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.

RAINTREE GARDENS EX-HUDC SALE


175 Owners to receive about $1.9 million each

Contrary to the Sale Committee claim - that 'the RP was set about 2% lower than the GLS in the region'; there are, in fact, no histirocal residential GLS sites in Potong Pasir. The SC has no way of knowing how the RP of Raintree Gardens was set. We would need to see their RLV.

The SC reveal on their FB page  that the GLS site they are referring to is now called The Poiz (on Meyappa Chettiar Rd sold Aug 2014). I am floored by their stupidity.

That GLS was slated as 'commercial and residential' with a GPR of 3.5 and now has 731 units and 88 shops & restaurants. This is not apple to apple. They have shot themselves in the foot again by not doing background checks on the information doled out to them by the MA. The Poz is right next to the MRT station and no doubt will be linked underground the way Bedok Residences is just a lift down to the Bedok MRT station. Raintree Gardens therefore aimed very high if  they compared themselves to this prime site! Excellent job by that smart and gutsy SC.

What does this mean for us? Instead of looking at the poor Tampines Ave 10 GLS - perhaps they should be measuring our RP against  mixed commercial & residential properties beside an MRT station, too.  That should up the RP considerably! If it's good enough for Potong Pasir then it's good enough for us.

At the end of the day.. all this talk using the comparative method means nothing because all we need to see is the RLV.  Developers do not use the comparative method, so neither should we.

The RP is set only by doing a residual land valuation - NOT by linking it to old GLS sales, which serve as a loose indication only. Every site has it's unique set of pros and cons. 

WHERE IS THE RLV?
GIVE IT TO US. 
THIS IS OUR ESTATE AND WE DEMAND TO SEE ALL RELEVANT DOCUMENTS WITH REGARD TO THE SETTING OF THE RESERVE PRICE. 

Without this in hand, the SC Committee et al. can collectively go to hell.


Below URA GLS Sites. Figures in RED are my own. GPR is calculated using reverse math where not given
Date of Award
Location
Type of Development Allowed
Lease (years)
Site Area
(m2)
Site Area (sqft)
Calcul’d GPR
GFA
(m2)
No. of Bids
Successful Tender Price 
$psm per GFA or $psm per GPR
$psf ppr
Planning Area
30-Sep-16
Fernvale Road Residential
99
17,195.9
185,095.1
3.0
51,588
14
 $ 287,100,000.00   $ 5,565.25  $‎ 517 Sengkang
1-Jul-16
Martin Place Residential
99
15,936.1
171,534.8
2.8
44,622
13
 $ 595,100,000.00   $ 13,336.47  $‎ 1,239 River Valley
30-May-16
Bukit Batok West Avenue 6 Commercial and Residential
99
14,696.7
158,194.0
3.0
44,091
11
 $ 301,160,000.00   $ 6,830.42  $‎ 635 Bukit Batok
13-Apr-16
Jalan Kandis Residential
99
7,045.6
75,838.2
1.4
9,864
9
 $ 51,070,228.00   $ 5,177.44  $‎ 481 Sembawang
26-Feb-16
New Upper Changi Road / Bedok South Avenue 3 Residential
99
24,394.0
262,574.8
2.0
51,228
8
 $ 419,380,000.00   $ 8,186.54  $‎ 799 Bedok
18-Jan-16
Siglap Road Residential
99
19,309.6
207,846.8
3.5
67,584
8
 $ 624,180,000.00   $ 9,235.62  $‎ 858 Bedok
11-Dec-15
Clementi Avenue 1 Residential
99
13,037.8
140,337.7
3.5
45,633
6
 $ 302,100,000.00   $ 6,620.21  $‎ 615 Clementi
17-Nov-15
Alexandra View Residential with Commercial at 1st Storey
99
8,398.5
90,400.7
4.9
41,153
10
 $ 376,880,000.00   $ 9,158.02  $‎ 851 Bukit Merah
11-Nov-15
Lorong Lew Lian Residential
99
14,001.5
150,710.9
3.0
42,005
11
 $ 321,000,000.00   $ 7,641.95  $‎ 710 Serangoon
13-Aug-15
West Coast Vale Residential
99
18,908.7
203,531.6
2.8
52,945
6
 $ 314,100,000.00   $ 5,932.57  $‎ 551 Clementi
4-May-15
Tampines Avenue 10 Residential
99
15,660.4
168,567.1
2.8
43,850
12
 $ 227,780,000.00   $ 5,194.53  $‎ 483 Tampines
1-Apr-15
Paya Lebar Road / Sims Avenue Commercial
99
39,230.7
422,275.7
4.2
164,769
6
 $ 1,671,688,888.00   $ 10,145.65  $‎ 943 Geylang
31-Mar-15
Sturdee Road Residential
99
6,111.5
65,783.6
3.5
21,391
16
 $ 181,189,000.00   $ 8,470.34  $‎ 787 Kallang
12-Mar-15
Jurong West Street 41 Residential
99
17,803.5
191,635.3
2.8
49,850
9
 $ 338,118,000.00   $ 6,782.71  $‎ 630 Jurong West
28-Nov-14
Upper Serangoon Road Residential with Commercial at 1st Storey
99
10,097.1
108,684.3
3.0
30,292
11
 $ 276,774,000.00   $ 9,136.87  $‎ 849 Hougang
13-Oct-14
Lorong Puntong Residential
99
10,502.8
113,051.2
2.1
22,056
18
 $ 173,570,000.00   $ 7,869.51  $‎ 731 Bishan
28-Aug-14
Gambas Crescent / Sembawang Avenue Business 1
30
15,665.0
168,616.7
2.5
NA
4
 $ 35,000,000.00   $ 893.71  $‎ 83 Sembawang
20-Aug-14
Meyappa Chettiar Road Commercial and Residential
99
16,149.4
173,830.7
3.5
56,523
15
 $ 471,618,000.00   $ 8,343.82  $‎ 775 Toa Payoh
8-Aug-14
Fernvale Road Residential
99
16,603.9
178,722.9
3.0
49,812
4
 $ 234,933,000.00   $ 4,716.39  $‎ 438 Sengkang
8-Aug-14
Fernvale Road Residential
99
17,413.9
187,441.7
3.0
52,242
3
 $ 252,122,000.00   $ 4,826.04  $‎ 448 Sengkang
4-Jul-14
Woodlands Avenue 12 Business 1 with an integrated Heavy Vehicle Park
30
39,229.1
422,258.5
2.5
NA
5
 $ 76,900,000.00   $ 784.11  $‎ 73 Woodlands
21-Apr-14
Prince Charles Crescent Residential
99
24,964.3
268,713.5
2.1
52,426
7
 $ 463,100,000.00   $ 8,833.40  $‎ 821 Bukit Merah
17-Apr-14
Woodlands Square Commercial
99
18,568.8
199,872.9
3.5
64,991
8
 $ 633,999,000.00   $ 9,755.18  $‎ 906 Woodlands
13-Mar-14
Yishun Avenue 9 / Yishun Avenue 6 Residential
99
20,553.8
221,239.3
2.8
57,551
5
 $ 278,800,000.00   $ 4,844.40  $‎ 450 Yishun
24-Jan-14
Geylang East Avenue 1 Residential
99
6,238.1
67,146.3
2.8
17,467
16
 $ 145,890,000.00   $ 8,352.32  $‎ 776 Geylang
15-Jan-14
Upper Paya Lebar Road Residential
99
20,077.6
216,113.5
2.8
56,218
7
 $ 392,300,000.00   $ 6,978.19  $‎ 648 Serangoon

5 comments:

  1. Excellent piece of research work and rebuttal! Well done! Day by day, the SC/MA is pissing us off more and more !

    ReplyDelete
    Replies
    1. Everything can be found with a few clicks of the mouse. I am getting really annoyed with them now.

      Delete
  2. Aren't we all on the same side? They work for us, don't they? We paying them?
    Don't appreciate being snookered by one of our own.
    BEWARE: Ethically Challenged, Morally Bankrupt, Blissfully Ignorant in our midst.
    We need a Guardian Angel to protect us. SC, are you up to the task?
    Tread carefully. We're watching you closely.

    ReplyDelete
  3. SC, Let's face it. Every agent would want to sell low for quick sale. That's why we need SC to control them to get the best price for us. SC is appointed by SPs in good faith, so you have to listen to our views (some are more professional and knowledgeable than MA) instead of just follow MA's advice. The fact that you only received 45% inspite of all the tactics both MA/SC used and proposing ridiculous 1.3m when other MA/SC manged to sell at 1.9m already proved that MA is not as good as you may think they are ! Pleae pull up your sock & act in the interest of all SPs and control the MA! They have no right to force us to sell low! TC belongs to all SPs and not SC alone. So you have a duty to perform & we trust you will do it well for the benefit of all SPs including yourself.

    ReplyDelete
  4. It's deceptive to reference 'THE POIZ' as comparison. Is it Misrepresentation?
    Deviously Creative + Childlike Gullibility is a dangerous combo.

    There's renewed exuberance with enhanced RP and better chance for 80% to be reached.

    This case, however must pass muster at the High Courts. It will be contested. It's a legal wonderland for lawyers.
    SPs should seek Eldan Law's advice on all possible legal potholes. What's your liability as a signatory? How do you think the MA and SC rep will perform in the dock?
    Refer to recent THOMPSON VIEW case where Conflict of Interest, Code of Ethics and Professional Client Care, under the First Schedule of the Estate Agents Regulations 2010 was mentioned. (link avail this Blog under Decisions)

    EnBloc enrichment is well publicised. EnBloc misery less so, but there are many.

    I'm not legally trained. I welcome it if you're skeptical of my comments.
    Protect yourself, doublecheck everything, seek second opinion if you must.

    The smell of MONEY has clouded many judgement. There's no security in numbers, 80% or otherwise.
    It's a Right Royal Mess we're in.

    Too many Unsavoury characters involved in this. So sad, with Honesty and Integrity we could all have 'LIVED HAPPILY EVER AFTER'

    ReplyDelete