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.

EOGM 1



EOGM 1 for the purposes of a Collective Sale.

I didn't attend but the quorum was reached and the third Sale Committee elected (10 members, I believe).

20 comments:

  1. Dear Blogger
    I am delighted to see your blog back. As a resident of TC , I am grateful you have taken this initiative again
    v.s

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  2. Thank you, but it won't be so combative over petty issues - fair is fair, give the sale committee a chance to show they can do something for the estate. It all boils down to the CSA anyway

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  3. Actually why not u try to be part of the committee given ur interest in all of these?

    ReplyDelete
    Replies
    1. I've had my fill of committees and this one is definitely not for me.

      Delete
    2. how much should the price be ? to get the 80% consensus ?

      Delete
    3. Me too. They have appointed a lawyer who says they will not collect a fee at signing but when 80% has been reached.......
      Eldan Law will not be charging any legal fees for the signing of the CSA. Legal fees will only be charged upon a successful sale. However, a fee of about $200 per household needs to be paid once 80% of the SPs sign the CSA.

      Delete
  4. Minimum 1.4 mil..

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    Replies
    1. In 2011 Enbloc II, the RP was first set at 1.5mil then adjusted upward to 1.8mil, it only managed to get about 34%. Although the market conditions are different now, I think 1.4mil will not be good enough to get 80%. I believe this is a very challenging job for the SC, hope that they can achieve this time.

      Delete
  5. We have to be realistic. 1.4 mil is a fair price for owners as well as the potential buyer. In fact in today's context, anything less than 1.3 million will be shortchanging the owners and anything more than 1.4 mil is a complete time wasting exercise as there is not much meat left for the developer after factoring in lease top up and DP. My personal thinking is that this is not the right time to call for enbloc. Wait till the cooling measures are lifted, then come and talk...by then we can be looking at upwards of 1.5 mil ++..

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  6. We have to come back to basic question. What are the alternative housing can resident do with 1.4mil?
    I did a search on URA and HDB sites and found the following:
    1. HDB Execute Flat at Tampines: Resale price from 600k+ to 700k+
    2. Resale Condo at Tampines/Bedok area: Resale price 800+psf to 1000+psf
    3. New Condo at Tampines/Bedok area: 1200+psf

    1.4mil can only downgrade to HDB or smaller size Condo. How to get 80% ?

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  7. The only way to address your concern is to go for the replacement model. Collective sale to a developer who will redevelop the place and offer each residents a new unit (at least 1200 sqft 3 bedder). The developer will then sell the rest of the units in the open market. TC's plot ratio is big enough to build 1000+ units. the developer should be able to make a decent profit from selling the balance units. From sale until completion, each unit will be given a relocation fee which residents can use to pay for their rental while waiting for completion. For those who already have alternative housing, this relocation fee will be extra money for them to spend. I think the replacement model will allow us to have the cake and eat it too..haha.

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    Replies
    1. Right on the button! Unfortunately, very few people see the merit in a replacement unit, preferring cash in hand.

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  8. In my opinion, the most ideal replacement apartment is a Dual Key one -
    approx 500 sqft studio unit adjoin to approx 1200 sqft 3 bedder unit. all in 1700 sqft which is close to the average TC unit size
    It will suit most needs, and minimize any disagreements among the current owners -
    Elderly folks who are looking to downgrade can stay in the studio and rent out the 3 bedder - thats cash
    Families can stay in the 3 bedders can rent out the studio - thats space and cash
    Bigger families can live in the whole unit - thats space

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  9. Good day to all. First let me identify that I am a member of the Sales Committee. I am single unit owner and have been living in TC for the past 12 years.

    I read this blog with interest and thumbs up for itshometome for having this blog and keeping all the details for the previous two enbloc attempts.

    The collective sale of TC had started and a sales committee (SC) was appointed during the EOGM convened on 26 Sep 15, the SC had since held its first meeting and started work on the enbloc process.

    The sales committee is a representation of the SPs of Tampines Court. We welcome feedback from all SPs regarding anything on the enbloc process. We want to be as transparent as possible and hope that all SPs do the same and work collectively towards this enbloc sales. Of course, we will respect any decisions made by all regarding this collective sale.

    I have noted that the price, timing and replacement options for the enbloc sale are discussed here on this blog. For the price, all SC members are home owners ourselves (this is my only house), hence we will safeguard our interest. We need a home to stay after all and we definitely won't want to be in a worse off condition after the enbloc.

    As for the timing and replacement model discussed, we will highlight to the marketing agents for them to do a study and give us their professional views. The decision to agree or disagree with what they will present still lies with you.

    Based on my limited knowledge, I would like to share a personal view on the timing on the enbloc sale and how it will affect the price.

    The process of getting 80% approval will be a long one, estimated to be at least 1 year. Only then the estate will be put up for sale. Prior to listing it on the market, a valuation will be done, the final sale price will be based on the higher of the reserve price or the valuation. This will ensure that we will not sell at below market value.

    The DC/DP of enbloc round 1 in year 2005 is about $107M and that in round 2 in year 2011 is about $282M. It is an increase of about $175M in a span of 6 years. The DC/DP will increase with every year the lease of the estate reduces and will inadvertently reduces our sales proceed. The increase in land price may or may not counter the increase in the DC/DP if the economy recovers in a few year's time. So to say whether is it a good time to enbloc? I will think that the sales proceed might not increase significantly if we wait longer, and we might end up looking for a replacement house during a "seller's market". We should have more choices and more bargaining power during a "buyer's market".

    The above are my personnel views and have nothing to do with me being a sales committee member.

    To get official updates of the enbloc process, please visit: www.facebook.com/TampinesCourtEnbloc and you may also provide your suggestions and feedback to feedbacktcsc@outlook.com

    itshometome, hope you don't mind me putting up the web address here. I hope that all is transparent between the SPs and the sales committee, to help all SPs make a more informed decision regarding the enbloc sales.

    Thank you : )
    Glen Low

    ReplyDelete
    Replies
    1. The voting trends and sentiment are discouraging. SC is doubtful that even raising RP to 1.5M might not do the trick. Explain then why you continue to foist this 1.3M upon us?
      SPs are skeptical because:
      1) MA dare not release his RLV (upon which RP is derived) for scrutiny as promised. itshometome has long ago released her RLV calculations and more.
      2) RP depreciation of 45M not validated. If you care to breakdown maintenance costs of 11.7M, surely it's reasonable to expect the same from MA.
      3) This SC itself has serious reservations of MA's RP (RP email leaks)

      My personal reason for not signing is that doing so would reinforce, encourage and reward Unprofessional, Poor Work Ethic. Its a Principled approach.

      Please, spare us your tutorials on EnBloc.
      You're unfamiliar with fundamental Laws (LTSA), unclear about practicalities of the deal (incr RP in response to low offers?) and by extension naive about the chicanery involved in Mega Million EnBloc transactions.
      Principal SC officers display poor judgement in expelling savvy members and made bad decisions in spite of sound analysis by some.

      SC/MA invariably opt to keep mum whenever it's blunders are exposed. No explanations or apology. So much for transparency you promised. Weather you're culpable, embarrassed or indifferent is left for SPs to speculate.

      SC has been conspicuously silent on the Conflict of Interest issue. Cynics might understandably conclude your complicity.Is this MA's appointment Kosher? SPs are entitled to know. Indeed, we have a right to know your stand and its ramifications.

      This EnBloc is Doomed because:
      1) SPs have lost faith in this SC/MA: Ineffective Leadership, incoherent policies, questionable decisions, blunders galore and it's contempt of SPs feedback.
      2)Paltry RP
      3)Developers attracted by the price will be put off by the protracted, risky legal minefield they will have to navigate.

      It's cruel to give false hope to your faithful followers when there's none.

      Disgruntled SPs might vent their frustration beyond FB and this Blog:- with dire consequences if this is prolonged.

      It's a Thankless task. SPs have nothing to be Thankful for.

      There's NO Hope. End it Now.

      It's in SC's hands. Or is it?

      Delete
  10. well, the recent land sales aren't comforting, if people are thinking about $1.3-1.4m....it could well be a waste of time for now.

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  11. Considering that TC is served by 2 MRT stations, I think $1.Xm is on the low side. In today context, $1.Xm is probably a fairer value on EOGM 1

    (originally posted 24 Feb 2016 , RP redacted)

    ReplyDelete
  12. Anonymous09 July, 2016

    The poster put up at the notice board at the lift lobbies has a very misleading statement. "All registered unit owners have to sign the CSA" It should read as All Consenting registered unit owners have to sign the CSA.

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    Replies
    1. It should read 'All interested unit owners may sign the CSA'!

      I talked to one confused owner 3 days ago... he thought 98% had already consented.

      Delete
  13. Anonymous11 May, 2017

    to the guy who talks about our homes crossing the $mil mark soon...
    Cross the $mil mark and head towards what is currently being offered for enbloc!?...may I know what is your timeline for that to happen?..10 years? 20 years? May I know who will step forward to lead enbloc 4 after this?..and may i ask when will that be?..5 years? 10 years? if you can answer all my questions, i would definitely not sign on the dotted line. The fact is nobody knows what the future holds...all pure speculations. What is a FACT is that we currently have a shot at selling our homes at nearly double the current market price. If that is not a good enough reason to sign..really..i don't know what is. I am beginning to suspect you are one of those who have recently sold your unit at 900K+ and who now realise what a huge mistake that could potentially be if the enbloc goes thro....ouch!

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