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.

Bloopers

So, it has come to this. The Sale Committee must come under closer examination in the light of recent irrational remarks on their FB page. They are making all kinds of statements that have no basis in reality or fact.



Example 1:


Clearly facts were not checked  before repeating this rumour. How many people have been told this (and believed it!)? He himself says he doesn't believe it so why say it? Why give it credence by saying it came from 'authorised sources'? Because it serves his purpose.

His 'authorised 'sources have turned out to be 'a friend of a friend'.

Rest assured, the swanky new Tampines Hub will not house our smelly wet market, it does not fit in with their overall theme.

Example 2:


A SC member who does not know how old our estate is. We are approx 30-31 years old (101 Yrs from 01/12/1985) . We should not be entrusting the sale of 560 units to people who do not have a grasp of basic facts.

Example 3:



Shows a woeful understanding of the LTSA  - The SC cannot call for an EOGM using MCST funds willy-nilly, because according to the 3rd Schedule, general meetings of the MCST can only be called for the following reasons:


Before the CSA is signed
(a) to appoint any advocate and solicitor, any property consultant or marketing agent in connection with a collective sale where the collective sale committee is not already authorised at a general
(b) to approve the apportionment of sale proceeds; and
(c) to approve the terms and conditions of the collective sale agreement

Before the launch of Sale
(a) to give an updat e on the total number of subsidiary proprietors who, immediately before the date
of the meeting, have signed the collective sale agreement; and to provide information on the sale proposal and the sale process

After the close of Tender or after the SC has entered into an agreement with Buyer (lets hope the former but with this SC I doubt they understand the difference))
(a) to provide information on the number of offers received for the collective sale and the respective
prices so offered; and to provide information on the terms and conditions of the sale and purchase agreement

Besides which-  you do not need to hold an EOGM to raise the RP.. indeed it is your duty to do so when required.

2 comments:

  1. Latest Blooper on Enbloc FB: GW suggests you have the prerogative of retaining your depreciating property but please allow other TC residents to benefit from Collective Sale.
    Not Possible ! In EnBloc the whole lot goes or stays.

    itshometome, please conduct a short course on Collective Sale so this SC stops making FOOLS of themselves ! Are we entrusting these imbeciles on a Mega Million Dollar Sale of our homes ! GOD HELP US PLEASE

    ReplyDelete
  2. Sad that we have an SC member who don't know the LTSA law and TC property well and also spreading, what he admitted is a rumour, which may affect the value of TC. For his own interest I suggest he stopped spreading any unsubstantiated rumour immediately !

    ReplyDelete