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"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.

Will you walk into my parlour...

 ...said the spider to the fly. Looks like they are fishing for SPs.

It doesn't seem to be a proper meeting at all but an all day event aimed at collecting a few more signatures. There is a 'flip-side' to the flyer ( flew in my door with the breeze...) which is just a rehash of the same old retarded questions found on the FAQ. Also, you have to bring along your IC ... just in case they manage to persuade you to sign there and then.

The flip side:





18 comments:

  1. It's a masterly move to tease SPs with promise of an enhanced RP, leapfrogging other pressing issues they promised to address, as if it's of little consequence.
    Sooner of later they'll have to confront it, they cannot hide.

    The Developers Legal Eagles will highlight Unprofessional conduct, Breach of Confidentiality, Conflict of Interest, Misrepresentation, Ignorance and Wanton disregard of Laws among other things. SC seriously compromised and defensive, reduced to mush. They'll return with a proposal to reduce RP even lower. Don't worry we're protected by law with a mandated valuation....My retort: your best protection is an honest, dedicated SC putting your interest foremost ( see 'Utter rubbish from MA' )

    My advice to those inclined to sign is get it legislated in the CSA that RP can NEVER be lowered. Ask Eldan Law how, you're paying for their services. At the very least it keeps SC honest, they'll not make a promise they cannot deliver.

    1.5M seems a popular choice among SPs. It's fair and decent. I'm speaking of the RP, not SC behavior or development thus far.

    I respect your choice if you so decide to sign. It's your right. You may have valid reasons, business contingencies for example.

    I will not sign. They're not working to my best interest. Too smitten with the MA. It's an inappropriate, cosy relationship the result of which is an illegitimate bastard of an RP.

    Don't forget the conscientious work of former VC, fighting for a decent RP for all SPs. Acknowledge that it's through his efforts that the SC is now amenable to a higher RP. How ironic, to be the only one diligently fighting for our rights and to be punished for it.

    This SC shabby treatment of a worthy team member, contempt of SPs, flagrant disregard of the Laws and simple lack of common decency is hard for me to condone.

    Showing up on the 18th, chatting over RP, hobnobbing with delinquent over light refreshment is a tacit approval of bad behavior.

    It's not for me, Sorry

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  2. It doesn't seen like a proper meeting to raise the RP. Look at the agenda on the flip side of the leaflet posted in the SPs' letter box : d) How is the RP being determined ? f) Is there any legal cost upon signing the CSA g) What/Where can I buy with gross sales proceeds ? i) Is this the right time to sell ? Not now but when? This is just repetition of their sales talk on the FAQ and Clarification. They are just trying to get more SPs to sign up.

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  3. Any word from SC about releasing of RLV calculation? They assured SPs an early release of figures for SP to scrutinize before dialogue. I'm also waiting for the minutes of SC meeting with MA. It's past 7 days. Hope it's out B4 dialogue, if not its bad sign.

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  4. The points are not really clear... How can they entice people with statements.

    Do they have time to reissue as follows:

    We have received feedback from some Tampines Court Subsiduary Proprietors (SPs). These are summarised as follows:

    a) I was not aware of the ongoing collective sale, please can you provide me more information?
    b) I would like more information and to see the presentation as I missed the EOGM;
    c) I think the Reserve Price (RP) is too low. Can you explain how the RP is determined including the calculations used to derive the Residual Land Value (RLV)?
    d) Can you explain how the RP compares to Shunfu Ville and Raintree Gardens?
    e) Can you explain why I think there is a fee to sign the CSA when all your posters say otherwise?
    f) As Rio Casa is also pursuing en bloc and has less properties than Tampines Court, what/where can I buy a private property in similar green surroundings, with the same amenities, same transport connections and with the same floor space with the gross sale proceeds?
    g) Will the land valuation affect the RP?
    h) Is now the right time to sell? If not then why are we proceeding with en bloc process?

    In order to comprehensively answer these questions and address any other concerns you may have, we will be first posting by mail, a booklet which fully addresses each of the questions above. This will be followed up by two sessions in the Block 120 activity room on Sunday 18 September. We will be happy to clarify our responses in this booklet further and address any other concerns you have during these sessions.

    The timings of the two sessions are:

    10am - 1pm
    2pm - 5pm

    Tampines Court Block 120 - Activity Room

    Following your review of our booklet, come and discuss, let your voice be heard and together we can make this collective sale beneficial for all Subsidiary Proprietors.

    ReplyDelete
  5. GROUNDWORK

    Let's have details of Chairman's 'Groundwork' as noted in 14th SC mtg. Point to us which LTSA clause, sentence, paragraph so ambiguous that confused him. He can't. Only in Kim Jong Un's rulebook is it allowed.
    The fliers would have all been distributed in 3 hrs.No need for post meeting distribution.

    This is the 2nd legal violation, the first being address labels in contrary to BMSM act. I suggest SC only seek legal advise from Eldan Law. To continue to take instruction from Huttons is silly.

    ReplyDelete
  6. APOLOGY

    Chairman should apologise to Mr Vasan directly, publicly in meeting on 18th. Only then can he return to SC and function effectively as a team member. If not, and if they truly believe he's undermining the Enbloc, call for a general meeting and remove him. If not this issue will fester and cause collective sale to fail.

    ReplyDelete
  7. Mr Vasan did not undermine the Enbloc.

    This collective sale was compromised by those flagrant disregard of the law ( LTSA, BMSM ) SC breach of confidentiality ( RP confirmation ) Undeclared Conflict of Interest ( ignoring good advice of VC ) Promises not kept ( advance RLV release ) RP massive downward adjustment without any verification.

    Mr Vasan spotted potential minefield and gave valuable advice on COI referencing 3rd schd of LTSA. He's knowledgeable and and an asset to any Enbloc SC. He fought for a fair and decent RP for us all.

    He is owed a vote of Thanks from Tampines Court SPs.

    He is owed an Apology from those who have wronged him.

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  8. I think we can expect a token increase in RP. Just to satisfy some SP.

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  9. Wise words: 'Never reveal your lowest price, find out highest price buyer willing to pay's

    What is MA strategy with revelation of RP? Ask him. You have a right to know before you sign.

    ReplyDelete
  10. Good strategy: 'Never reveal your lowest price, find out highest price buyer willing to pay'

    What is MA strategy with revelation of RP? Ask him before you sign.

    ReplyDelete
  11. Good strategy: 'Never reveal your lowest price, find out highest price buyer willing to pay'

    What is MA strategy with revelation of RP? Ask him before you sign.

    ReplyDelete
  12. SC requested 'more detailed and accurate budgetary' rgd upgrade of TC aging electrical sys. They would demand the same form MA's RP down adjustment. Or did they? Ask MA to show you 'detailed and accurate budgetary' of his Silver Zone project.

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  13. Use the meeting on 18th to probe SC/MA past actions. Ask them to verify answer with facts n figures. Make an informed decision. Don't rush to commit. You have until 24th Jun 2017.

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  14. Good Marketing Strategy: 'Never reveal your lowest price, find our highest price buyer willing to pay'

    What exactly was MA's novel strategy with revelation of RP? You have a right to know before you sign.

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  15. During SC first meeting, they requested 'more detailed and accurate budgetary' for TC aging electrical system. They would demand the same of MA hefty down adjustment of RP. Or did they?

    Just in case they forgot, ask MA provide 'detailed and accurate budgetary' of his 'Silver Zone' project.

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  16. To make Informed Decision, ask MA:
    1) For copies of RLV and 'Alternate Construction Methods' documents. We need to scrutinize and seek 2nd opinion on these very technical papers. If he cites confidentiality issues....well if they can release our RP to the world, these documents should be no problem to SPs.
    2) Explain his marketing strategy with regards to disclosure of RP.

    For Eldan Law:

    1) If they are aware of any Conflict of Interest issues pertaining to selection process of MA?
    2) When is the next Statutory Notices due?

    Many other contentious issues for SC/MA to clarify

    Don't commit until ALL doubts are cleared. It's irreversible, and you have until 24th Jun 2017. Don't Rush.

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  17. This round of enbloc is as good as dead. It's just not made official that's all.

    ReplyDelete
    Replies
    1. Even after extra time cannot score 50% Gross Incompetence

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