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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.

NEXT SP Meeting date set to 25th Aug 2017

According to their FB page, the second SP meeting of the Third Schedule will be held on Friday 25 August at the MA's offices in Bishan at 7pm.  Inconvenient. If owners are made to sign a non-disclosure form then it is also unnecessarily secretive.  I laugh at their idea of transparency - what are they afraid of?

Technically, the CSC has 10 weeks to enter into a S&P with a Buyer either through the tender exercise or private Treaty. So, technically, the CSC has until 15 Oct 2017 to inform the Buyer of it's decision. Given that they have said they will make their decision within 2 weeks, it is clear that this 2 week deadline must be a Buyer condition. So the last date of acceptance is probably 29 Aug 2017.

The CSC has already set the date for the SP Meeting on the 25th, I believe by then  the deal would have been finalized and conditions agreed upon..  The Buyer has all the power since he is the only runner in the race, he can dictate the terms. With the lower than hoped for Sales Price, let's hope we are not saddled with less than favourable conditions. Single unit owners will require the 6 months to move out. It will be harrowing enough for those who view TC as their home for the last 30 yrs without rubbing salt in the wound. Moving out will be a trying time for many in the minority. Money is not always king - it is a poor knave at best.

I am of the opinion that nothing now can stop the sale save the Buyer withdrawing over some condition or other.

The meeting itself will not produce anything as the majority gave the CSC carte blanche to sign at or above the RP. The meeting is to 'provide information'  only on the bids and the terms and conditions of the S&P.  From the grapevine, I heard that there might be as many as 33 conditions to iron out. I hope none of them are designed to shave off our 'bonus' $20 million and leave us with the bare RP.  Unfortunately, this is probably what will happen - so be prepared for all sorts of justifications from out CSC. 

The Buyer has sensed our weakness and is going in for the kill.

I presume owners will be allowed to air their views at the upcoming meeting, but to what end now.  We shall all receive the S&P by registered post in the near future anyhow.

56 comments:

  1. Yes, let's all be civil during the meeting. In fact, making SPs sign a Non disclosure agreement is a good idea. At least we know that those attending & signed are geniune TC SPs.

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    1. There will be no need for secrecy - the S&P is not a top secret document. Some SPs are slightly paranoid about outsiders looking in but really, why would they even bother. There can be no 'sabotaging' and everything should be transparent. it is not necessary to sign non- disclosure documents once the deal is done.

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    2. NDA is necessary is because of people like the big mouth blogger who just refused to stop bragging.

      The deal is never done until we get the money

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    3. It's not a matter of secrecy. The meeting is strictly for TC SPs only. Those who refused to sign have possible intention of disclosure of information and should not be allowed to attend the meeting.

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    4. The stupidity of some people simply knows no bounds. Do that and the minority will have valid grounds for objection.

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    5. They are SPs in the estate and have every right to attend any meeting that concerns the estate. Not allowing them to attend is like handing them a ground of objection on a silver platter.

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    6. Whether u can attend the meeting without signing the NDA is not for any SPs to say but up to the team. But if u insist not to follow the protocol & disallow entry, please do not gatecrash or create a scene. We are all matured people. I believe everyone in the 1st meeting sign the NDA. I don't see what really is the issue.

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  2. Well say. But moving on is what we must do.

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    Replies
    1. Yes agree. Lets seal d deal soon

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  3. yes. this time round one bidder. next time. zero! its now or never.Lets move on

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  4. Believe in reality. Miracle does not happen every time. Wrap up and move on is what we must do. 1.7k is what we sign so no regrets. Hope the terms and conditions is acceptable.

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  5. So many many conditions to fulfil , doubt can close.

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  6. With 1.7m in yr pocket you have immediate cash to invest. With 900k property it's just a sitting asset & you can only invest if you sell it. If you want to hold till price goes up, you are taking a risk & yr property may depreciate further in value as it ages more. You don't need a brainer to decide which is the best option.

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  7. We must close the deal and move on. With 1.2/1.3M now can get freehold condo 1400sqft at upper east coast road, MRT at doorstep.So pls SPs, be smart and practical. Accept the reasonable conditions as Developers also need to survive.

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    Replies
    1. Which freehold condo so big and near mrt?

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    2. Changi Court and Changi Green, just next to SUTD with mrt right in front of condo gate.

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    3. The upcoming Thomson East Coast Line. Go for d properties there. For eg, if cant afford FH Country Park and Bagnall Ct, go for Fairmount, Eastwood etc. Walk to upcoming Sungei Bedok MRT, and right next to Bedok Cnr Food Paradise

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    4. Is it bad idea to buy condo that is 10 years old ? Do age really matter ?

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    5. Thanks for your info !

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  8. "Tampines Court set to be biggest collective sale in a decade"

    Shivers with such bullish headline which seem usually appear preceding major economic crisis ? Lol

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  9. Guess is wise to take the monies, buy another property wait for another windfall.Cash out which already made from here,rather then stuck here.

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  10. Hi blogger..When the developer submitted the bid, he did not know he is the only bidder; the conditions were stated at the point of bidding so its not they know they are the only player and dictated the terms knowing that.
    The ball is totally in our court now..dont think developer will back out...not just because of the million dollar deposit but i seriously think they are genuinely keen in our land.
    I think the Sales Com can do a few things:
    1. accept all conditions stated by the buyer and award the tender (most likely outcome) or
    2. if conditions are onerous, nego for partial acceptance of conditions with no reduction in price (not likely since now they know they are the only bidder) or
    3. nego for partial acceptance of conditions with reduction in price (another likely outcome)
    or finally
    4. reject the bid outright (not likely)
    so prior to the meeting on 25th, i dont think any deal has been made with the developer as i think SC would like to hear from the SPs before they decide on any of the above course of action...
    I am hoping between now and then, other developers come forward and give a better offer...you never know how this will eventually pan out....lets all hope for the best!

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  11. I remember our MA said once that bidders go in with 2 envelopes... usually on the last day. If there are no other bidders then they submit their lower bid.
    The fact that there are no other layers means they can play hardball with the conditions.
    The Notice clearly states 'provide information'... I would be very surprised if the MA would allow owners to veto at this late stage as it is not provided for n the CSA.
    Yes,... Hope for the best but I am not optimistic.

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  12. Others selling like hot cake at premium, TC selling like unwanted child coming with so many conditions lol

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    Replies
    1. It is very normal for a buyer to make the purchase conditional. It would be outright stupid and suicidal not to do so. Can you imagine what happens if they don't get approval for things like lease extension or building height from the authorities? Lots of money is at stake for them.

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    2. But don't seem to read of conditions attached in recent other en bloc sale ler

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  13. Very sensible. I feel that you are more and more pro enbloc now, which is a very good sign. I suggest SC invite you to join negotiation with buyer given your in-depth knowledge of TC.

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  14. At this stage what can we do if we are not happy with the price? Let's just hope the team will make the right decision in the full interest of all SPs or some developers can come up with a better counter offer before contract is awarded to the sole bidder.

    I guess we just have to pray and wait.

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  15. With $1.7m, u can get some good buys. Look up propertyguru. The upcoming Thomson East Coast Line is d future MRT line. EastWest n NorthSouth Lines are overutilised. Go for d properties there along d newer Thomson East Coast Line. For eg, if cant afford freehold Country Park and Bagnall Ct, go for Fairmount, Eastwood etc. Walk to upcoming Sungei Bedok MRT, and right next to Bedok Cnr Food Paradise.

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    1. The Thomson-East Coast Line (TEL) will be the sixth MRT line in Singapore, and the fourth to be completely automated and driverless. When the line fully opens, it is expected to serve about 500,000 commuters daily in the initial years, rising to one million commuters daily in the long term. The fully underground line is 43 km long and consists of 31 stations, and will be among the world's longest driverless rapid transit lines. LTA announced on 11 August 2017 that the TEL will be the first cashless MRT system. TEL is indeed the MRT line of the future.

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  16. If everything smooth and committee do things fast , STB approval could be as early as next Feb with sale money in by next May?

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    1. I remember the blogger ever posted a clear road map, don't know where is it now.

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    2. I did, it's the TIME LINE on the right column. It will be amended accordingly when we have more specific info.

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  17. How long does it take to start sale of the new condo on TC land? Am thinking of renting a place for 2-3 yrs and then move back to this place again.

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    1. Not a bad idea.. 2 year latest?

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    2. What probability Ex-TC owners to have any discount to buy new development from Sim Lian ?

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    3. Can MA approach Sim Lian on behalf of those interested?

      If Sim Lian can provide a 2 year interim lodging, in addition to preferential choice of units for TC SPs for the new condo? In this case, the enbloc proceeds can be provided as upfront deposit and Sim Lian can be relieved of the pressure of selling 2000 units for the new condo. Win-Win.

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  18. If the sales committee is following strictly the legal requirement /processes of an enbloc sale set by STB , there is no stopping the sale to Sim Lian now !

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  19. Curious, when will STB approve the sale given that there are so many conditions attached and that the price is really lower than our expectations; many including myself are disappointed, so if we move ahead, how long do you think STB can approve? I want to prepare myself mentally of the timeline for me and my family.

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    1. If all goes smooth (no objections) it's usually around 3 months from STB application to STB approval of sale. Add another 3 months until legal completion (that's when the money comes in).

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    2. So what this means is that, in total it will be 6 months that the Sales is completed and the paper work is done at the end of the 6 months from the point of submission to STB?

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    3. Sim Lian will be as anxious as TC SPs to close the deal. Currently, they have to set aside money, and depending on their balance sheet, if TC doesn't go through, they are back to the drawing board, and wasted precious time in a market that is ticking up.

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    4. The most anxious will be MA, $9m commission at stake, so they better serve us well & act fully in our interest. The one who really call the shot is still the SPs. We carry the products. Although the CSC are empower to sign the contract on SPs behalf, there can still be objections. It's better that everyone work together as a team and there's win-will situation for all to have smooth transaction.

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  20. Tracy goh division reveals the terms and conditions.

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    1. Sounds like clickbait to me.

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  21. Normanton Park enbloc $800 millions

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  22. Is it true that 80% signatures are required again for the Terms and Conditions? In this case, TC may not be sold as I think they cann't get 80% again from disappointed SPs now.

    https://www.tracygoh.sg/property-news/tampines-court-en-bloc-result/

    Below from Tracy Goh Division:

    Tampines Court Owners will be gathering at Bishan CPF Building on August 25 at 7 pm.

    This is the moments they have been waiting for.This is where the terms and conditions of the Collective sale deal revealed to them. In order for this en bloc success, they need 80% of the owner's signature again. One Final Signature needed to make En Bloc History. The whole Singapore and across Asia are paying special attention to this en bloc sale again.They are anxious to know what kind of conditions and terms they are getting at. Many owners will sign whether the terms favor or don't favor them cause they want to taste en bloc success. However some owners may not ... .Please come back for the latest news

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  23. Full of bullshit by Tracy. If this is so, CSC will said so. As far as I know and I believe very reliable, no such signature s required.

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  24. those who know are not talking...those who talk does not really know.
    all these conspiracy theories...blogger..i thought you are more factual and better than this? Better to wait for Friday and hear the sales com out.

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    Replies
    1. This 'fact' is coming from Huttons and published on their website - It didn't come from me.

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  25. I suggest that we stop speculating but wait for the official announcement from Facebook. It's so calm there like nothing happens and nobody bothers.So far we are never requested to show up on 25th right, pls be wise. Or at least pretend to be wise.

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  26. Wah, pls refer to FB and the latest info is there, seems quite good news.

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  27. Tampines Court Facebook page has just been updated.

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  28. Is the Facebook news coming from csc members? please let it be true no more fake news, is very depressing.

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  29. With the conditions accepted and the sale confirmed, what benefit is there to attend? I'm undecided whether to attend or not.

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