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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.

Hold your Horses

I attended the SC meeting today (5 Nov 2016) and had a chat with those present.

I didn't get to see the RLV (I forgot to ask! Typical!) but things went cordially enough and for me, that is quite a change.

Vasan was not there, in fact no one was there except 4 SC members and around 6 to 7 marketing agents.

I am reluctant to say more about the meeting as on reflection, the sale of 560 homes in the hands of these 4 SC members is a scary thing.   I was under the impression that the RP had been raised but apparently not. The FB page announcing the increase was premature and the MA has not agreed to anything yet.  They are holding off on signing until the matter is finalised. I did not stay for the whole of the meeting so cannot attest to what transpired after.

So, hold your horses on the revised RP..... it is still being discussed and nothing has been confirmed.

The RP stands at $1.32m until further notice.

I may be entirely wrong, but if push comes to shove, I sensed that the MA just might quit .


10 comments:

  1. Since when a property agent must agreed to the selling price before the owner can sell his property ? Who is the paymaster ?

    ReplyDelete
    Replies
    1. Of course the marketing agent needs to agree. They won't waste their trying to sell something they don't believe in.....

      Delete
    2. Let's face it, all agents want to sell cheap to make their job easier. They should just resign if they have no confidence to get good price for SPs. They are wasting everyone's time including their's if they insist on low RP and not getting the 80℅ signature.

      Delete
    3. Agent can dis-agree but cannot insist that the owner must sell at his price! Would you allow it if yr agent insist on selling your unit at ridiculous low price ?

      Delete
    4. Enough blame to go around:
      1) Lack of collaboration and synergy between SC and MA. Poorly defined leadership, unsure and hesitant response to unfolding events.
      2) Flawed strategy by MA on low RP to encourage a bidding competition by Developers.
      3) SC acquiesce to MA proposal despite reservations.
      4) EOGM III attendees enthusiastic support on RP. Misread by SC/MA team to mean ALL SPs wide acceptance.
      5) Silent Majority (55%) did not register their dissent early/forcefully enough.

      If revised RP still unable to achieve 75% by end Jan 17, it would be futile to persevere further.
      TC is temptingly very EnBlocable.
      Just need the 'Right People, Right Strategy, Right Time'

      Delete
  2. Looking at situation now, $1.32m definitely not be able get 80%, the new RP may also not get 80%. SC/MA have wasted almost 5 months still unable to decide the RP. It is better to quit now then wasting more effort.

    ReplyDelete
  3. It is obvious that there is no overwhelming enthusiasm to sign up after the new RP was posted on notice board. Either the RP is still not good enough or the SPs has no confidence in the SC/MA. Tbis enbloc is a failure right from the start.

    ReplyDelete
  4. Agree 1.5 not enough to entice. Might as well call off if revised RP not raised higher.

    ReplyDelete
  5. Agree XXM not enough to entice. Might as well call of if revised RP not raised higher.

    (XXM edited by itshometome)

    ReplyDelete
  6. Do we really need an agent to market for us? Can we just share cost & market it ourselves just like selling individual units. Paying them $7M comm for this lousy quality of work is really not worth it. We can keep the lawyer though.

    ReplyDelete