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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.

Mechanism to Lower the RP Part 1

There is an open question about the exact mechanism of lowering the RP.

My question of FB (posted yesterday 9 may 2017)





This is what we know:

The CSA says the following (not verbatim):
  • An EOGM is required to lower the RP
  • A simple majority of those attending the meeting agree to reduce the RP 
  • 80% sign a Supplemental Agreement
Armchair opinion No.1:
Owners do not sign again for a reserve price that is equal or higher than the RP they signed for originally. Owners will have to sign again if the new RP is lower than their signed for RP
eg:
This SP either signed for $1.32m or $1.5m
The RP is now $1.Xm
If the RP were lowered (by EOGM mandate) to $1.4M then would the SP need to sign again?
If she signed for the original RP at $1.32, then No. If she signed for the 2nd RP at $1.5M then  Yes.

Armchair opinion No.2
All Supplementary Agreements to lower the RP must have fresh signatures regardless of RP-  80% need to sign the new document.

Sale Committee Answer : 
14 May 2017




So, in other words, Armchair Opinion no 1 

NOTE: 'A majority vote at an EOGM' means a simple majority vote of those attending the EOGM and not a majority of SPs in the estate or a majority of the 80% signatories. 
A simple majority vote is 50% + 1person

It is necessary to understand all the nitty-gritty details.

After thinking about this long and hard and talking it over with a very learned friend I have come to the conclusion that Mr. Vasan is right and the Lawyer is wrong.  


In the meantime, Mr Vasan posted his concerns on FB and got a very swift reply from the Lawyers:

Mr Vasan is not yet convinced-




97 comments:

  1. Anonymous09 May, 2017

    There is no need to sign again as long as the RP is equal or higher than what you have already signed for. Don't need a lawyer to answer that.

    ReplyDelete
    Replies
    1. That's what I think, too. But better to get the SC to put it in B& W. Some SPs are easily led astray by wrong assumptions.

      Delete
    2. Anonymous10 May, 2017

      If RP lowered to 1.4m then the deal is 100% blow cause it's obvious they won't get the 80% endorsement even if those who signed at 1.3m no need to sign. Silly to play this game. Right now I am not sure if they can even get 80% at the new RP. So no need to think so far.

      Delete
    3. 'No need to think so far' is a recipe for disaster. The new Shunfu Decision is a template for what lies ahead. : Sham tenders and multiple RPs floating about at the same time. Ownersa signing for 2 different RPs with just the higher one being in force.... the mind boggles

      Delete
    4. Anonymous10 May, 2017

      Calling it sham tenders is not right. The SC has a duty to act but they can do so only within the 80% mandate given to them by law. In the end they got a sale well above market value.

      Delete
  2. Anonymous10 May, 2017


    I am waiting for official statement on this matter on this website and on FB. This is a major concern for me and a few owners I know as we HAVE reservations on this. Yes..1.Xm is a good amount. I've not sign yet. I'm sure you will definitely see an increment in Yeh this Sunday if SC talks and writes about it ASAP.
    (RP edited by itshometome)

    ReplyDelete
  3. Anonymous10 May, 2017

    I concur. There must be clarity, unambiguity and finality in SC's statement. Backed with legal references and case precedence will silence their fiercest critics. Any delay may be interpreted as an attempt to calibrate a statement in response to this Sunday's signing. Address this matter FIRST,so SPs can make an informed choice.

    ReplyDelete
  4. Anonymous10 May, 2017

    I agree.

    Give us more details in layman terms and so others and i can make an informed choice.

    Don't forget that June schools holiday is coming. Some unconvinced residents will be gone before the end date!

    Better hurry SC!

    ReplyDelete
  5. Anonymous11 May, 2017

    In short, in my opinion, I think if the latest RP be it CSA or counter offer from developer is higher than the RP for those who have signed, no need to sign again as they are getting more than they agreed earlier. Make sense right? Who will complain if they are given more than they asked for ?

    ReplyDelete
    Replies
    1. Anonymous14 May, 2017

      Anybody else opinion is speculative at best. Only SC/Eldan's pronouncement counts. Looks like SC is shirking on it's duty to all SPs by giving us the silent treatment; again. Why would any self respecting Tampines Courter reciprocate by endorsing this committee.
      They were given reasonable time to respond.

      Delete
    2. Anonymous14 May, 2017

      They explained it in a post on the FB page.

      Delete
  6. Anonymous14 May, 2017

    Is it more for difficult for agent to close deal when only buyers r happy while seller angry when price are low?
    Amusing for that ppl have such thought agent press down price esp in such deal where hundreds of brains consensus are needed for deal to close. There could be one stupid seller, but hard to find hundreds of stupid seller !

    ReplyDelete
  7. Anonymous14 May, 2017

    Please let me give my perspective - when I bought my unit, I was considered middle class and could afford a HUDC apartment. Since then, I can say that I have slipped far down that class. Even amongst other HUDCs, unit prices in Pine Grove, even Ivory Heights surpass those of TC, and to think we were all considered equal once. Of course, we bought TC originally at about 200k and still make "a lot", but if only the price of kopi is still 40c...This is the chance for me to get back up slightly with a smaller and new condo, that is easier to clean since the birds have grown up and left the nest. Hence I signed.

    ReplyDelete
  8. Anonymous14 May, 2017

    Now then the SC says something on their FB... too late liao lah. .going out for mommy's day celebrations

    No worries. Still got time ya?

    ReplyDelete
  9. Anonymous14 May, 2017

    You can easily get a similar sized freehold condo in current market conditions and still have extra cash to set aside for other use.

    ReplyDelete
    Replies
    1. Anonymous15 May, 2017

      Bliss @kovan 1550 sq ft penthouse Freehold sold $1.5m brand new, 3 min walk to kovan mrt

      Delete
    2. Anonymous15 May, 2017

      Can change to a Newer REAL condo n freehold n have spare cash from current " hdb with fence" in Tampines court , is this not a good deal ?

      Delete
  10. Anonymous14 May, 2017

    Let me state the obvious. There will soon be 2 possible headlines pertaining to our estate. "Tampines Court 3rd time lucky! 80% of the owners give the green light for an enbloc sale!" Even if the eventual sale falls through with no buyers, at least our beloved estate gets its time in the SUN. OR "Tampines Court failed in its enbloc bid yet again!" This headline will not do our estate any good. I guess we will find out soon which headlines prevail...Cheers all.

    ReplyDelete
  11. Anonymous14 May, 2017

    can tell which freehold condo u referring to ? Thanks

    ReplyDelete
  12. Anonymous14 May, 2017

    even if he answers which freehold condo, you will start your ranting, because you're expecting an upgrade to a FH condo at tanglin.

    ReplyDelete
  13. Anonymous14 May, 2017

    Quick search on Propertyguru reveals 200+ listings with following parameters: min. 1500sqft, freehold or 999, max. $1.5mil price. Take your pick.

    ReplyDelete
  14. Anonymous14 May, 2017

    The tricky part is to know how the market will look like 1-2 years later when the sale is completed (money in the bank for new purchase, assuming sales goes through). I don't think anybody can answer that.

    ReplyDelete
  15. Anonymous15 May, 2017

    Good information on freehold condo , thanks !

    ReplyDelete
  16. Anonymous15 May, 2017

    Wonder how signing result yesterday ? Desperado knocked out?

    ReplyDelete
  17. Anonymous15 May, 2017

    They aren't saying - we will know when we know.

    ReplyDelete
  18. Anonymous15 May, 2017

    for sure it is not 80% yet. SC announced on FB the last 2 signing sessions on 20 May and 21 May. I guess SC will keep it confidential to force people to sign. In fact they have up to 16 Jun for signing.

    ReplyDelete
  19. Anonymous15 May, 2017

    I am grateful financially i am ok and is thankful for that. However i am also aware that one's finances can change just like that. today i dont need the money doesnt mean tomorrow i do not need it too. Lost a job, got critical illness etc...can literally change a family's fortunes overnight. so i do not disparage those who have signed and term them as desparados..people sign for many reasons just as people has many reasons not to sign. I think respecting each other will ensure success in future enbloc attempts..cheers all.

    ReplyDelete
  20. Anonymous15 May, 2017

    Must be v bad response thus need 2 more session lol

    ReplyDelete
    Replies
    1. You can't jump to that conclusion: the signs were up on the wall yesterday afternoon- printed & laminated before the signing session.

      Delete
    2. Anonymous15 May, 2017

      Think so too. If they have got same result as last week's signing or better, they would have proudly announced it by now. Lol

      Delete
    3. Anonymous16 May, 2017

      Well, yet to be seen, I wouldn't lol too much. Never know whether the last one laughing is the one whom you just sold your unit to in April.

      Delete
    4. Anonymous16 May, 2017

      Agreed. Durian sellers would have proudly announced if close to 80%, must be real unbearable result lol

      Delete
    5. Anonymous16 May, 2017

      SC/MA should announce the latest signing % and not let it become guessing game. This is also to keep all SPs well informed of the signing process.

      The current RP is attractive and it is a pity if this enbloc failed due to trust between SC/MA and SPs.

      Delete
    6. Anonymous16 May, 2017

      Agree, without updating, some SPs may think last week not many people sign & therefore no chance & don't bother to come & sign.

      Delete
  21. Anonymous15 May, 2017

    Founder of the world’s largest hedge fund Ray Dalio says ‘magnitude’ of the next downturn will be epic. Will we be lucky to do a highest priced FOURTH en bloc in time before next epic downturn if really true?

    ReplyDelete
    Replies
    1. Anonymous15 May, 2017

      Morgan Stanley says housing prices double here by 2030. How? I think it's best not to listen to such "fortune tellers". They all have their own agendas.

      Delete
  22. Anonymous16 May, 2017

    Many sentimental SP here, rather passed away here instead of changing to freehold n newer condo of sand size

    ReplyDelete
  23. Anonymous16 May, 2017

    Now is best time to strike while hot, if there is bidding war by buyers, price may shoot up more?!
    Another 4 more years too long risk to take, best opportunity wait for no man !!

    Singapore's Property Comeback Fueled by Land-Hungry Developers - link:

    https://www.bloomberg.com/news/articles/2017-05-15/singapore-property-comeback-fueled-by-developers-hungry-for-land

    ReplyDelete
  24. Anonymous16 May, 2017

    Rumor said 70% signed. And 12% owners is contactless.

    ReplyDelete
    Replies
    1. Anonymous17 May, 2017

      If so, then our enbloc effort is dead now. 56 is too much an ask.

      Thank the blog owner and these good updates and durian discussions, maybe come back 2-4 yrs from now.

      Delete
    2. Anonymous17 May, 2017

      Quite risky that they may not able to get 80% mandate. This weekend is the last chance. After that game over !

      Delete
  25. Anonymous17 May, 2017

    And these could be the same owners that are not paying up their maintenance regularly as they could not be contacted. I think in the next estate AGM, they should highlight those who do not pay their maintenance fees regularly due to inability to contact them and bring to bear all available tools in the book to find them and get them to pay up. The rest of us have been bearing the increasing cost of maintenance and make no mistake, its going to get higher going forward.

    ReplyDelete
  26. Anonymous17 May, 2017

    no wonder i keep wondering why would anyone reject a lottery ticket to an immediate draw and wait for another elusive draw with the same prize which may or may not even take place..it really baffles me...unless these people are 'missing'..

    ReplyDelete
    Replies
    1. Anonymous17 May, 2017

      So stop throwing your lousy durians at the anti-enbloc SPs, The SC/MA should have raise the RP much earlier which give them more time to reach out to this uncontactable SPs. Instead of starting off at the ridiculous 1.3M they should have start off at 1.5M and if necessary raise to the current RP. They have wasted so much precious time ! Please throw the lousy durian at them instead of us !

      Delete
    2. Anonymous17 May, 2017

      Its already over, the anti-enbloc SPs won.

      There is NO durian, not even lousy worst grade durian.

      Delete
    3. Anonymous17 May, 2017

      don't say it too early.

      The commission (multi millions $$$) is huge for the MA. I think they will fight until 16 Jun.

      Even if 12% contactless, they still have 28% (156 units) of unsigned SPs. It is atill possible to get 56 units out of 156 within 1 month.

      Just wait and see.

      Delete
    4. Anonymous17 May, 2017

      Agreed, commission is big. The dirt and stench equally massive. Tough call.

      Delete
  27. Anonymous17 May, 2017

    Latest 'breaking news' confirms Enbloc dead! Prices spiral to post Enbloc $750K as forecast in SC letter to non residents.

    ReplyDelete
    Replies
    1. Anonymous17 May, 2017

      Still 38 days to the deadline. A lot can happen in a month.

      Delete
  28. Anonymous17 May, 2017

    When even Insiders bolt, it's got to be bad, really, really bad. Forget Enbloc, What will a 30+ year decrepit property with no Enbloc potential fetch? 720k any bids?

    ReplyDelete
  29. Anonymous17 May, 2017

    SC released previous signing results but are now demurring. Playing their cards close to their chest is right strategy during negotiations. However with SPs, they should be Honest, Transparent and Forthright. It's the right thing to do. SC is oblivious to concerns expressed by many. Nothings changed.

    ReplyDelete
    Replies
    1. Anonymous17 May, 2017

      Current signing status is ~69%, it's on their FB page. Your accusations are unfounded.

      Delete
    2. Anonymous17 May, 2017

      Inconsistent policies, withholding info, selective disclosure breeds distrust. Unaware or ignores SPs sentiment. There's no way this SC/MA can be trusted in any confidential Enbloc negotiations.

      Delete
  30. Anonymous17 May, 2017

    who r these ppl uncontactable ? Overseas ?

    ReplyDelete
  31. Anonymous17 May, 2017

    Given the RP has already been raised to a fair level, post enbloc 3, TC will be in a dangerous no man's land.

    The 70% who want the enbloc will not be keen to renovate and upgrade the estate because they want to try again in 2 yrs. On the other hand the silent 12% hold the veto, and they do not want to sign, even though the RP is fair. The tricky part is the 12% will not be selling to the market, since money doesn't mean anything to them, so the turnover will only be with the 70%. However since noone will want to buy into the 70% as an investor, the the buyers will be those who really for some reason love TC so much. If there are no such new buyers who love TC that much, then it is a sellers market and TC's unit price will fall as there is no way its true value can be realised; yet nor does anyone want to upgrade the estate (such as the case of Mandarin Gardens and other 99 yr estates who have majority SPs who love it).

    SPs should think carefully if they choose not to sign. It is 100% ok if you don't want the durian boy, but make sure you are fine to remain single.

    ReplyDelete
    Replies
    1. Anonymous17 May, 2017

      Only insignificant SPs are die hard TC home lovers. Pragmatic SPs will NOT endorse a farcical Enbloc, unprofessionally managed and reeks of impropriety.
      This RP is right....SC/MA just NOT.

      Delete
  32. Anonymous17 May, 2017

    there is no need to use scare tactics and say price will drop..the fact that the estate has 'enbloc potential' will always set a certain baseline price for the estate. i am not so sure the SC can get close to 60 units in such a short span of time. that said. I do not think there is a winner in all these. Everyone in the estate is a loser if the enbloc doesn't go through soon enough...now the whole estate is faced with the potential of increasing maintenance costs and special one off levies...and there are also quite a number of 'missing' owners who are most likely 'missing' their payments too...i think the estate is good for just another enbloc attempt..after that,..time will not be in our favour. cheers all.

    ReplyDelete
    Replies
    1. Anonymous17 May, 2017

      Maintenance costs and special one off levies a devious construct of SC. As are scary property depreciation post Enbloc failure. Missing owners and non payment are grossly exaggerated.
      Don't agree that everyone is a loser. Hundreds are not evicted from their homes against their wishes. Sure, there's wasted time, effort and loss in commission for SC/MA. More unbearable is the loss of credibility when the doomsday scenario is debunked. We shall see.

      Delete
    2. Anonymous17 May, 2017

      You must be those who never attend AGMs. Would suggest you come out from your nice bubble and go attend the next AGM and get the facts right about the estate maintenance and the need to increase fees going forward. its not just pro enbloc talk. its reality talk. Nothing in this world is free...if you want to keep a vintage car..u have to pay for it...

      Delete
    3. Anonymous18 May, 2017

      Attended AGMs not just confined to TC. Tampines Court maintenance issues are routine, even less challenging now that lift is upgraded. Other condos have to grapple with Swimming pool, security systems, Gym equipment issues. SPs will have to contend with property maintenance issues with condos of whatever tenure. Even with landed property. It's not peculiar to TC.

      Delete
  33. Anonymous17 May, 2017

    Why post the latest heading 'Goodbye" in the 1st place when comment are not allowed. You are no different to TC official facebook to curb freedom of speech ! Pot calling the kettle black !

    ReplyDelete
    Replies
    1. Anonymous17 May, 2017

      Agree, such a personal and suggestive post is very poor taste. Speak freely if there is something amiss. I'm out.

      Delete
    2. Anonymous17 May, 2017

      it's a FACT for one. Information pertinent to all of Tampines Court. Repeat or even serial Enblocers in our midst. Residents beware ! There will be a proliferation of unmentionable comments I'm sure from BOTH sides. Maintain respectability to this very active Blog. Transparency is not a bad thing. I agree it's pertinent info for this Enbloc Blog.

      Delete
    3. Anonymous17 May, 2017

      I am losing respect in this blog too. If you do not allow yr readers to express their thoughts freely, might as well disable your comments & you talk to yourself. I am out too !

      Delete
    4. Anonymous18 May, 2017

      this blog belongs to the blogger who has every right to block or post comments. you post anonymously and yet you want freedom to be heard? there is also freedom to start your own facebook and shout from there.

      Delete
  34. Anonymous17 May, 2017

    Might as well give up and get out the train now. Missing the train by 56 mins is better than missing the train by 1 minute.

    There are anti-enbloc SPs standing in front of the train, hugging the rails while the other 70% are on the train waiting to leave the station. In the end, everyone loses because we are all fired because we are late for work.

    That's why the ex-huttons SC member has bitten the bullet and got of to walk. Its faster than being held at ransom on the train.

    ReplyDelete
  35. Anonymous17 May, 2017

    About 69% has signed. Think the pencentage will be much lower on Saturday and Sunday

    ReplyDelete
  36. Anonymous17 May, 2017

    Its 69%, not 70%. What's the point of knowing all the nitty gritty details of butterfly swimming techniques and tumble turns, when we didn't bring our swimming trunks.

    ReplyDelete
  37. Anonymous17 May, 2017

    Go make ur own money la, don't be hopeless think money can just drop fr sky esp at expense of ppl moving away fr their sweet home !!

    ReplyDelete
    Replies
    1. Anonymous17 May, 2017

      If you blindfold yourself, of course you can't see money. When others tell you there is money falling from the sky, you don't believe and refuse to take off the blindfold. You prefer to mutter to yourself about the despicable SC/MA, lol, and make some statements with vocabulary checked up from the thesaurus.

      Delete
  38. Anonymous18 May, 2017

    Is Tampines court so sweet a home that is irreplaceable , and when can earn good karma improve quality of hundred of lives faster for them at same time ?

    ReplyDelete
    Replies
    1. Anonymous18 May, 2017

      This and previous Enbloc initiated by same person; since resigned, NOT for altruistic reasons, but I would argue, self serving. Every SP makes a choice in his/her best interest. I respect and accept that. Are you throwing in Enlightenment and Nirvana in addition to 1.x M payout? Last I checked, Nirvana's not for sale.

      Delete
  39. Anonymous18 May, 2017

    Don't blame the durian seller. You need to be prudent when buying any product. In the same way you need to be prudent if you do not want to sign. Are you absolutely sure that if you do not support this round you will make more money the next round ? Do you have statistics to backup yr decision ? The world is so uncertain now. Might as well take the money & run. Cash is king. Keep the money & re-invest when there are better opportunities in future. I will sign & cash out now & can have peace of mind & money in my bank.

    ReplyDelete
    Replies
    1. Anonymous18 May, 2017

      Neither can you assure non signers that payout is guaranteed. When previous Chairman quit and significant other cashed out without seeing Enbloc through, I am concerned. They know better. Better than both you and me.

      Delete
    2. Anonymous18 May, 2017

      These ppl quit before gamechanging citydev bid?

      Delete
  40. Anonymous18 May, 2017

    TC will be gone, its a matter of when, and whether SPs will make the best out of it. If the enbloc fails, can see no way TC will be refreshed now with 70% for the enbloc and a very unhappy large majority. You can try to hang on but time waits for noone, not for typewriters, film cameras, alcohol thermometers, nokia phones or taxi drivers. and not for TC.

    ReplyDelete
    Replies
    1. Anonymous18 May, 2017

      Enbloc I had >80%, quite acrimonious, went to STB and failed. Life will still go on with <80% pro residents.
      Your comparison irrelevant. Some kinda like the vintage 80's style: spacious, ample distance between blocks, adequate carparks. Even the lack of facilities an asset for some. To each his own.

      Delete
  41. Anonymous18 May, 2017

    Agreed , world becoming more n more uncertaint , even sg future with one road one belt , how much more can singapore grow? Other than creative n SIA, no world beating sg coy it seem, n both r dinosaur already too . Money in bag better peace of mind

    ReplyDelete
  42. I refer to the Armchair opinions No. 1 and No 2 of "itishometome " with reference to the SC opinion dated 14.05.2017 .I do not think the interpretation in Opinion 1 and that of the SC is justified as per the CSA . .

    The RP and subsequent increase /decrease are governed by the provisions of CSA , which needs to be approved at an EOGM as per item 7 of the Third schedule of the Strata Act. As per the CSA approved by TC in the General meeting on 25.06.2016 , the RP has been fixed at XXX mn and the CSA ,as authorized at this meeting , permits the RP to be increased by the SC as sees it fit on its own initiative or at the request of Subsidiary proprietors". The CSA does not require any supplemental agreement to be signed for any increase. Further ,the CSA does not permit SC to reduce RP except at a General meeting of SPs for this purpose.

    In view of above provisions , the FINAL increased RP (C),as decided by the SC is to be treated as the ONLY RP for which the CSA has been signed IRRESPECTIVE OF THE DATES THE SPs signed within the stipulated time limit ,whether one group signed at original RP (A)and subsequently some SPs signed at the first increase (B) and some later at second increase.(C) The FINAL INCREASED SP (C)is to be deemed as the RP agreed to by all the signatories to the CSA irrespective of the dates they signed. It cannot be held otherwise as per CSA .
    In view of this , should the sale price of TC be less than the Final INCREASED RP- C but more than RP-A and B , then the consent of 80% of SPs including those who signed at prices A and B will STILL be required for the supplemental agreement irrespective of their dates of signing .

    ReplyDelete
    Replies
    1. Anonymous19 May, 2017

      the lawyers have already spoken and unless you feel you are better and more qualified and want to override them and take their role and responsibilities and be exposed to being sued. then you stand up and ask to yourself to replace eldan. otherwise, it is just words which everyone around here has plenty.

      Delete
    2. Anonymous19 May, 2017

      but why do you want to pit yourself against the lawyers? it just takes one SP to sue you if they relied on your words (since you are a reputable ex SC member and you are putting your name out there to show your credibility) and it turned out to be false (which you dont know becuase you are not the apex court). Other than expressing your unhappiness at the whole process (which I think many people who follow this blog know is not the finest part of the last 2 years), there is no upside for you. SPs right now are focussed on the 80%, and the 70% have thrown their support for the RP.

      Delete
  43. Anonymous18 May, 2017

    Mr Vasan gave a very cogent explanation to support his interpretation on this issue.
    I certainly hope SC's version was signed off by a certified lawyer. No explanation nor legal references were provided for clarification. We eagerly await SC/Eldan Law reply for finality on this important matter.

    ReplyDelete
    Replies
    1. Anonymous18 May, 2017

      Gotta go to the court of appeal if you want finality...

      Delete
  44. Anonymous18 May, 2017

    The Court of Appeal ruling on the Shunfu enbloc is a very recent reference. Read up on it.

    ReplyDelete
  45. Anonymous18 May, 2017

    I am puzzled how the treatment of a lower RP offer affects a person's decision to sign. We know for a fact there are already safeguards in place to prevent the SC from suka suka selling the estate below RP. Be it 80% approval from the last batch of people who sign the final RP or 80% approval from everybody who signed,..what difference does it make? Does anyone honestly think that TC can be sold below RP based on what we have seen so far? i don't think so...RP has to be revised to its present level a few times else many TC folks don't want to sell..some owners are expecting an even higher RP before committing! So though is important we know how an offer below RP is handled when it happens, it is really a non matter to me as knowing the folks here, anything below RP will be shot down totally regardless of which is the prevailing legal standards. i think some folks are so mired in the details, they fail to see the bigger picture. really sad.

    ReplyDelete
    Replies
    1. Anonymous19 May, 2017

      what happens when a gang of robbers starts arguing how to spilt the spoils before they got the money? they ALL get caught and go to jail.

      Delete
    2. Anonymous19 May, 2017

      its the anti-enbloc group who will not accept a successful enbloc. when the RP is too low, they said TC is way more valuable. Now they feel the RP is too high, so they throw the kitchen sink and ponder what happens if the RP is not reached.

      in fact, they never want to sell regardless of the RP, and yet they want to drag the 70% with them because it would pain them too much to see others move on. Like crabs in a basket.

      Delete
    3. Anonymous19 May, 2017

      Maybe you're too mesmerised with this payout, fail to acknowledge a track record of transgression, indiscretion and contradiction.

      Delete
    4. Anonymous19 May, 2017

      Whatever the outcome will be, every owners decision to sign or not to sign has to be respected. It is pure arrogance to throw blame around like this. Like it or not.

      Delete
  46. Anonymous19 May, 2017

    fear can be created out of confusion ...pity will be missing golden life changing opportunity for ownself n children due to fear

    the big picture is also now bidding war may really make SP strike jackpot skarly much more than $1.7m?? see news of "Singapore land gets record S$1 bil bid from Chinese buyers"

    ReplyDelete
  47. I am afraid my posting in the “reduction mechanism in RP has been misconstrued as “anti enbloc” or appearing to be” throwing spanners in the works” . Not all SPs may be aware as to how I was heckled ,mocked and even “expelled “ from SC when I argued for a modest increase in the RP on facts/known metrics, when even in June - August 2016, there were tell –tale signs of a bull market in land sales . I was then always mockingly asked “are you a better valuer than MA “or called by better epithets . Though SC/MA agreed later on a modest increase in RP , MA still chose to”withdraw” from the collective sale process citing that the modestly increased RP might not be workable. I had exited SC by then . Eventually ,the MA resumed , but many Sps were not still content with the increase in the RP, and after four months they have proposed an increase in RP 200% more than what I had been asking for. Why should I be unhappy as an SP with this RP, which, by any measure is a Fair RP one can ask for at this point of time ? Some Sps , (including those associated with the CSC process) wrote to me saying that I stand vindicated and I should now sign. I replied to them that I do not consider it as any personal vIndication, as increase in RP was not my personal agenda. Opinions and Counter opinions amongst the stakeholders / changes in parameters are part of collective sale process ,and what transpires out of a fair and equitable process will emerge as winner for sure. I am personally not perturbed over the treatment meted out to me earlier in SC . I am old enough to be mature and please do not attribute any personal motives to my postings or pose indirect threats.
    I agree that my comments on the reduction mechanism in RP relate to post tender period ,but why should it mislead Sps now ? Let us not discredit our SPs. I have learnt from my involvement with all the three enblocs that Sps are capable of deciding on their own ,when the facts and figures are presented to them properly . My point is simple – as it stands ,CSA permits one RP , irrespective of when SP s sign and there could be only one CSA /Final RP fixed by SC . What TC would get depends on the bidding process , and we should all hope the best offer comes by and MA/SC exploits the market conditions for the best outcome . There is no guarantee that we will get the RP fixed or better ,and should it be less , I would think it is only fair to get consent of the 80% without differentiating the SPs based on dates of signing CSA. That was not only my understanding of the CSA ,as discussed and approved at CSC .In any case SC will act as guided by the lawyers , who are at liberty to reject my opinion. SPs may please note that my posting on this subject was only after /in response to the CSC ‘s posting on this subject ,and not on my own. My Comments are with a larger picture of the entire process in view ,and I would consider myself unfortunate ,if ulterior motives are attributed to it. I don’t like to take shelter anonymously.

    ReplyDelete
  48. am afraid my posting in the “reduction mechanism in RP has been misconstrued as “anti enbloc” or appearing to be” throwing spanners in the works” . Not all SPs may be aware as to how I was heckled ,mocked and even “expelled “ from SC when I argued for a modest increase in the RP on facts/known metrics, when even in June - August 2016, there were tell –tale signs of a bull market in land sales . I was then always mockingly asked “are you a better valuer than MA “or called by better epithets . Though SC/MA agreed later on a modest increase in RP , MA still chose to”withdraw” from the collective sale process citing that the modestly increased RP might not be workable. I had exited SC by then . Eventually ,the MA resumed , but many Sps were not still content with the increase in the RP, and after four months they have proposed an increase in RP 200% more than what I had been asking for. Why should I be unhappy as an SP with this RP, which, by any measure is a Fair RP one can ask for at this point of time ? Some Sps , (including those associated with the CSC process) wrote to me saying that I stand vindicated and I should now sign. I replied to them that I do not consider it as any personal vIndication, as increase in RP was not my personal agenda. Opinions and Counter opinions amongst the stakeholders / changes in parameters are part of collective sale process ,and what transpires out of a fair and equitable process will emerge as winner for sure. I am personally not perturbed over the treatment meted out to me earlier in SC . I am old enough to be mature and please do not attribute any personal motives to my postings or pose indirect threats.
    I agree that my comments on the reduction mechanism in RP relate to post tender period ,but why should it mislead Sps now ? Let us not discredit our SPs. I have learnt from my involvement with all the three enblocs that Sps are capable of deciding on their own ,when the facts and figures are presented to them properly . My point is simple – as it stands ,CSA permits one RP , irrespective of when SP s sign and there could be only one CSA /Final RP fixed by SC . What TC would get depends on the bidding process , and we should all hope the best offer comes by and MA/SC exploits the market conditions for the best outcome . There is no guarantee that we will get the RP fixed or better ,and should it be less , I would think it is only fair to get consent of the 80% without differentiating the SPs based on dates of signing CSA. That was not only my understanding of the CSA ,as discussed and approved at CSC .In any case SC will act as guided by the lawyers , who are at liberty to reject my opinion. SPs may please note that my posting on this subject was only after /in response to the CSC ‘s posting on this subject ,and not on my own. My Comments are with a larger picture of the entire process in view ,and I would consider myself unfortunate ,if ulterior motives are attributed to it. I don’t like to take shelter anonymously.

    ReplyDelete
  49. Anonymous20 May, 2017

    Chill boss, you're coming across stressed and unhappy. I'll buy you a cold beer.

    ReplyDelete
    Replies
    1. Anonymous21 May, 2017

      A thoughtful, honest reflection by our ex Vice Chairman. Reveals committee's over reliance for too long on MA's flawed analysis. A dedicated member willing to make considerable personal sacrifice to finance a valuation to prove his point.
      Despite TC head start; Raintree, Rio Casa and EunosVille are now the early birds. Their respectable RP; got it right from the start, resulted in less contentious and faster approval. This notable fact will be looked upon favourably by potential buyers.
      Not really stress, but a tinge of regret of missed opportunities by a pro enblocer, maybe. Some may still accuse Mr V of jeopardizing this sale. It's debatable. Most surely we can all acknowledge his dedication, sacrifice, integrity, conscientiousness to the proper execution of this Enbloc is beyond reproach.

      Delete
  50. Anonymous20 May, 2017

    A thoughtful piece from a conscientious gentleman with unquestionable devotion to SPs. It was helpful that Eldan Law clarified the official stance taken by SC on the lowering mechanism. Mr Vasan too raised compelling arguments in support of his reading of the CSA. His counsel to SC/MA; whether on legal issues or RP have always been proven correct. It should be heeded.
    When push comes to shove, it's the Courts that decides.

    ReplyDelete
  51. Thanks for your kind Chill offer , my Friend ! Beer aggravates stress and dulls wit at least for me! As the Bard says in Othello , " I could well wish courtesy would invent some other custom of entertainment" Still I don't mind joining you over a Jug after all of us get what is best ! Has not the same Bard said " I drink to the general joy of the whole table " ?!! Cheers till then !!!

    ReplyDelete
  52. Anonymous27 May, 2017

    Cash in hand is always good if unforeseen circumstances strike . Not kind to stop unlocking of maximum asset value.

    *********

    '1 in 2 people will develop cancer in their lifetime'

    Written by Honor Whiteman
    Published: Wed 4 Feb 2015

    "Cancer is primarily a disease of old age, with more than 60% of all cases diagnosed in people aged over 65," notes Prof. Sasieni. "If people live long enough then most will get cancer at some point."

    Source :
    http://www.medicalnewstoday.com/articles/288916.php

    ReplyDelete