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.

The Thorny SSD Issue

The SSD Issue:   About 49 SPs face paying Sellers Stamp Duty since they all bought their units after 22 Aug 2013. They may have known they would be liable to pay, but not how or when. Those at the meeting on 25th Aug 2017 were shocked to find out that the SSD is due 2 weeks after the Date of Sale of Tampines Court. In other words the due date is Tuesday 5th Sept 2017  (not next week as I incorrectly posted earlier- woohoo, I have 1 more week of holiday before going back to work on the 4th :)). To the left is a table of the 49 owners with caveats lodged since 22 Aug 2013 and how much they approximately owe. 
The penalty for late payment is punitive: 100%-400% of SSD owed :

No forewarning was issued to the affected owners and they are in a quandary as to how to pay such huge sums at such short notice. All SPs need hand-holding in a collective sale and that is why we pay high fees to the 'professionals' so that they take care of the details and tell us what, when, how and where to do the necessary.  They failed on the when, how and where in this instance.

Today the MA has come out with the following on FB:


Some of these owners are flippers, to be sure, but some must be genuine home buyers and I don't believe we should throw anybody under the bus in the rush for riches. I am glad the MA will help these owners in their quandary and get them either a delay in payment until their sales proceeds come in or payment by reasonable instalments. I have it from good authority that the latter is do-able.

5 Sep 2017
Anonymous said:

Rec email confirmation from IRAS SSD payment is deferred till SALES ORDER date...today is the deadline to request for deferment,..i reckon most if not all the owners who are affected by the need to pay seller stamp duty have done the e-stamp and have written to IRAS to request for deferment...another hurdle down..

24 comments:

  1. I do not understand what u mean by 'throwing people under the bus'. This enbloc started since 2015. More than enough time for SPs to prepare payment for SSD should the enbloc go through. Please don't put the blame anyone if you are caught unprepared when it's time to pay SSD. In any case buyers should know that there's always a risk in enbloc if he is buying old properties. Even landed freehold property may be acquire by states if there's a need for road widening or building highways.

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  2. Please don't hurts each other with comments, MA is trying way to manage the SSD. Let move on with the enbloc so that everyone will be happy.

    ReplyDelete
    Replies
    1. There will be happiness if there is silence. Too much noise gives everyone headache. Everyone will be happy once the money comes in, but first must let the team focus on their job & don't distract them. If any good suggestion can always give feedback instead of attacking them non stop in this blog.

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  3. My idioms always get me into trouble:)
    Of course the owners knew they would have to pay SSD. That is not the issue.

    The issue is they were probably unaware of the need to pay so quickly after the Date of Sale. This is not intuitive, it sounds even a little crazy. 2 weeks! But do you know who should have known?
    The Team. regular owners weren't even sure when the Date of Sale was - it had to be repeated umpteen times yesterday. The SSD owners should have been forewarned, and now it's all hands on deck - a task force no less - to fix things.

    We are always fighting fires in this enbloc. Once once is put out, another one flares up in some oher corner... and I am not the pyromaniac!

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    Replies
    1. Since you said the owner knows that they have to pay SSD, why don't they make preparation earlier?. Now that the lawyer said in the meeting that everyone must get ready the title please do so if yr unit is fully paid & you are holding the it. If lost please engage any lawyer to get a new one. Don't wait until last minute and complain again why never inform you early.

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    2. Yes, he did inform owners to get their original Title Deeds ready - and this is at least 2-5 months notice. Money is not involved here. Contrast that to giving the SSD owners less than 2 weeks notice to come up with the moolah for SSD.

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    3. The onus is still on the seller to get ready & make sure all payment obligations are fullfilled & documents ready for convencing & completion. Stop putting the blame on anyone else if you have not done so. The fact that he has bought the property he should know the procedure. I know a few friends who also have to pay SSD, how come they don't have this problem?. Answer is simple - they bother to update themselves & need not to be spoonfed.

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  4. Agreed, as if 3 year old baby crying for dad and mum now with no initiative to find out ownself and make preparations , what a joke !

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  5. There won't be a fire if there is no spark. Everytime something goes wrong the blog owner will surely attack the team as if the SPs are no fault at all. There are 560 SPs, must the team nanny all of them 24x7 ?. It is also the SPs' duty & initiative to update themselves on the latest ruling on enbloc by making enquiries to the respective govt agencies or call our team's hotline. There what I do anyway. There's why this info doesn't come to me as a shock because I am well prepared.

    Give constructive feedback by all means instead of finger pointing and attacking the team non-stop. Matured discussion should be focus on solution not finger pointing.

    I am not a member of the team but I do know it's not an easy job handling such a big project and we managed to secure this deal thanks to them.

    Just stop striking spark to start a fire and I believe there won't be 'flare in another corner'

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    Replies
    1. The team were caught wrong-footed on this issue and it was evident at the meeting yesterday. It is a steep learning curve not just for owners, but apparently for the team as well... which shouldn't be the case.

      I gave constructive feedback at the meeting - I told the lawyer and the floor that they would be able to pay by instalments (if my info from another estate is true) , which was welcome news to the lawyer. What was your contribution?

      They started their own little fire which they are attempting to put out with a task force. Well and good. I hope they succeed and all SSD owners can pay their dues without duress.

      Other enblocs should learn from the multitudinous miss-steps TC throws up! Take care of your SSD owners - Minority & Majority - they are worthy of attention as much as the paid up retiree.

      Anyway, enough said about SSD - the owners are now on the radar screen and matters should be resolved amicably

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  6. This blog is redundant. Let the MA handle this problem please. Shut down the blog as requested by people so many times and there will be more peace.

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    Replies
    1. It's a blog. you don't have to visit. There is quite a lot to chronicle yet - the S&P, the STB, Owners' frantic search for new homes, the Moving Out period. The End.

      Listen to the splendid Oblivion Tango ... so beautiful it will make you love the world and everyone in it.

      The dance continues....

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    2. This blog is not redundant but helpful and only source of important info where TC enbloc matters are updated regularly, unlike the official facebook where update is few and far between. I applause her for her courage to stand up and continue to share in spite of negative comments against her.

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  7. As a majority, I'd like to give applause to the blogger. She is the one who bothers to source out the ssd list , point out the issues that eventually help to path the way to successful enbloc. We need such a warm hearted, helpful and informative person. If you read her message clearly, she even praised MA to take initiative to form task group taking care of ssd affected owner. Thank you blogger!

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    Replies
    1. The enbloc is successful because of her? Please don't make my toe laugh.

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    2. In fact it is successful because of the last person who sign to make the 80% and the rest of us can claim whatever.

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  8. Whether selling individually or collectively, there is no difference, the seller has to ensure that everything is in order before handling over : property tax, utilities, SSD etc are paid, tenant is vacated if tenanted. If you forget or don't do all these and convencing is not successful, nobody to blame except yourself.

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  9. I think SPs giving the blogger heat needs to back off and look at the bigger picture. Granted principled blogger is anti enbloc and many a times, her world view and mine differs. However she helped to ensure the ship does not steer too close to the rocks and it is obvious her interest goes beyond just herself. The SSD episode is very telling. While there are those who just want more money to help affected SPs and lost sight of the fact that failing to address this concern may be the 'small pebble' that actually 'trip' the whole enbloc, blogger pointed this out with facts for all to see. You tell me, who is actually helping the enbloc process here?

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    1. Well said. Those laughing toes should learn to give constructive information.

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    2. What construtive information you want? Different SPs need different information. Dun be lazy, go and find out yourself. This blog is destrutive in SPs relationship with each other. Other enbloc so quiet & everyone has happily gotten their money.

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  10. Do you think if blogger is the chairman of CSC we will able to get higher that 1.7m or for that matter, received many more bids instead of only one ? If she think she can why didn't she volunteer to be SC member ? I wonder....

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    Replies
    1. And what exactly has this to do with the SSD issue?

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  11. I just checked with CPF board & found out some very important information : how much of my proceed should goes back to my cpf, what if I have have reached my minimum RA sum, can I leave more money inside to earn interest ? What is the procedure if I am allow to do so etc. I won't want to share with you in case you later put the blame on me if something goes wrong and also I don't want to spoonfeed you.

    I have also found out alot of informationon on SSD & other tax issues very early and that's why don't have problems like you guys have.

    Please don't be lazy, it's only a phone call away to all the relevant govt agencies to get all the information you want (including SSD). Dun always depend on others to spoonfeed you information. Are you going to share your money with them ? No right ?

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    Replies
    1. Yees, right. You are paying them about $22k out of your sale proceeds for their services - which should include everything. Prompt service & timely notice is expected.

      This issue has run it's course. There is nothing more to say from either point of view.

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