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.

4-weekly Statutory Notices






55 comments:

  1. If we can consistently get 14% a month, we should break 80% in 6 months time

    Launch en bloc sale in July 2012??

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  2. The response of CSA signing for round 2 is not as good as round 1. The % for the first 2 months is 21.79 % but it achieved 66 % within 2 months in round 1.

    If we based on average rate of about 10% per month, they may achieve 80% in 10 to 12 months time.

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  3. After the euphoria in the 1st month of the en bloc sale, enthusiam is now dwindling. Don't expect April to be better than March unless the RP is raised

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  4. In EGM4, 87% of the quorum 187 units voted for the CSA. This translate to at least 162 or 26% units (187 unit * 87%) supporting the CSA.

    The 21% signed the CSA are mainly from this group. SC should be able to get another 40 units or 5% to sign the CSA without problem.

    The difficult job is for SC to get the silent 70% to support the CSA.

    This SC is keeping silent most of the time, e.g. the official website is not updated, no response to impact of DR rates changes to RP, no response to email query etc.

    If the residents are not updated with the latest development, most likely they will not sign the CSA especially majority of resident have been through enbloc round 1.

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  5. The are only keen to sell but not willing to keep the SP update the process. A little bit high-handed.I hope they can do better.

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  6. I wouldn't read too much into the early figures - there are those who are keen but prudent enough to hold back and adopt a wait and see attitude. A lot can happen in a year. It's important to gauge the SC first and watch how they handle change. The RP is already 9 mths old.

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  7. good luck to those who intend to sell below $1.7mil.

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  8. You rightly said, there are indeed lots of older folks wanting to cash-in and soon. However due to their round one experience, they are hesitant. One comment was that the last time they paid and doesn’t really know what went around. Further a telephone call to the lawyer for an up-date was told to wait for statements that never came?
    This time around applying the same procedure is not going to work unless someone come up with an innovation; else we can all continue to dream!

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  9. Are there more who signed that were not indicated, because they had not paid the legal fees? The notices I see requires SP to bring 2 cheques for payment during the signing.
    But can SP signed, wait for 5 days cooling before they decide to pay or not?
    So not paid, means not counted?

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  10. The ESF is a construct of the sale committee and passed by resolution at the EGM - it is not in the LTSA.

    I am not a lawyer, but I doubt if you can stop an owner from signing the CSA if he simply refuses to pay into the ESF.

    The legal fee is another matter, it is in the Solicitor's terms of contract and they can waive that fee if they so wish. I am thinking of another estate which waived the fee late in the process in order to attract stingy or reluctant owners to sign.

    We have been promised monthly statements on the ESF and so I am presuming the ESF balance will (at the very least) equal the number of units signed post 5 day cooling off period x $220. This would indicate good accounting and show that everyone is being treated equally.

    Any negative imbalance will raise questions, eg are exemptions being made and why? Owners will ask why they should be asked to pay when others are not. It would be highly problematic for the SC.

    I do not know when they will cash the cheques, but again I presume they would hold the cheques for the 5 days and then deposit them into the account promptly.

    We have yet to see the first statement.

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  11. Anonymous25 May, 2012

    I always got SMS from ERA to inform me about signing session. Why can't they make appointment with owner and visit every household instead of just SMS? This method is useless.

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  12. Anonymous14 June, 2012

    It is 2 weeks overdue for the 4 weekly statutory update.

    Does anyone know what have happened to the SC ?

    It is unlikely SC will abort the Enbloc as they cannot abandon those residents who have signed and paid for the enbloc.

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  13. I have no idea, but you are right, I am sure they won't abandon the residents who have paid up the solicitor's cost as it is non-refundable. They are duty-bound to continue. It is probably just a hiatus, the LTSA gave 12 months (which is 6 mths too long, if you ask me) and so there is bound to be a slow period in the middle. But even if there are no new signatures, they should put up a fresh Notice stating the tally at each 4-week interval. They have taken the old Notice down in my block and there is nothing on the board to tell residents the current state of signature collection.

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  14. Anonymous26 June, 2012

    to encourage more to sign, the upfront payment of legal fee has to be reduced.

    Jun 26 2012

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  15. I signed the last Enbloc. With this one, I think it is goner! Just by looking at the curve, I know that it has approached its limit, just like an exponential curve. Without injection of creditable variable ,it will fail!

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  16. It is time to throw in the towel and wait for another year for a restart. Will probably fail again than bec it will be the same people doing it and same group of SPs.

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  17. The main problem is that the RP does not keep up with the raising property prices.

    New Condo in nearby Bedok/Tampines - $1.3m for a 1100+ sqft unit.

    Resale Condo in nearby Bedok/Tampines - $1.3m for a 1200+ sqft unit.

    Resale HDB EA in nearby Bedok/Tampines - $700k for a 1500+ sqft unit.

    It is obvious that only viable option for this enbloc is to downgrade to HDB.

    It is also obvious that most residents will not sign the CSA and downgrade to HDB.

    SC and PA must address this RP issue or else this enbloc will fail again.




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  18. latest sale of one 1690sqft at TC is down to 1M, same as HDB recent record. Does this mean people are more practical and they'd rather choose HDB for water and elec rebate instead of choosing TC for nothing extra but private title?

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  19. From the notice, the first signature was obtained on 12 Jan 2012.

    The SC has up to 11 Jan 2013 (less than 3 months from now) to gather the 80% which is (560*80% less 171) 277 units. 277 units represent 46.46% of TC units.

    With the increased RP, this may be possible as enbloc1 achieved 66.42% with 2 months.

    Just wait and see what is the response for the next CSA signing session.

    What is the comments for the new RP? Does it in-line with TC market value?

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  20. correction: 277 units represent 49.46% of TC units.

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  21. Has there been a change in the reserve price?

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  22. There seems to be a proposed change that has been posted on the notice boards. BUT it's too little too late.
    This team of SC and MA is simply too slow, they are reacting rather than proactively analyzing.
    The news today shows another round of increase in prices for private and HDB.
    Hence even with proposed increase in RP, I wouldn't sign the CSA. Because the proposed new numbers are based on the statistics today and not a projection down the road (about 1.5 to 2 years) if and when the en-bloc is successful and you get the money.
    By then, you'll see the increase and you will have to down grade to a smaller HDB!!
    I either upgrade or stay status quo than to downgrade to a HDB resale at this rate that things are going...

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  23. itshometome, what is your take on the reserve price?

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  24. $1.2B - Minimum
    so that each unit will get about $2mil each.
    It does not matter if there are takers, it's what is worth.

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  25. Pls be realistic. Would you pay 2 million for Tampines court?

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  26. For en-bloc - yes, I expect it, it's really great location!
    This is how it works with the current RP. it raised the unit price to $1.2mil if sold as single unit.
    People will not purchase it higher with the current RP! - Your home value is basically clamped down by the low RP!!!!
    Even if the market continues to shoot up, the unit price of Tampines Court will not. This is just simple plain logic.
    It's called by John C Maxwell, the "Principle of the Lid".
    Thus when you raise the RP, the unit price will be allowed to move according to the market!
    Remember en-bloc 1?
    Prices everywhere went up except Tampines Court.
    When en-bloc1 failed, the unit price went beyond the RP!!!!

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  27. I have been following the average monthly psf prices of old condos in our area (see my chart under Old Condo Prices in the header bar) - and sorry to say there is nothing to indicate that TC unit prices are being held back by the RP , nor is there anything to indicate that the RP is having the opposite effect (ie inflating the unit price through the so-called ' en bloc factor').

    Our steady rise in psf price is quite in tune with all other estates. In other words, we are neither advantaged nor disadvantaged by this particular en bloc attempt.

    It is true, en bloc round 1 saw no increase in unit price but that can be attributed to there being a total absence of unit sales during the collective sale process. This time round we have had 24 unit sales since the election of the sales committee in Jan 2011.

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  28. Does anyone know the response of last night's (6 Nov)CSA signing?

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  29. I walked pass there that night. The 3 tables they put outside had people sitting there doing something la. I presume signing. That's around 8pm. At around 9.45pm, I still see some activities there. It was definitely different from the other times when there was no activities at all. But, no q's to sign,hoh. They only got 2 months to go. Alfred

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  30. Hi, Alfred

    Thank you for the update.

    I received a SMS this morning from MA (I think). It read as follows:

    "Due to overwhelming response, we are having another CSA signing this XXX xxth Nov, 2pm to 5pm at Blk 120. Spread this good news to your neighbours. Sit on the fence and get poke in your .... Thus, sign and show your support! Fear will only cripple you."

    It sounded aggressive. Hope that the confrontation in round 1 don't repeat in this enbloc.

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  31. The perimeter fence light has been down for almost a month, nothing has been done is tampines court getting old thing seem like falling apart. Is it time for second enbloc? At $XXM* is it a good price?. To sell at open market so far only $1.16M

    *(RP edited by itshometome)

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  32. No I don't think aggressive describes it. It was a very rude statement to make.

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  33. So, The 3.8% is an overwhelming response it seems.

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  34. What is the response for the 2nd signing on 11 Nov?

    If it is better than the 1st signing on 6 Nov, then I think there is a chance of making to 80%. If not, it is a gone case.

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  35. u guys still hopeful? Over 100,000 completed pte apt units will be introduced into the market on the next few years. overall condo will fall... the best scenario is for prices to stagnate. developers will not be betting big in condo development est in the suburban. goner.

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  36. The way things are moving, I don't think we can even touch 50% by 10 Jan 2013. The present Sale committee must be demoralised by now. I am sure no one will step forward to start another en bloc. TC is safe. I can start renovating my apt for the chinese new year. Neighbors can start throwing their brochures of new property down the chute

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  37. The last group of signers would not have been included in the latest Notice and they still have 4-6? more free signing sessions to go. Anything is possible.
    The sale committee shouldn't take it personally - if owners don't want to sell then there is nothing they can do. It's up to owners to make the en bloc sale happen - not the SC.

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  38. Once enbloc fails, we have to throw in lots of money for the upgrade programmes in TC, an old estate. Oh, what a waste of money!

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  39. For me, it won't be a waste. I love my big rooms and airy spaces. Friendly neighbors where I can keep my front door open all day without worries. Also the markets nearby and walking distance to 3 malls and 2 mrt stations. Where can u get 1700 sq ft of space in Tampines at the price that I paid for this unit 10 years ago? Don't u agree with me that we will all have to downgrade to HDB if we are to keep a little profit from this enbloc sale, if ever it goes thru? If we have to fork out a few thousand to upgrade this estate, it's still worth staying for another few years. I bet u most people will agree with me.

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  40. Well, if you think it is a waste money, sell your unit and leave! All of us who regard Tampines Court as our home think otherwise.

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  41. I wonder how the MA is to be paid? Is it 'No Sale no Pay?' or if they are paid an agreed sum. If it is the first option then expect history to be repeated. If it's a fixed sum, Who is going to foot the bill if the enbloc fails this time?

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  42. So sad.1.8m flying away.Hope we don't one day regret.

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  43. So sad. $XXm flying away.Hope we don't one day regret.

    (edited by itshometome)

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  44. You either sign for enbloc or sell now for 1.2Mil, once the enbloc is deemed not possible the price of Tampines Court will drop back to 700-800K.

    I sold my abit early but if prices fall to a unreasonably low level during the next recession, then I may consider buy back for the next enbloc exercise...

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  45. To anonymous, let me know if you are willing to sell $700-800K and I will buy. What a lame scare tactics ! Please don't insult your own intelligence !

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  46. At this juncture of enbloc with only 2 weeks left, nobody will sign unless SC can assure that they can get another 247 units (44%) to sign the CSA to make up 80%.

    Anyone who sign stands a high chance of losing $250 lawyer fee.

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  47. Ha ha. I like your countdown clock. :) 2 weeks more before i get my renovation contractor down to take some measurements.

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  48. Alfred, agree with you. You might as well go ahead to get your reno started so it can be done before CNY.
    There's just no way anyone will sign now, like the earlier post, they will lose their $250 lawyer fee.
    Happy New Year to all!

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  49. To those who still think housing prices will fall here's some news for you:
    http://www.todayonline.com/Hotnews/EDC130102-0000047/Private-home-prices-up-1,8-on-quarter-in-Q4-2012

    http://www.todayonline.com/Hotnews/EDC130102-0000055/HDB-resale-prices-up-2,5-on-quarter-in-Q4-2012

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  50. Absolutely no worry if TC enbloc failed this time. Rest assured that TC is still the best piece of land is Tampines/Simei area. Let the developers come knocking on our door when their landbank dries up and we will decide on how much we want to sell.

    I hope all the negative owners will start selling their units away and stop your moaning & groaning in TC. We have enough of your negative spirit. To the rest of TC owners, let us continue to enjoy our stay in our beloved Tampines Court!

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  51. Dont fool yourself,even if developers landbank dries up,they will look for land with reasonable price tag.They will not bid for land where the residents asking for ridiculous price tag. We end up living in old low value condo.

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  52. I remember your statement on this blog that any offer below 1.7m for TC is consider undervalue. Now that the valuation is revised XXXXXX What have you got to say now. Make your stance known.

    Edited by itshometome

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  53. Haiz....
    After the 1st and now a dead 2nd en-bloc, TC still has not learned.
    En-bloc takes 1.5 to 2 years to complete.
    Any pricing has to take this into consideration.
    If TC residents are positive and know that Singapore has limited land, then prices though may fluctuate will always go up.
    The en-bloc valuation so far has always only considered the "now" and not two years down the road when we collect our money; "what will we be able to buy two years from now?"
    Simply put, you don't get the money when you sign the CSA.
    Hence, the $1.5mil per unit was underpriced already at the start.
    TC's SC and MA has always worried if the developers will be able to make the profit if it was too high a RP. I wonder why they worry about developers, the developers had always found ways to make money! They should convince the owners to sign with the right deal rather than worry about the Developers. If 80% don't agree, so what if there are developers willing to pay the low RP? You can't even get it off the first step of convincing owners to agree to sell!

    Scare tactics don't work anymore, stop this foolishness.

    The SC / MA always claims the RP is confidential and it is minimum and developers will bid higher. Wake up! Every time the en-bloc goes to tender, it will be reported in the papers and the minimum value will be posted.

    Developers will not bid much more than the minimum you ask for.

    The revised RP to the new value was what many residents had voiced their opinion from a year ago. Meaning that if that new RP was the actually the original RP; those who had wanted that value would have signed it then!

    The change in RP came too little too late!
    By the time the SC considered the change, the new RP was already too low based on the increases in property price over the year and again it is projected to increase even further, though it may be slower.

    In short, to sell ONE unit - look at the current market value, to do En-bloc you have to project the market trending upwards 1.5 to 2 years.
    The previous and this still treat en-bloc sale like selling one unit. Haiz...

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  54. Re #51
    MY reasons for not signing the CSA are in the bar at the top of the page.
    The post about below $1.7 being an undersell can be found at 30 June 2012.
    The post about the new RP can be found 09 Nov 2012.

    So, did I change my stance to suit the new RP? No. The RP changed to suit my stance.

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  55. After the 1st and now a dead 2nd en-bloc, TC still has not learned.
    En-bloc takes 1.5 to 2 years to complete.
    Any pricing has to take this into consideration.
    If TC residents are positive and know that Singapore has limited land, then prices though may fluctuate will always go up.
    The en-bloc valuation so far has always only considered the "now" and not two years down the road when we collect our money; "what will we be able to buy two years from now?"
    Simply put, you don't get the money when you sign the CSA.
    Hence, the $XXX per unit was underpriced already at the start.
    TC's SC and MA has always worried if the developers will be able to make the profit if it was too high a RP. I wonder why they worry about developers, the developers had always found ways to make money! They should convince the owners to sign with the right deal rather than worry about the Developers. If 80% don't agree, so what if there are developers willing to pay the low RP? You can't even get it off the first step of convincing owners to agree to sell!

    Scare tactics don't work anymore, stop this foolishness.

    The SC / MA always claims the RP is confidential and it is minimum and developers will bid higher. Wake up! Every time the en-bloc goes to tender, it will be reported in the papers and the minimum value will be posted.

    Developers will not bid much more than the minimum you ask for.

    The revised RP to the new value was what many residents had voiced their opinion from a year ago. Meaning that if that new RP was the actually the original RP; those who had wanted that value would have signed it then!

    The change in RP came too little too late!
    By the time the SC considered the change, the new RP was already too low based on the increases in property price over the year and again it is projected to increase even further, though it may be slower.

    In short, to sell ONE unit - look at the current market value, to do En-bloc you have to project the market trending upwards 1.5 to 2 years.
    The previous and this still treat en-bloc sale like selling one unit.
    Haiz...

    ReplyDelete