station, then TC will have access to 3 stations.
      Say and laugh all you want, see for yourself, take a walk, and you'll realize - you shouldn't laugh at facts.

      Delete
    4. According to Propertyguru, the distance from TC to Simei MRT in a straight line is 0.76km.

      Taking a walk from the side gate, climb 5 metre up and down a long zig zag bridge, dribble around HDB voids decks and carparks, actual distance to reach Simei is at least 1km.

      If you think you can cover 1km in 7min, you are probably doing at racing walking pace. Take this from a veteran race walker myself

      Delete
    5. A challange!

      okay, you're on!

      Delete
    6. Time taken to walk from Simei gate to Simei MRT station: just under 9 minutes
      Return the same.

      See videos here: http://www.tampinescourt.net/p/video.html
      (go to the VIDEO link on the top menu bar)

      [im]http://dl.dropbox.com/u/35016554/TC%20MRT%20MAP.png[/im]

      Delete
    7. @According to Propertyguru, we walk to Simei MRT all the time, piece of cake, and I'm 50years old. My friends from Simei visits us here via walking.
      When we go shopping in Tampines Central we walk. Good way to exercise too.
      It's within walking distance; it's not at your door step.
      But do you really want MRT station at your door step?
      TC is a great location!
      I won't sign the CSA, it's too low a price, for a great place to live.

      Delete
  6. Why not ask the SC for 3 valuation reports at the close of tender. Of course, you guys have to contribute more toward the additional valuation reports. The RP can be lower but SC can only sell if offer price is above average of the three valuations or MUST above all three valuations. This is the best safeguard to all SPs.

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    Replies
    1. It's too late to think about safeguards now.

      Delete
    2. Hi
      I am a SP. Heard there will be a MRT station to be built nearby to TC soon, which will be nearer than going to Tampines MRT. Is it possible to know where exactly this new MRT station will be and how long/far will it take by walking from TC?

      Delete
    3. Blogger itshometome said...

      Not sure how long it would take to walk there from the market side gate. For me, Simei would still me nearer.
      [im]http://dl.dropbox.com/u/35016554/TC%20to%20new%20MRT%20MAP.png[/im]

      and

      [im]http://dl.dropbox.com/u/35016554/TC%20MRT%20NEWS.png[/im]

      Delete
  7. Again u see people telling us that Tampines Court is not in a great location etc... Look today we are living a country which does not have much land. Every project developed has a high sale price regardless of location today.. Read the papers...

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    Replies
    1. Totally agree!

      Delete
  8. Those who are asking 1.8m must be dreaming.

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  9. 1.8m is not a dream.

    In 2008, TC units were sold at 500k+. Nobody in 2008 would believe TC units could fetch 1m in 2012 open market.

    In 5-10 years time, TC units may fetch 1.8m. This is not a dream.

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  10. The RP has been raised, have you guys signed??

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