"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.

Valuation Report for dumb sheep

The registered bundle contained the official valuation report done at close of tender. (TAB 5)

Once again we have been served with a worthless document high on words and devoid of any actual computation or 

We still do not know on what basis the RP  - or even this particular valuation - was derived. There are no calculations, no information on which sites it based it's comparison method of valuation. This Valuer didn't even include such basic information such as plot ratio. It gives the Total Strata Area as if it were important. The Total Strata Area (the 560 unit area) is not part of  any calculation determining the RP. It is only used when determining the sales proceeds/unit.

Indeed, I queried the MA at the second session of the 2nd SP Meeting whether the Valuer used an existing plot ratio of 1.71 or 1.55 (as shown on the MA's price analysis slide) and he couldn't give me an answer.  Did he not think to ask? Did he not want to tell? Well, this valuation doesn't give an answer either.

So, if the valuer used the estimated existing plot ratio of 1.55, doesn't it follow that this valuation is also just an estimate?
If so, then what is the true valuation when the correct development baseline is used?
How are we to know whether the correct or estimated existing plot ratio was used in tis report?

" For the purpose of this report, the Direct Comparison Approach is adopted to determine the open market value with the Residual Approach as cross-check'

Properties considered in it's direct Comparison Approach: NONE LISTED
Residual Approach crosscheck: NONE GIVEN

Was our SC sleeping at the wheel again or did they even think to ask for the RLV. Shame on them for delivering us such an insubstantial report. In this day and age of informed owners - we deserve better.  This report should have been thrown back in their faces. 

This 'independent' Valuation was the last chance to see how TC was valued, and it failed miserably. The majority are happy with an unsupported RP and the sales proceeds from the sale.

I have said it before and I'll say it again - the sale is unstoppable regardless of all the mis-steps, bloopers, stonewalling and non-transparency. In the end it is typical of most collective sales with only a tiny minority of people who actually care about the details.

Alas, the residual land valuation should not have been a detail hidden from owners since day 1. It is the cornerstone of a collective sale.  The reason why it was such a guarded secret, never to be revealed, was because we 'simple' owners would then become 'informed'. Marketing agents do not like informed owners, it makes their job so much more difficult.


  1. The RLV my friend, is as good as telling you the probability of Chelsea winning last years EPL.

    The bid has gone out and come back, and sheep have come home, and youre still thinking about whether you locked the gates.

  2. If i am not wrong, you should be the ONLY person in TC who is interested in how they derive the valuation,..if nothing else just to see how far off your calculation is from people who make a living doing valuations. For me, one can use whatever methods to value something,...from the easiest 'pluck from air' to complex mathematical modelling and calculations...end of the day, the MARKET is the still the BEST VALUER...and the market has already spoken on tender closing day. You can do whatever calculation u want and come up with the theoretical value, if no one buys, the practical value is as good as 0.

    1. No, there are a few more believe me. I am the ONLY one with a blog and a voice.
      83% obviously couldn't care less if the figure came from the fairies. I dont believe in fairies.

    2. So your "dreamy" RLV is not a fairy tale, and the current $970m bid is. I'm not sure if you're living in this world or another, actually.

    3. No worries lady, we await for you to spearhead the court case once again.

    4. Greed knows no bounds.

      I would like to ask the blogger two honest questions which is,
      1stly, do you think we can demand higher than what it is now given that only one developer bidded?

      2ndly, is 1.7 Mil not enough for you?

      I don't think money is ever enough. But given this time and day. I think for a big plot like TC, 1.7mil is definitely good enough.

    5. 2.4 - its not about $1.7m or $2m or 2.5m, the blogger just does not want the estate to go enbloc regardless.

  3. No worries. when they come up with the LUP figure, you will know what a fresh 99 year land which TC sits on is worth...from there, you can work out what is TC's actual current value. That one no one can quibble...its done by the government chief valuer. I think you should focus more on that rather than your little academic exercise.

  4. At this stage no one is interested in your RLV lah. We have heard enough from you and it's kinda of getting boring. All are more interested in the LUP. You can save yr breath.

  5. Valuation report without permitted plot ratio ? Its a joke in surveyor industry.
    U can complain to SISV,sg instiitute of surveyors n valuer, or write to UK RICS asking should a permitted maximum proposed development included in report.

    Comparsion method.
    Valuer should give few en blok or land sales transactions. Then compare the ppr,per plot ratio price.

    3.residual method.
    Valuer normally will not list in,val report. But sale comm can give a slides presentation to explain.

    Valuation shouls not be mysterious or magic. All can be explainable,though u cannot get every one agree on each figures.

    But,every one must agree willing on few basic facts,eg site area,future max n permittted plot ration【subject to height or other restrictions】,proposed uses,DC .

  6. What is the big fuss over this thing RLV..just ask yourself these questions: (i) if you want to sell your unit individually in the open mkt, does the valuer do complex mathematical calculations to derive the value of your unit?, (ii) even if valuation of TC is $1bil or $100bil, it means nothing if there are no bidders, correct?? (iii) is'nt the same method/procedure of valuation done for the other en blocs too???

    1. I despair.
      Selling land requires RLV
      Selling your unit individually does not.
      We sold our land not units.

    2. Same for the other en blocs. Sold land not units. So just keep the shut out

    3. I would like to ask the blog owner. If yr RLV is $2M and we put this as our RP for the tender. Do you think we will get any bidder ? Will you be happy if no one submit the bid ?

    4. Of course you despair. One less excuse to bring this up to court.

  7. Actually how much is then considered a fair value for TC? I mean do you really expect 2mil and above for TC even if the calculation value is not the most accurate.

  8. transparency,...valuation,...what next?..i can sense your desperation in trying to grab onto something...anything..just to keep the de facto minority blog chugging along. the points you raise thus far are essentially non issues and would not stop the sale. more of a distraction..To really stop the sale, you just need to pray hard the LUP is more than what was specified by developer and the sale will be aborted..heck..u don't even need to pray too hard as there is a good chance the LUP will cross the red line and your wish will come true. Don't really need to waste time talking about all these frivolous issues..

  9. The figure is not the concern. The main concern is how you get the market value.
    Just like the maths in school. Teachers look at the logic. not the end result.

    B. I am not happy to know that valuer dare not state the maximum plot ratio WHEN TC redeveloped,under current rule n regulation.

    Does valuer really know how to get the plot ratio?

    U can know more of valuation of development here.


    When sg under UK rule,all valuers under RICS.

    1. But teacher told me I will earn average $5k a month when I graduated.

      I applied 50 jobs and only got one job offer and $1k a month.

      Wake up busybody. Time to get out of the classroom and into the REAL world.

    2. True. You can dream of marrying a prince charming but when you wake up, you realised that you are lucky someone wants to marry you.  We are lucky that the bid that came in was above RP and valuation. Heard FR didn't go thru because bid may be above RP but below valuation. What's the point of demanding high valuation but no bid. Valuation is just a guideline, important thing is someone wants to buy your property.


  10. If strata title owner do not know maximum plot ratio ,how can they know the valuation is reliable?

    Read how lawyer says about GROSS PLOT RATIO,.

    one word,very important.


    Reserve price in the Collective Sale Agreement (CSA)
    CSC ‎should propose a reserve price in the CSA taking into consideration a myriad of factors including but not limited to development gross plot ratio, development baseline, special height controls (if any), lease top-up premium (if any) and general market conditions.


  11. If the LUP is higher, then all the better for Sim Lian to have gotten the deal at a lower price. So what's the issue here?

  12. TC residents, be grateful. Our price is above the RP and above the valuation altho one bid. Look at Florence Regency. Many bids but all below valuation. Many had expected d site cld fetch over 650m but in the end bids were less than the 629 valuation. Think again

  13. Don't be silly people. End of the day it's not the MA/SC/Lawyer/Valuer who decide how much we can sell on enbloc. It's the MARKET who calls the shot. I know the market price for my unit if selling individually, is $900k but I want $1.3M. Can the blog owner or any monority get a buyer at my asking price if this round failed ? I will willing to cover you above market price referal fee. This is the chance to prove how good you really are. Deal ?