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 Template

One of our Minority Mr. G contacted me with very useful information regarding Raintree Gardens. Thank you very much and your Raintree Gardens contact for the following info.

If you recall, Raintree Gardens (Ex-HUDC in Potong Pasir) sold enbloc on 6 Oct 2016 for a whopping $334.2 m ($1.9m/unit).  That sent shock waves through the many ex-HUDCs.  Our RP was still stuck in the doldrums at $1.32 with the SC in denial about it's paltriness and still trying to find ways to justify it instead. When the RP was eventually raised to $1.5M the MA swooned in horror, temporarily resigned and then came back after a dose of smelling salts. But it took Ria Casa to finally put some wind into their sails (they were heading for the rocks otherwise).




Raintree Gardens had a very on-the-ball team. When the RP was stuck at  64% the CSC raised the RP to $1.8 with the help of a few senior residents and achieved the 80% in 10 days. Bravo. The team also knew in advance that an EOGM was not necessary and within 12 days were holding the SP meeting! They didn't need prompting from a Minority blogger that it was just an SP meeting requiring 7 days notice and that they shouldn't  be wasting time running around the estate gathering useless requisition signatures.

We still have to wait 1 month for just the bare SP meeting, the question is why? Why is it not next weekend? I don't buy their excuse that they want to reach as many SPs as possible.

To me, it sounds like the SC/MA/Lawyer are just not prepared and are scrabbling to find out what to do next. The MA should have all his work done and ready to launch immediately. The Lawyer should know the LTSA like the back of his hand and not be searching through Hansard records at this late stage for guidance. Note how RG started their enbloc attempt a month before us and already have their sales proceeds and are moving on. 

This is the order of events which should serve as a template for Tampines Court.


Further Constructive Advice to SC  (talking to the wind here, I know):
1) Hold your SP meeting ASAP. It doesn't have to be a weekend.
2) Go for Public Tender 3 days later.
3) Don't wait for the Government to pull the rug from under Foreign Developers buying up Residential Land.
4) If you are planning to go away on holiday - don't.

I saved them a couple of weeks over the SP meeting that is not an EGOM. Why are they wasting it shilly-shallying?

The way it should be done:



51 comments:

  1. Anonymous11 June, 2017

    Yup, please double up to make up lost time and closed deal asap !!

    ReplyDelete
  2. Anonymous11 June, 2017

    Based on raintree timeline , seem possible to get sale proceeds as soon as next Mar ??

    ReplyDelete
  3. Anonymous11 June, 2017

    Don't always criticise instead of offering constructive solutions. I think the timing is ok. This is holiday season for most people, including developers. If launch earlier when developers are away on holidays, no bids how ? We need to strike when the iron is hot but also know when to strike.

    ReplyDelete
    Replies
    1. Developers on holidays!! That's funny :) That's the kind of attitude that will make TC miss the boat. The SC have their mandate so now they have to get their skates on because the next thing will be the Government waving off foreign developer involvement in GLS and maybe collective sales, too.

      Maybe it's the SC or MA who are on holidays.

      Delete
    2. Anonymous11 June, 2017

      Yeah, developer office closed down everyone go holiday in Jun? Really funny ! And yes too so hot are recent collective sale better act faster in case of any govt reaction .

      Delete
    3. Anonymous11 June, 2017

      I concur with you on this matter, the world of business doesn't stop.

      Delete
    4. Anonymous11 June, 2017

      Very funny leh. Now you worry TC will miss the boat ? Isn't your position all along anti-enbloc? Why are you suddenly so kancheong? Lol

      Delete
    5. Anonymous11 June, 2017

      Hmm.. It's true also. seems that you are indeed very excited on TC launch. So you have changed yr position to pro enbloc now ? If you are still anti enbloc why you bother so much ? If enbloc failed shouldn't you be the happiest SP ? You are very confusing person.

      Delete
    6. Anonymous11 June, 2017

      Well, I dont think the blog owner is 'kancheong'. She is only pointing out what most pro-enbloc Sps are wondering too. I am not from the minority and I do appreciate her constructive contributions.

      Delete
    7. Anonymous11 June, 2017

      I hope SPs dont see the world as black and white. I have always said the blogger has valid points and I am on her side one this one.

      Delete
    8. To Anonymous 3.5The 80% has been crossed (I presume) so the SC now have my house in their very slippery hands. I cannot stop the collective sale, it is inevitable - but I expect them not to short-change me in the process. I know the value of my home, I do not want to have to face a future property market with only change for a HDB because the SC/MA/Lawyer took their sweet time. I have high standards, professionals earning millions on this deal get no weekends off. They take on 560 homes then the the SC had better cancel their holiday plans and crack the whip at the tardy MA & lawyer.

      The LTSA changed EOGM to Sp meeting because they a) wanted to safeguard the MCST funds and 2) so the SC could act swiftly.

      They take a month to hold a simple SP meeting when only 7 days are required???

      I am Minority - since the Majority are going to do it - then for heavens sake DO IT RIGHT.

      Delete
    9. Anonymous11 June, 2017

      Why must you rely on " Majority to do it right" when you keep on throwing stones at this enbloc. Do the majority owe you a living ? If the enbloc is successful, don't you also benefit ? You talk non stop like an expert and yet refuse to join the SC when invited to,to prove to us how good you really are. No point NATO all the time ( if you know what it mean )

      Delete
    10. Anonymous12 June, 2017

      To the blog owner. You said " you know the value of your home " How much do you think your home worth it we don't go enbloc? Don't you agree the money you can get if this enbloc is successful can buy you a home which is much better than hdb ?.You said you are minority which means you don't support enbloc. So why are you crying & worrying so much of the enbloc tender date ? So actually are you now a pro or anti enbloc SP? Don't really understand where you stand leh.

      Delete
    11. Correction: I know the approximate value of my estate - I have no intention of selling my home if the enbloc fails, it's independent value does not bother me.

      Delete
  4. Anonymous11 June, 2017

    this is something to take note. we need to keep up the pressure on MA SC and Eldan to turnaround quickly and professionally. we are talking a billion here and millions in fees. SPs expect only the Team Alpha on this transaction. Excuses like its weekend or holidays just show MA and Eldan cant be bothered. No excuses from now, just transparency. PS I signed.

    ReplyDelete
  5. Anonymous11 June, 2017

    Holiday so more important than once in a life time en bloc deal ?!!

    ReplyDelete
  6. Anonymous11 June, 2017

    The blog owner has her point don't you think so . Please stop all this unhealthy comments outsider is watching also , why not a pro-enbloc create your own blog. PS I signed.

    ReplyDelete
    Replies
    1. Anonymous11 June, 2017

      If blog owner don't want people to comment, close the blog then ! Ownself talk to ownself better. No want will argue with her anymore . Lol

      Delete
  7. Anonymous11 June, 2017

    I fully agree that the "outsider is watching also". Please let us all stop arguing and let the whole episode cool down. If we allow "divide and rule" to exist here it does not benefit any SPs (majority & minority). Outsiders will also be laughing at us. If you all have anything to suggest I propose you email directly to the admin of TC official FB. No point quarreling here. Peace everyone ! To the blog owner, can you please close your blog or comment for the time being as you did before especially at this critical stage. Thank you !

    ReplyDelete
  8. Anonymous11 June, 2017

    Potential "Billion" dollar deal yet still like no sense of urgency

    ReplyDelete
  9. Anonymous11 June, 2017

    Is there any objections raised in Raintree Gdn ? If there is it wouldn't be so smooth right ?

    ReplyDelete
  10. Anonymous11 June, 2017

    Sales people have a saying:" time is the killer of all deals." We have more than 80% so what on earth are we waiting for? We go on about this being a once in a lifetime opportunity and we have put things on hold because maybe people are on holiday? The marketing agency will be paid a commission yes? Am pretty certain business goes on as usual and they are not about to this on hold for a vacay. Come of fellers, you have asked us to trust you with our homes and we have, so a sense of urgency will be appreciated. You've come this far, don't drop the ball on us now. I believe it has also been pointed out that an eogm is not required ( apologies if I've misread) and that we just need a quick meeting to update everyone, if people can't make it drop them a memo with the minutes. Why do we wait till 1st July to open tender? Until all this is sorted out, everyones lives and plans have to be put on hold. So let's get moving.

    ReplyDelete
  11. Anonymous11 June, 2017

    ithometome - would you comment on how and likelihood of next DC increase (or the next, next DC)? and if our timing will be impacted by it?

    ReplyDelete
    Replies
    1. Anonymous11 June, 2017

      Yes & please also answer this question : " Is there any objections raised in Raintree Gdn ? "

      Delete
    2. Question 1: off topic Question 2) will find out

      Delete
    3. Question 2) Apparently no objections. The STB took 2 months to approve the sale.

      Delete
  12. Anonymous11 June, 2017

    Hello ! Our is a very big peace of land ok?. You think tomorrow you call for tender developers will bid straightaway? Maybe need a few developers to co-operate with each other to bid leh. Relax lah. Quarreling won't help you to win the game. Who knows outsiders are laughing at TC right now. Lol

    ReplyDelete
    Replies
    1. That's why the tender exercise is 7 weeks long. To give potential buyers plenty of time to do the necessary.

      Delete
    2. Anonymous12 June, 2017

      Since you are aware that potential buyers need time to do the necessary, our SC/MA/Lawyer no need time in preparation for tender ?. They need to be very careful and precise in preparing tender documents and S&P to make sure we are not in the risk of legal liability in event of any mistakes. It is not child play ! Just because you demanded it, they have to call for up tender 'tomorrow' ? I will be worried if they succumb to pressure from people like you who just know how to talk and do nothing. Even if you are not the majority, any legal consequences because of the mistake they make you and the minority will still have to be part of it. Are you prepared to answer to the majority if you are the cause of legal suit because of the mistake they make ? If you are not prepare to help or support them, stop acting like a boss or CEO and demand this and that !

      Delete
    3. Anonymous13 June, 2017

      This SC volunteered and were elected, given the mandate to undertake this collective sale. SC has at their disposal, MA and Lawyer's professional services to get it right.
      Homeowners have the right to be heard, offer feedback, suggestions and even expose wrongdoings. It's their homes on the line. SC have the perogative to heed or ignore them all. The buck stops with the SC. I believe SC alone carries the burden of failure. Not SP, MA or lawyers. Unless paid advisers are professionally negligent or incompetent.

      Delete
  13. Anonymous12 June, 2017

    I disagree with some SPs saying that Huttons and Eldan will make mistakes if we put pressure on them. Are they kids? They are making millions here and we have SPs molly coddling them like babies.

    Be clear that this type of lethargy and lack of pro-activeness and transparency has to stop right now. Going forward, expecting SC/MA/Legal to update SPs (directly or through notices, if not on fb) on a regular weekly basis.

    PS - I signed

    ReplyDelete
    Replies
    1. Anonymous12 June, 2017

      You think it is so easy to handle a billion dollars project ? Do you know the amount of work involved ? Even drafting the SAP and advertisements in 4 languages is no joke. Every single word has legal implication. Ask any lawyer they will know. You think it is so simple that if you make mistake in the wordings in the document, just say sorry and the other party will just accept it and let you move on ? Will you be responsible if the other party sue us on account of the error in the legal documents ? On top of this they have to plan for meetings, handle the logistic, replying to hundreds of sms, whatsapp and phone call from SPs. Worst, they have to handle demanding crybaby like you. You think they have to stop all their work just to reply to you just because you voted them in ? You think you are the only majority who voted them ? How many units you own and why must the SC/MA just drop everything and attend to your demand at the expenses of other majority if anything should go wrong and we get sued ? If you are so smart please, join the SC team or at least help it out in the logistic instead of whining away here

      Delete
    2. Anonymous13 June, 2017

      My experience with a recent Enbloc; the committee showed urgency. After 80% passed, SP meeting held and tender opened just over 2 weeks later. Tender closed 7wks later at 3pm, negotiations on SPA started with buyer 7pm same day, concluded 7am next day with contract signed. 80% to contract took 9 wks. Election of SC to contract took aii of 9 mths.
      Expression of interest n site inspection commenced even before SP meeting n tender opened. It was another HUDC not a small concern.
      Priority now is to market our site and open tender. SPA nego only when we have buyer. Translation n advertisement in 4 language req by Law, is routine and not a priority now.
      SPs of that Enbloc too voiced objections and concerns on timing n pricing. The SC were ordinary folks, but focused and utilised the professional marketing and legal resources well. SP concerns and feedback promptly addressed. Confidence on the team very high.

      Delete
  14. Anonymous12 June, 2017

    Suddenly someone here went beserk because she fear she will "face a future property market with only change for a HDB ". Lol. All along I thought she is against enbloc ? Why is she now demanding & telling the Majority & the SC what to do when she's against them all this while?

    ReplyDelete
  15. Anonymous12 June, 2017

    Well... if you have meaningful feedback to contribute at this juncture, I believe most of us will appreciate, otherwise please do it in your own blog.

    ReplyDelete
  16. Anonymous12 June, 2017

    I am not a developer but I think there's lots of work involved before deciding to bid for a tender. They need professional like architects, valuer, quantity surveyor, finance people, marketeer, contractors to study the site to see if it's worthwhile or viable to bid for the project. If need be, they need to discuss with other developers to jointly participate in the bid. Do you think they will rush to bid if tender is called tomorrow or a week earlier as some people suggested instead of the scheduled 1st july 2017 ? If they are not ready to submit the bid I think they will just drop it ,especially for big projects like TC. They won't take the risk to rush to bid if time is against them. Who will lose in the end if there is no bids? ? Think people think ! Certain issue cannot just rush through just because you feel it's doomsday after reading a newspaper article suggesting govt to control foreigners in buying the land. Govt won't just change the policy overnight lah. There's top lots of implication involved. So please don't be so naive and pacniky. If you don't want to support this enbloc stop adding oil to the fire & make matters worst. There's a cooling period for signing. So let's have cool ourself down instead of the unhealthy quarrel in this blog. Whether you belongs to majority or minority camp, no one will win if this enbloc failed unless you are a diehard anti-blockers out to sabotage this round of enbloc.

    ReplyDelete
    Replies
    1. They will have 7 weeks to do all their stuff. Tender isn't a one day affair as you seem to believe - it is 7 weeks long and they make their bids at or near the close of tender. Any developer worth his salt will find this adequate.

      Delete
    2. Anonymous12 June, 2017

      Exactly that tender isn't one day affair, there's even more reasons that both the organisations calling for tender & tenderers has lots of work to do & have to be very detail & careful in preparation of tender dociments to protect themselves & the SPs from any serious mistakes before the official calling of tender.

      If you are prepared to give 7 weeks to the tenderers to submit their bids why are you rushing our team to prepare their tender documents for submission in a mad rush ? I am not saying our MA/SC is right or wrong but I rather they are more careful in preparation of tender documents before callling for tenders just as tenderers are very careful in preparation of their documents for their tender submission because once the tender is awarded both parties are bound by the terns of the contract. There is no room for grave errors because of work done in a haphazard manner in preparation of tender documents.

      Have you any experience in preparing multi million or billion dollars tender documents? If you have, I rather you volunteer your service in a more objective way in helping the team instead of making so much noise which does not help.at all, does it ?

      Delete
    3. Anonymous12 June, 2017

      If youre not a developer or know the trade why talk so much? There are many developers and do you know what we are gunning for? The sharp chinese developer run by a single boss who calls the shots, and those who team up within 2 days short and sharp. not those with committees once every 2 mths. These are the ones who are hungry, they know by smelling the air. They will bid hard and high.

      I dont comment on our agents but - right now we are still thinking we have 80%.

      Delete
    4. Anonymous12 June, 2017

      Before you assume they are busy preparing the tender documents, they must first be busy confirming the 80%. And for more than 1 week, they couldn't even come up with confirmation of the calculation. Have we been taken for a ride?

      Delete
  17. Anonymous12 June, 2017

    Im surprised that pro enblocers have the fixated idea that the blogger is wrong in everything. maybe i am more flexible or gullible. as an investment banker for decades and TC specifically bought for investment purposes, I consider recent posts as pro enbloc.

    i am surprised pro enbloc SPs are giving so much excuses and space for the SC MA and LC. Maybe my standards are too high because I have been dealing with world class deals on world class fees, not Singapore class deals on world class fees. Maybe becuase MA and LC are on buy side, they are relaxed esp when the owners find excuses for them!

    whatever, it is, if pro enbloc SPs arent urgent, its fine by me by not by the blogger. in any case, I am on the bloggers side on this one.

    ReplyDelete
    Replies
    1. Anonymous12 June, 2017

      I am also an investor. If some agent or owner pressurise me to buy his unit. I will take a step back. Either the unit got problems or he is a desperate seller. If I can pick up desperate selling signal. I will take advantage of it & offer him low price. It's the same as enbloc. We need to act cool as this blog is open to public and anyone can pick up negative signals or disharmony among SPs from the comments & take advantage of it.

      Delete
  18. Anonymous12 June, 2017

    some SPs are saying close this blog down! and some SPs are saying close coomments in fb down! some SPs are saying everyone calm down! but everyone else is quiet. and the MA LC getting the big fees.....nothing heard so maybe sleeping or enjoying this movie unfold

    ReplyDelete
    Replies
    1. Anonymous12 June, 2017

      and some SPs say I will never come here again. Actually they come here the next minute..

      Delete
  19. I am TC majority and I do agree with some of the good points the blogger brought up. I did called the MA to ask why do we need so long to launch a tender? One of the answers given was the long June holiday. We are dealing with an important deal and yet....*sigh*. I don't think China developer will go for long holiday if there is an opportunity~ http://www.businesstimes.com.sg/real-estate/logan-property-eyeing-more-after-winning-stirling-rd-project

    ReplyDelete
  20. Anonymous12 June, 2017

    Wah lau ! You people bay chai leh (not cool). The press already announced that tender for TC will be called on July 2017. Let it be lah. Steady lah folks. Stop throwing stones at each other, afterall we are still neighbours right ? Relax and go for yr holiday or take a kit kat and wait for the good news when tender is closed.

    ReplyDelete
  21. Anonymous12 June, 2017

    Pls think how to catch up lost time since tender date cannot be changed now? Pls plan more carefully now .

    ReplyDelete
  22. Anonymous12 June, 2017

    "Itshometome12 June, 2017
    Question 2) Apparently no objections. The STB took 2 months to approve the sale."
    Thks blog owner for the reply.

    See what I mean ? Doesn't mean you call for tender tomorrow & we got a bidder we will get our money.If there are objections, & STB dismiss the sale, the deal can still blow and everybody get nothing. It doesn't mean minority cannot object, you have every right to. The point is, we really don't know how people think & what decisions they are going to make later. So what's the fuss all about now ? Relax lah people, quarrel so much for what ? As if pow tio toto (sure win toto) like that.

    ReplyDelete
  23. Anonymous12 June, 2017

    Take own sweet time , really terrible way to do biz !!

    ReplyDelete
  24. Anonymous12 June, 2017

    Really a joke that business have to wait due to little students holiday !!

    ReplyDelete
  25. Anonymous12 June, 2017

    81.66% was reached on 01 June. In either case that 5 working days cooling off period or 7 days cooling off period, the cooling off period should be complete by last week and this phase confirmed.

    I hope there is no mishap behind this delay and those responsible did their due diligence, particularly on sp who signed and then sold their property. Time is not on our side for collecting new signatures, last day to sign is 16 June.

    This matter should be addressed with the utmost urgency.

    ReplyDelete