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.

Statutory Notices

LTSA, First Schedule 1(b) affix to a conspicuous part of each building comprised in the strata title plan or the development to which section 84D or 84E applies, as the case may be, a notice in the 4 official languages specifying —..   (ii).......within 4 weeks after the start of the permitted time and thereafter at intervals of not more than 4 weeks from the date of the last notice under this sub-paragraph;

FIRST SIGNATURE TO CSA1 AND START OF THE PERMITTED TIME: 24 JUNE 2016
LAST LEGAL DAY TO SIGN CSA 16 JUNE 2017  (5 DAYS COOLING OFF PERIOD)
80% - 1 JUNE 2017


As of 01 Sep 2017, 83.57% of the total share values and making up 83.58% of the total area of all lots have signed the CSA

That is 468 units out of 560

A Total of  6 Units have signed since 08 Aug 2017
A total of 92 units have nor signed the CSA

13 comments:

  1. As a way to reach 80% some SP's are calling for an increase in RP and/or SC, MA step aside. Damage was done when with the public revelation of the lowball RP. They compromised their negotiations with no wriggle room.

    Would you pay more today, when you know it was selling for less yesterday? With weak housing sentiment, and overtly inept SC/MA, Developers will argue for even less.

    Dismissing the MA may provoke internal conflict in the SC and have legal consequences. Anyway finding a replacement Property Agency to step in and clean up a mess not of it's doing, with no guarantee of a payout, is slim to none.

    If this MA is compliant and agrees to a higher RP, many will question his Principles. Can he be trusted to provide sterling service to a proposition he disagrees?

    Developers are hard-nosed, skilled negotiators even unscrupulous, well prepared with strategies and facts and figures to bolster their arguments, motivated to win and handsomely rewarded for their performance ( not a criticism , a trait I wish our SC/MA is similarly endowed ). They have deep pockets, mega deal talk exposure and inside knowledge ( courtesy of our team ) of our RP to come out on top of any talks.

    Just managing expectations to my more optimistic, hopeful neighbours.

    Those hoping a higher RP and if one is offered, protect us all with a proviso/caveat that it cannot be reduced- period. After all the MA has defended his low RP with conviction, albeit inconsistently and declared a higher RP unworkable.

    I will not sign, whatever the RP. Don't trust and no confidence in SC/MA.
    However I'm at the mercy of those who do: That's the Fairness/Unfairness of Enbloc. You choose.

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  2. What happened to the many other 'pending' signatures? Still 'pending' or have they changed their minds? Would MA/SC or anyone care to enlighten. Thank you.

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  3. It takes a miracle to get 80% even after the revised RP. Bad move to set the RP too low from the start.

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  4. After raising the RP, MA just put up a small banner at the gate asking SPs to go all the way to lawyer office to sign as if their new RP is so attractive that people will rush all the way there to sign. Why cannot sign at TC as before. Maybe they are too confident.

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  5. What about other 'pending' signatures? Any opinion on COI? Why drastic reversal in payout despite all said in Oct 3 letter? Can we believe you if you deny SPs access to RLV?
    I guess it's to avoid difficult questions by a gathering of SPs at the void deck of TC.
    Less likely of a 'scene' when individuals sign in lawyers office.

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  6. I wouldn't read too much into signing at the lawyers offie- I am sure they will resume their signing sessions at the void deck in due course.

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    Replies
    1. Too late. They won't be able to get 80% signature even after raising the RP. The enbloc fever has cooled down. SC/MA wasted too much time & did not strike when the iron was hot !

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    2. After the 15th minutes of meeting was put up on notice board informing the increase RP, only less than 1% signed up. Obviously the revised RP isn't attractive enough for the 55% SPs or maybe they are pissed off with the MA/SC.

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  7. MA is out of the game. Good riddance ! Wasted so much of our time. Should have resigned long time ago.

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  8. Seriously? I got a feeling this would happen at the last sc meeting. If they have resigned then the sc might as well pack it in and restart the 2 yr lull until the next try. ( Or earlier on a higher ℅ ).

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  9. It should be 51.79% of share value and 51.81% of area as per 3rd Feb 2017.

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  10. Statutory Notice 29 Mar 17 released. None have signed.

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  11. Latest Statutory Notice 25 April: only ONE additional unit signed.
    It crystal clear to continue is futile. If CSC insists on continuing...tell us, SPs of Tampines Court your game plan, please.

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