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."

SALE IS NOT CONFIRMED
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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.

Notice of Sale in newspapers

Notice of proposed Application of Sale in newspapers dated 18 Sep 2017



SORRY CORRECTION

The 21 days in which to object does not start from this newspaper notice - but from the date of notice that will be served to every owner by registered post


Part VA (2010):
(4) In the case of an application to a Board under subsection (1) for an order for the sale of all the lots and common property in a strata title plan, each of the following persons may file an objection to the sale, stating the grounds of objection, within a period of 21 days after the date of the notice served pursuant to paragraph 1(e) of the First Schedule or such longer period as the Board allows in exceptional circumstances, whether before or after the end of the 21 days: 


First Schedule:
1(e) serve notice of the proposed application on all the subsidiary proprietors of all the lots and common property in the strata title plan concerned and, if applicable, on the subsidiary proprietors in reversion of the leasehold estate in the lots, or on all the proprietors of all flats in the development concerned, as the case may be, by letter by registered post notifying everyone of them of the proposed application accompanied by a copy each of the following documents, and stating that copies of the documents may also be obtained from the marketing agent or the collective sale committee: 

54 comments:

  1. This is great. How long will it take for STB to approve if no objection filed within 21 days please?

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  2. 60 days max with or without objections.

    I expect there might be a few objections, though on what grounds I do not know and since the 'mediation' is private we will never know the details.

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  3. Can we sue back those objectors that they delay process and if we have to buy replacement home at higher prices as market move up?

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    1. Certainly not!

      The Majority have exercised their Lawful right to sell at 80%, so now let the minority exercise their equal Lawful right to object!

      Market fluctuation does not come into the equation.

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    2. If minority think they have a case to object, by all neans go ahead. It is their right. If they lose just pay the expensive legal fees that's all. No one is going to pity them when they get less prceed after paying the legal fees.

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    3. Objecting at the STB is not expensive (less than $500 if I'm not wrong). You don't even need a lawyer. Worth a shot if you are suffering a financial loss.

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    4. Why sue back? Objecting is not sueing. They are merely exercising their legal rights by using the process meant for this. Go ahead and sue them for that if you don't mind throwing money out the window.

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  4. More enbloc are on the way so please be wise as you know TC only have just one bid.

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  5. Can we buy property upon getting STB's approval?

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    Replies
    1. Hmm... I asked a Hutton agent that came to my door the other day to do survey. I asked if it meant that the LUP issue has Ben sorted once STB has approved the sale, he said yes. He said after the approval it just means, wait to get our money. So I said but the buyer can still pullout in that 3 months correct? And he said " no." And I said " no? I think it's in their legal right to do it but it means that we keep their deposit amongst other things." Then he said " ya" soooo... I think there is still no clear answer , just really your appetite for risk.

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    2. I wouldn't trust anything a young agent had to say - they are pretty clueless. We have not seen the S&P up close and so do not yet know how the contract was drawn up or how many exit clauses were written into it.

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    3. You can buy a new property anytime you like. Just remember, it's always risky to spend money that you don't have. Do your sums. Safest way is to wait until your enbloc proceeds are in your bank account.

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  6. I wouldn't lose sleep over the objectors,..they will just be wasting time and money..really what's there to object?. I am more keen on the LUP outcome...thats the ONLY thing that will determine whether we will have enbloc 4.

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  7. yes agree...with the money you get why deny yourself of a better (freehold) alternative

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  8. Normanton, Pine Grove, Braddell Heights....still Ivory Heights - very heavy punchers. After all we have gone through, I can imagine what is going on privately in those condos.

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  9. Yes this is SP's statutory rights regardless you are minority or majority, so pls be objective and dont come with threats of lawsuits. Honestly if not for blogger and minority objection in enbloc round 1, we would have sold TC for a song and end up like Gilman heights, Waterfront or minton rise

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    Replies
    1. Don't always pull in blogger or other minority. Are u sure she will be objecting? If you want to object, do it by yourself, no one is stopping you !

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  10. Ok we thanks the minority and blogger for enbloc 1. But now with 1.7m what your opinion stop the sales and 3 millions would that be possible?

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    1. I don't understand the question

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    2. I think I do. What he or she means is don't object for the sake of objecting. There are SPs who just want to object no matter what, either out of personal grudges or revenge. Let him or her do it if he has the money. I believe the majority will defend the enbloc aggressively this round.

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    3. hahahha ...I think, and I may be wrong... the person is trying to say that whilst he/she is grateful that round 1 did not happen...1.7million is a good enough amount for him/her as 3 million will not be achievable.

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    4. 10.2 Object out of personal grudge or revenge? Who have you been talking to? A grudge against who? Revenge against what? The vindictive minority you suppose is waiting at the STB door is just in your imagination. There may be objections but I suspect they might be centred around points of unease in the process. One in particular stands out.

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    5. Point of unease ? Which one ? Everything the objectors don't like to hear or read during the process is just a matter of opinions & sales talk. He cannot use this as a ground of objection. In the end enbloc was sold above RP and valuation & no one has any financial that matters. Let the objectors go high court & block the enbloc if he wants to waste his or her money. Nothing to worry about.

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  11. I don't think.anyone will suffer any financial lost & you can't claim renovation so what's there to object and make everyone pay higher for replacement units caused by the delay due to objection ?

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  12. So the LUP result is the crucial point now. What exit clauses do you think Sim Lian has added in S and P? Surely in the worst case scenerio, we can keep the 5% deposit right?

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    Replies
    1. Anyone has an answer to this? Perhaps blogger or someone else can help elaborate.

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  13. Why should those who raise objection still get full en bloc proceeds if their objection fail?

    Seemingly giving the impression that is risk free to fail to them but big risk to majority when process get delayed yet received no compensation !

    Probably rule should change to such that they can only get market value sale proceeds of individual unit if they fail.

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    1. The Chairman of Gilstead Court thought like you... the sought ti penalise the Minority for exercising their rights - that sale went to the High Court and he lost.

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    2. I agree, it's not fair to the majority when they take the risk and minority did nothing & get the full sum as the majority. Worst is when the minority abuse their rights, even though there is no ground for objection and yet they still object and delay the process causing the majority to pay more for replacement units. It's time for the rule to be changed.

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    3. The rules are fine, proven and tested in court. Stop pressurising potential objectors with your silly mind games. What if property prices drop? Will you give part of your savings to the objectors as a reward? Pretty sure you won't!

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    4. Resale volumes are up but prices are stagnant. They actually fell a little in August.

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    5. Who is pressuring the potential objectors? If you have good grounds to object by all means go ahead. Just don't object for the sake of doing so & delaying the process and affect everyone (including yrself) who has to pay higher for replacement unit What's wrong with suggesting that ?

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  14. My opinion of possible objectors:
    1) The SP who sent out letters
    2) The greedy SPs who wants more
    3) The revengeful SP who just want to delay the process
    4) Those SPs who want think they can claim for renovation
    5) The ignorant SP who has no idea of the grounds for objection but simply want to object even on smallest issue

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  15. Did anyone receive the MCST quarterly billing? Somehow it is in my schedule, but I can't remember receiving any management fee invoice this quarter. Is this now borne by Sim Lian?

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    Replies
    1. I received my quarterly billing (dated 1 Sep 2017). As long as you stay in TC you will have to pay the monthly maintenance fee.

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  16. Pls note when the contract is rescinded (cancelled), all deposits goes back to developer..we dont get to keep any monies.
    These are the things that the developer needs to obtain and I think they have started the process already (timeline wise, i reckon the process will be completed before the STB sales order is out)...1. outline planning permission 2. Baseline confirmation. 3. SLA consent for lease top up and 4. the top up amount (LUP)...anything not in order the S&P is rescinded. So we are not even out of the woods yet...especially on the LUP amount....Its therefore a real joke to be discussing about objection when in fact there could really be NOTHING to object if the deal is off! That said, if the deal is really off, its not the end of the world and in fact it will be the biggest mistake of your life if u sell TC after that in the open market (though the days of 900K is over). Enbloc 4 will be quick and decisive with a different set of crew running the show; we will start with RP of 970 and take it from there...i for one will be keen to kickstart it.

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    1. Yes, please do. Form a new CSC & kickstart round 4 if this round failed. Thks !

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    2. Round 4??? U shld not even think of it..who will be the CSC? will u ever reach 80%? will u want top pay upfront legal and other fees?? And on top of it all, which developer will want to bid ????? Fat hopes!!

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    3. Dont think developer will want to scuttle the deal unless the LUP is such a big difference, which they would try to nego also. They have already announce in papers intention to develop xxx number of units in TC's plot of land, surely they also got their reputation to consider right?

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  17. Anonymous 13: What type of suggestion is that to penalise the minority only. There are safeguards in the system to protect both minority and majority which did not exist pre 2007/2008. I know of people having to downgrade to HDB eg. minton rise enbloc and taking up to a 1 mil loss and that would have been avoided had there been more safeguards for homeowners then

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  18. Wonder if Sim Lian give discounts if buy a replacement unit here,rent a unit 3years and move back properly with 1.5m slightly smaller size unit with new 99yrs with facilities, new flooring, cabinets and etc. I guess is still worth it.

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  19. I don't understand why keep arguing about the enbloc matter this round don't go through there another round there no end so where not take the monies buy some place where there peace.

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  20. The biggest risk we have is the LUP amount not the the objection from minority.

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  21. It will have to be quite a substantial discount. The developer will very likely charge double base on psf sold.

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  22. Hopeless committee, STB application also can take so long and pushed til so near deadline, what if unexpected stuff happen and overshoot deadline ?

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  23. So far the sale has been done relatively transparently and fair. I guess dont think there will be minority who want to object or even go to extent of high court right?

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    1. In my opinion, the opening of the tender box was anything but transparent. 130 people attended. Not one person went away knowing what the bid was. Not one person witnessed the document, not one person can vouch to seeing the actual bid amount.
      Transparent? Asa mud.

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    2. the point you raised is totally irrelevant to the sale. pls bring your case to STB. better yet, bring it all the way to the high court. i would like to see you waste time and money. You know for a fact what you are saying is bull. i was in the same meeting...2 SPs were called to witness the opening of the tender document...so its not true no SPs know the bid amount. Notwithstanding, what difference does it make whether the rest of the SPs know the bid amount...$1 or $1 billion dollars...it is still subject to negotiation and the sales com is vested with the power to decide/nego on behalf of the majority. if u really want the track the whole sale from start to end, suggest you become chair for enbloc 4. there is a good chance enbloc 4 may take place especially if the lease upgrading premium condition is not fulfilled. otherwise, its always easy to criticize the shortcomings of others until you do the job yourself.

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    3. strange comment...was'nt the CSC there (together with the lawyers, among others) to witness the opening. In any case, two SPs witnessed the opening of the sealed tender

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    4. Think that is not a fair comment. I was one of those present that day. Witnesses from the audience were invited to view the bid. One of the person in front of me volunteered. You were there that day. Why didn't you volunteer?

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    5. Re: 23.2 &23.4:
      You were present in the audience at the opening of the tender box.
      You do not say you were witness to the bid price because you know you weren't.
      All those present were kept in the dark as to the actual bid amount.

      You assume that the 2 witnesses who followed the Team into the other room witnessed the bid amount on your behalf. You are wrong.

      I was NOT present at the opening as I was in Ireland at the time.
      I was present at the SP meeting on 25 Aug 2017, to discuss the bids etc.
      This meeting was held twice - the vast majority of those present left after the first presentation, I stayed on as I wanted to ask questions without the hecklers.
      The following is paraphrased;

      Q: Was the bid Amount revealed to the 130 people present at the opening of the tender?
      A: N0
      Q: Did the 2 witnesses who followed the team into the room see the tender bid?
      A: NO
      Q: Did the 2 witnesses get to view the tender result/document
      A: NO
      Q:Did the 2 witnesses initial any page on the document?
      A: NO
      Q: Did the 2 witnesses even get to hear what the tender bid was?
      A: NO

      Q: What exactly did the 2 witnesses witness? ......The team looking at the documents.

      I did not bring up this 'transparency' issue - but i will state that that this sale has lacked transparency at 2 very important junctures:

      1) The RP was derived without mathematical basis - no transparency on RLV (if ever done). As a home owner, i wanted to see the basis on which this estate was sold. I was never shown anything.
      2) The tender bid was withheld from all SPs present.

      I am not implying anything or impugning the reputation of anyone present. This topic is about Transparency only. I am merely pointing out that at that most crucial moment, when all present expected transparency, there was none.


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  24. the critical point you need to ask is,..your claimed lack of transparency...has it affected the sales in one way or another?..was TC disadvantaged because of this..could we have gotten a higher bid if there is 200% transparency?..this is the test of good faith in all these cases...the way i see it, you are just wasting your time..the offer is subject to negotiation and we would not have gotten a better price even if the bid was made known to everyone...on the contrary, the MA did mention why the bid price is considered sensitive and wanted all to maintain confidentiality. This is in view of the fact that the terms are still subject to negotiations and any unwanted media attention might affect the nego. Conspiracy theory case closed!

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  25. By the way, everyone will get to see the original S&P (copy) soon...today or tomorrow according to the sales com..in it you can see the bid amount was not altered in any way...the rest of the document has many alterations on the terms and conditions which were countersigned...so the bid amount is legit. unless its a changed number, then maybe got case, else really there is nothing to see. the next hurdle to cross is LUP...that would really be the decider.

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  26. If it meant so much to you, you shouldn't have gone to Ireland. If you weren't bothered to cancel your trip to attend the tender opening for what you say is your home, crying aloud now just makes you a hypocrite.

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