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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.

Nothing

The last minuted Sale Committee meeting was on the 24 Nov 2016. Their communication with SPs is non-existent, no one knows what is going on. Their fig-leaf of a Facebook page tells us nothing - obviously they are too scared to put a toe out in case someone might step on it. Theirs is a deafening silence. 

Will they issue a few scant lines about their meeting on the 18th March? 




26 comments:

  1. Whenever this MA/SC writes anything, they embarrass themselves with blunders, expose their ignorance or unwittingly reveal some inconvenient fact they'd rather to keep among themselves.

    Minutes will be very brief; writers anxiety.

    Don't bother. It's over.

    ReplyDelete
  2. When SC persistently brush aside SPs concerns, fail to refute serious charges levelled against them, they forfeit the right to helm this Collective sale.
    They abuse their position of authority accorded to them by SPs and make a mockery of Tampines Court.
    The scars and bitterness will linger well beyond the tenure of TC Enbloc III.

    ReplyDelete
  3. I am repulsed be the tactics employed by some members of this SC.

    They reveal our detailed maintenance costs to all and sundry, predict increasingly prohibitive maintenance costs, declining property values and condemn our estate to Enbloc purgatory.
    That's their stated opinion. Do they really mean it or is it just scaremongering?

    Any SP who buys into their assessment, and especially the authors of that Oct 3rd letter, will be quick to abandon Tampines Court after Enbloc III failure is confirmed.

    In the end, it's not what they say, but what they DO that reveal their character and motives.

    We shall soon find out.

    ReplyDelete
  4. Guy's, running out of time.
    If minutes not out by tomorrow with signing session planned for this weekend, then it's all over.

    Please arrange for an EOGM to make it official.

    ReplyDelete
    Replies
    1. I have a feeling the MA might have returned conditionally - the fact that they have not mentioned any signing sessions - just a general pleading to sign before the deadline (see FB page 22 Mar) seems rather suspicious to me. As you said - they need to get those minutes out or else my suspicions are correct; they are on their own.

      Delete
  5. TC Enbloc FB latest notices says nothing newsworthy.
    Interested SPs can call any of 8 SC/MA members for more info.

    This is silly. It is open to selective and unfair dissemination of diversity of info to different SP. It is also subject to inconsistencies, distortion and variation of the message by 8 individuals no less. An inefficient use of SC human resources, esp when they are unable to commit their time. (Enbloc FB 23 Dec 16)
    Of course, if SC/MA wishes to say different things to different people, that's the way to go.

    Keep it simple. Don't complicate matters. Stop this nonsense.

    Lets have a well written minutes; accurately and honesty records all that transpired during the meeting.








    ReplyDelete
    Replies
    1. Please wait for the minutes. SC shall soon reveal to all their rationale.

      Patience and blind trust necessary traits under this team.

      Delete
  6. Notices, pamphlets, letters, TC Enbloc FB, General meetings, EOGM are some means of reaching 560 households. These modes of communication are favoured because the masses receive consistent, identical and definitive messages.

    In mass meetings, SC could also generate discussion and receive feedback with all important witnesses present.

    In short, these are fair and proper because they are open, transparent, documented and people can be held accountable.

    Casual discussion and personal phone chats on a serious official matter is subject to abuse. Chairman can declare that feedback from extensive phone conversation reveal that 97% of SPs opt for "__fill in the blanks___"
    Concerned and sceptical SPs are hapless. There's no way to refute and challenge the assertion.

    For now, SC issue the latest minutes, for the sake of Pro Enblocers, organise a signing session soon. (don't expect 136+++ registered owners trundle down to Eldon to sign, do you?

    ReplyDelete
  7. Just a repeat of comment on TC EnBloc Facebook: Minutes deadline due today, 25 Mar 17.

    If SC unable to fulfill it's statutory obligation, is it because they're tied up with phone calls?

    ReplyDelete
  8. Rio Casa, HUDC in Hougang Ave 7, passed 80%, up for sale.

    RP believed to be around $450M, for an estimated payout of $1.6M per unit.

    ReplyDelete
  9. at least the owners at rio casa know a good deal when they see one...they are asking only around $391 psfppr...and here we are asking for the moon,..yet there are still owners who think TC is selling for a song based on current RP and market situation! TC enbloc or not doesn't affect me...i do not need the money and i am also not so emotionally attached until i cannot think straight. i only pity those owners who are desperately in need of money for whatever reasons and in a hurry to sell,..now they will have to sell at around 900K based on current market prices..

    ReplyDelete
    Replies
    1. Wrong.
      Psfppr includes the Dc/Dp So it;s $565 psfppr

      Reserve Price $450m (Straits Times)
      DC/DP: $200m estimated (Straits Times)
      $450M+$200m= $650m.
      Site area _ 410,654 sqft
      Plot Ratio = 2.8
      Therefore PGFA = (410,654*2.8) = 1,149,831 sqft
      Therefore $650m /1,149,831 = $565 psfppr

      Delete
    2. I hope you are not on the SC - there is already a member who does not know the true age of the estate!

      Delete
    3. So if they need the money we must sell our homes to help them? They need the money they can go and sell their homes for what it is worth. Don't drag all of us into their problems.You think you are not emotionally attached but you are... to money.

      Delete
    4. From BT: $61M top up lease
      $141M intensify plot ratio to 2.8
      Site area: 396231 sqft
      works out to: $590 psfppr.

      From authoritive sources, Rio Casa original site area reduced to present value when adjacent condo 'Evergreen Park' was developed and needed access road to HDB car park.

      Delete
    5. Thanks. I don't have BT/ST subscription anymore so used original data. Since the land area was reduced by 14,423 sqft that makes the RP even more impressive.

      Delete
  10. yes..mine was calculated without DC/DP...thats not the crux..the key question is- is ours comparable based on the same measure? or are u suggesting we are being shortchanged by the proposed RP.

    ReplyDelete
  11. continue....with all due respect, i think u are too quick to always label something 'right' or 'wrong'. it is obvious my psfppr figure was from the perspective of the owners of rio casa while 565 psfppr is from the perspective of the developer buyer. so to me, there is nothing right or wrong, its a matter of difference in perspective. Many a times, issues arise because a party is overly insistent that he or she has all the right answers and is completely turned off when someone presents a different answer. DC/DP doesn't go into the pockets of the owners; it is to the govt so from the owners perspective, they are selling their land at $391 psfppr. Notwithstanding, given that the developer is buying at 565 psfppr, my question is - Is TC priced 'correctly' based on the current RP or are we asking for the moon?

    ReplyDelete
    Replies
    1. Sorry, but there is no 'alternative perspective' to psfppf. You proffer an incorrect figure because you do not know how to calculate the psfppr. If you want to know if TC RP is 'correct' - you have to do the RLV which is CALCULATING THE PSFPPR. There is no owner perspective, only RLV to price the land.

      Delete
    2. For the yet to be convinced SPs of Tampines Court, RP quantum has ceased to be an issue.

      It's a question of integrity, trust and professionalism:

      1) Conflict of Interest: SC were duly warned, advised and offered suggestions to comply. They opt to blatantly disregard all.
      2) Silver Zone: Huttons wiped off $50M means a loss of $90K per SP. It was unsubstantiated, SC had serious reservations yet they acceded. Anyone who truly empathize with our needy SPs should object.
      3) Lack of Transparency: There are many, but witholding valuation offer from SP is unconscionable.
      4) RP Derivation: Still waiting for Mr George letter as minuted in Mtg 16, 5 Nov 16. It's been almost 5 months! It's really not just the RP but the many promises not kept by SC.
      There are many other contentious issues, but enough for now.

      You grossly understated SC's predicament when you cite their lack of communication skills only.
      My perspective is that SC/MA indefensible position is what silence them.
      I would like your perspective on the above matter. Please speak to them. Hopefully SC is more open to a friendly familiar face. I'm no friend.

      You give them too much slack.
      From where I'm sitting, these slackers already have too much rope.

      Delete
    3. Don't talk nonsense lah. It's not about perspective. It's about $$$$$ !. Whatever you say is irrelevant, If price is not right, you won't the 80% signature, simple as that. Stop wasting our time. Better sack the useless MA & dissolve the SC so we can get on with life ! You can sell your unit at whatever price u want but leave us alone. TC will still be around for round 4,5....

      Delete
  12. by the way i am not on the SC..i agree they can do a better job especially when it comes to communication. but i tend to give people more slack; afterall its a thankless task they are doing and they will be hammered regardless whether they get it 'right' or 'wrong' - which again its a matter of perspectives.

    ReplyDelete
    Replies
    1. There is no slack when it comes to selling 560 homes that are not yours to sell. The duty is onerous and SC members have to arm themselves with knowledge and not sit back and whine about how thankless the job is.

      Delete
    2. Anonymous26 March, 2017
      Touche.

      This SC is duty-bound to strive for best price.

      They've been exposed time and time again to be &&&, incompetent and %%%. This Enbloc will fail; not because of flawed strata roll, uncontactable or unaware SPs. It will fail because SPs are all too aware of SC's shenanigans and roguish behavior. We have lost faith in them.

      SC don't do our financially challenged neighbours any favours when they exaggerate our estates maintenance shortcomings and predict only gloom and doom. TC resale prices will head south, exacerbating their problem. All credit to our team.

      You set too low a standard for a Mega Million dollar deal.

      Delete
  13. We heard it brfore. Why keep on mentioning " thankless task"? No one force you to join the SC right? It fact, if you are not dedicated & act fully in the interest of SPs instead of just listening to MA, you are more a liability that asset to SPs, as it is now.

    ReplyDelete
  14. Anonymous says:
    "so emotionally attached can't think straight"
    "too quick to label 'right' or 'wrong' "
    "turned off when someone presents different answer"

    Not from my perspective.

    This Blog is a treasure trove of over a decade of facts, information, case histories, court judgement and more. Opinion of blog owner is backed by rational arguments, cold hard facts, knowledge and experience of having gone through a STB hearing. Detractors and critics get a fair exposure too, as you and others have.

    Myself and ironically many majority SPs are better off today because of the few intrepid objectors of Enbloc I. Itshometome played a pivotal role. Being levelheaded and trusted, nurtured a network of useful feelers critical to our challenge. Pitted against 3 Senior Councils of the sale team, one just cannot triumph without straight thinking.

    Your characterization is woefully flawed.

    Perhaps, if you could think straight; the word you're looking for is not 'emotional' but 'formidable'

    ReplyDelete