"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.

My Armchair RLV

Please note, I am not in any way shape or form connected to the real estate industry. My calculations are based on looking at RLV's done by various marketing agents in Round 1 and Round 2 as well as the URA website. There is no golden standard or set way of doing this calculation unfortunately. 

At the time, this RLV was considered 'too rich' and unattainable but I think it has served well. It may not be 100% accurate but it did raise (some) people's expectations and perhaps spurred others to ponder on the basis of the Reserve Price. RP should be based on calculation rather than desperation or wishful thinking.

25 June 2016 or thereabouts

Note: It doesn't matter if I use 1.55584 or 1.71 in the Residual Calculation - it only matters when calculating the DP for Increase in Intensity. In the example above, I gave a round estimate of $300m for the DPs. Broadly speaking, the lower the development baseline, the higher the DP. So using 1.55584 would give you a higher DP and thereby reducing the Net site value and ultimately your sales proceeds. I chose to use 1.71 because it was used in official valuations in 2008.

Official Valuations done on Tampines Court

1. Colliers 2008 Valuation at STB in 2008 Enbloc Rd 1

2. ACC 2008 Valuation at STB in 2008 Enbloc Rd 1

Un-Official Valuations done on Tampines Court

3. ERA 2011 

4. JLS Valuation 2011
EOGM July 2


Step1) for Increase in Intensity of land (from low to higher plot ratio)
Step 2) for Lease Top-Up (LUP) - topping up to 99 years for leasehold developments

I have tried to calculate the Differential Premiums for TC using the government tables and following their worked examples.




  1. Anonymous29 June, 2016

    Know a Decision Maker from a local developer
    Show him your computation
    After looking at your figure, he told me it is too rich for his taking

    1. The Developer will realise the full potential of Tampines Court land. TC owners can never hope to get the full Nett Site Value per unit as the Developer is not happy with a mere 10% profit. But we should know what a Developer's RLV computation is like (and I believe mine is not too far off the mark). From there we can knock off $100 to $200k and see if the fish bites. I do not agree to the bargain basement price meted out by our present MA. They are not even TRYING to get the best price for TC owners.

  2. As an SP I agree .to me anything less than sgd1.50 mn per unit is a desperate sale

  3. No point asking anyone now. Any developer would say its too expensive. But we are in the right trajectory in 8-12 mths. Bring some competitive spirit and fear of losing out of market share, and developers will have ample reasons to fall over and convince themselves to pay a solid premium for TC.

  4. Anonymous05 July, 2016

    Wow, the SC got 30% in 2 days CSA signing sessions, almost equal to 1 year's effort (34%) in Enbloc 2.

    This could be due to a few reasons:
    1. There is no fee collection in enbloc 3. SPs just signed.
    2. 30+ % is the maximum pro-enbloc SPs.
    3. Economy is not good. More SPs wish to cash out.

    Let wait and see the results of coming signing sessions.

  5. Tampines Court is really cheated by the agent with very high agency fee. EunosVille only paying $5,000 flat and lawyer's fee is around $5300.

  6. Hi..r u certain abt the agency fee? Seems like u r fm the minority camp.
    Can someone clarify and point out the correct agency charges
    There was another post in the facebook. Could be the same person.

  7. Looking back at this post - Blogger nailed it.