2005
Dec - Self-appointment of pro-tem En Bloc Committee
Dec - Informal valuation $389,719,233.00
2006
11 Feb - 1st Dialogue session
25 Feb - 2nd Dialogue session
19 April - Draft CSA and cover letter received by owners
14 May - CSA Dialogue session
05 May - First signing of CSA
15th/20th/21st/ 27th May 2006 - CSA signing
09 July - Dialogue session
15 July - CSA Dialogue session
29 July - Update by pro-tem committee tagged after the AGM
05 Aug - Dialogue Session
12 Aug - Dialogue session
.
SC NOT SEEN AGAIN UNTIL AFTER THE SALE>>>
.
SC NOT SEEN AGAIN UNTIL AFTER THE SALE>>>
2007
21 January - purported 80% threshold reached
23 January - Press Release:- Sea Breeze apartments sold for $53.8 million
In Tampines, a 22-year-old former HUDC development, Tampines Court, has been put up for collective sale with an indicative value of $527 million, inclusive of development charges and differential premium of about $107 million.
It is marketed by Dennis Wee Group. Investment sales director Jimmy Teng said the 702,458 sq ft site has a plot ratio of 2.8 and a potential gross floor area of at least two million sq ft.
‘The successful developer could build about 1,700 units with an average size of 1,250 sq ft,’ he said, adding that developers also have the option to bid for one of the two subdivided parcels.
Source: The Business Times, 23 January 2007
In Tampines, a 22-year-old former HUDC development, Tampines Court, has been put up for collective sale with an indicative value of $527 million, inclusive of development charges and differential premium of about $107 million.
It is marketed by Dennis Wee Group. Investment sales director Jimmy Teng said the 702,458 sq ft site has a plot ratio of 2.8 and a potential gross floor area of at least two million sq ft.
‘The successful developer could build about 1,700 units with an average size of 1,250 sq ft,’ he said, adding that developers also have the option to bid for one of the two subdivided parcels.
Source: The Business Times, 23 January 2007
27 January - Press Release:- Tampines Court up for en bloc sale (Weekend Today)
31 January - Announcement of tender in Straits Times
04 February - 80.00% - Statutory 8 week Notice
12 February - Press release:- Collective sale site in next wave may fetch around $1 billion each
Over
at Tampines Court, marketing agent Dennis Wee and the appointed
lawyer for the majority owners, Phang & Co, plan to make the
huge, 702,162 sq ft leasehold site more digestible to prospective
developers by dividing it into two smaller plots.
Developers will be invited to bid for one or both sites. The award will seek to maximise the overall sale price achieved for the two sites combined.
‘If one party submits the highest bid for one plot and another for the second plot, then both developers will have to jointly agree to buy the entire site as the two halves must be sold together,’ explains SK Phang, principal in the law firm.
After completion of the sale of the site, the developers would then partition the site into the two halves and each developer will become the sole owner of the half he has bid for.
As far as owners of the 560 units in the estate are concerned, their sale proceeds will be the average of their share value in the estate and the floor area of their unit – regardless of which subdivided plot their unit stands on.
Source: The Business Times, 12 February 2007
Developers will be invited to bid for one or both sites. The award will seek to maximise the overall sale price achieved for the two sites combined.
‘If one party submits the highest bid for one plot and another for the second plot, then both developers will have to jointly agree to buy the entire site as the two halves must be sold together,’ explains SK Phang, principal in the law firm.
After completion of the sale of the site, the developers would then partition the site into the two halves and each developer will become the sole owner of the half he has bid for.
As far as owners of the 560 units in the estate are concerned, their sale proceeds will be the average of their share value in the estate and the floor area of their unit – regardless of which subdivided plot their unit stands on.
Source: The Business Times, 12 February 2007
08 March - Close of Tender
25 March - Sold by private treaty
Purchase price: $395,000,000.00 + $10 million Beta Sum = $405 million
Dev. charge + Dif. Premium = $107 million
$260 psf of potential gross floor area. (pgfa) including developmental charges and differential premium.
*Average gross sale price per unit : ~$705K before adjusting for Alpha sums, deduction of costs and expenses etc(as stated in property agent letter dated 27 March 2007)
28 March - Press Release:- Tampines Court being sold for $405 million (Business Times)
28 March - Dialogue session
1-April - Dialogue session
21 April - Sale and Purchase presentation
31 March - 80.71% - Statutory 8 week Notice
03 May - Outline Planning Permission (OPP)
25 May - 81.6% - Statutory 8 week Notice
22 June - Upgrading to 99 yrs lease
30 June - Minority Dialogue session
19 July - 81.6% - Statutory 8 week Notice
21 July - EOGM
26 July - RPA in principle date of approval
28 July - AGM
12 Aug -
19, 20 August - Collection of disbursement fee ($781.25) from majority owners
5 September - Appointment of Valuer
12 September - 82.14% - Statutory 8 week Notice
06 November - 82.14% - Statutory 8 week Notice
27 December - Notice of application for Sale in 4 Newspapers
31 December - 82.14% - Statutory 8 week Notice
2008
TAMPINES COURT CASE: STB 02/2008
07 January - Application for sale to the STB
18-22 January - minority objections filed
29 February - Day 1 minority mediation at the STB . Group of 39 legally represented, plus 4 single objectors with no legal representation.
10 April - Day 2 minority mediation
09 June - Day 3 minority mediation
16,17,18 June - STB Hearing. Group of 32 minority legally represented and 2 independent minority.
19 June - Buyer does not agree to amend the S&P Agreement (Beta Sum)
23 June - Interlocutory Application to Amend Application (in chambers).
Application withdrawn
27 June - Buyer not minded to agree to the extension of time (S&P)
30 June - Interlocutory Application to bring forward the date for the adjourned hearing
02 July - Minority objection to bring date forward
09 July - Arguments for and against presented
10 July - Further arguments added
11 July - Application dismissed by STB
16 July - majority apply to High Court to have the date of hearing brought forward : High Court originating Summons 941 2008/P
18 July - High Court Originating Summons 941 2008/P Mir Hassan bin Abdul Rahman and Another v Attorney-General[2008] SGHC 147
Court allows date to be brought forward
21 July - STB Hearing day 4 and Majority Oral Submission
22 July - Minority Oral Submission
23 July - Written submission
24 July - Extra submissions?
25 July - STB dismissed the sale. Grounds for dismissal: lack of good faith in sale price and method of distribution.
25 July midnight- Qualifying Certificate expiration, Sales and purchase agreement expires.
************************
The End of En bloc Round 1
************************
26 July - Annual AGM
.
Aug
- Aug 2009: general repairs to the estate. New car labels. New Access
gate cards. Tree pruning and general landscaping works. New CCTV camera
system at guard houses and side gates. Accounting problems solved.
2009
Aug 2009 - Annual AGM. Repainting & Repair works approved.
Oct 2009 - Repainting of estate, re-tiling of ground floor lift lobby, re-tiling of low-rise ground floor. New letterboxes, signage, dustbins, benches, replacement of corroded water pipes and other R&R works.
2010
April 2010: estate repainting and other R&R works completed.
Over 20% unit turnover since Aug 2008
Gathering of requisitions for a second attempt at a collective sale by a new owner in 2010
29 Nov - letter of requisition for EOGM from less than 20% of owners by share value to the Management Council
2011
10 Jan - Notice of EGM for the purpose of collective sale sent to all SPs with 29 Nov letter showing less than 20% by share value of SP's requisitioning.
24 Jan - Amended
Notice of EOGM for the purpose of collective sale with new requisition
letter dated 19 Dec 2010 with amended list of requisitionists
29 Jan - EGM 1 for the purpose of Collective Sale of Tampines Court (2pm)
Quorum: 47% at 2.30pm
Number of SPs elected to the sale committee: 12 (6 new owners since 2009, 6 old owners)
One nominee refused to give full disclosure of her interests and that of her associates' interests in the estate.
Itshometome later unearthed that this SC member had not disclosed :-
a) her co-mortgagee's second unit in the estate and
b) her sister's holding of 2 units in the estate.
Subsequent emails to the managing agent to void this member's nomination (in accordance with the Schedule) proved fruitless.
Letter dated Mar 24 to sale committee on the matter also proved fruitless.
Email
to en bloc solicitor went unanswered but was followed shortly by the
resignation of the said SC member in Aug 2011 for 'personal reasons'.
Time
taken between EGM 1 and resignation of errant SC member: 7 months. So,
no one actally 'voided' her nomination thereby proving that Paragraph
(2) of the Third Schedule is bogus :
he
shall, before his election, declare at the general meeting convened
for such election, the nature and extent of all such conflicts of
interest or potential conflicts of interest.
(2) The election of any person who fails to comply with sub-paragraph (1) shall be void.
(2) The election of any person who fails to comply with sub-paragraph (1) shall be void.
26 Feb - SC Meeting
16 Apr - SC Meeting: 5 Marketing Agent presentations
03 May - SC Meeting: Shortlisting of Marketing Agents
23 May - Requisition letter to managing agent for EGM 2
04 Jun - Notice of EGM 2 sent to SPs (dated 4 Jun)
18 Jun - SC Meeting: Legal presentation no.1
25 Jun - SC Meeting: Legal presentation no.2
02 Jul - EGM 2 for the purpose of collective sale of Tampines Court (2pm)
Quorum: 30.71% (172 Units with share value 688) at 2.20pm
10 Aug - SC Meeting: Draft CSA
10 Aug - SC Meeting: Resignation of 2 SC members, amended CSA
09 Sep - Notice of EGM 3 sent to SPs (dated 8th Sep 2011). No CSA attached
20 Sep - SC Meeting: EGM 3 Agenda, Draft CSA, Reserve price, Recess Area
20 Sep - Draft CSA (dated 23 Aug) sent to owners.
- No reserve price
- Schedule 1: owners and units: blank
- Schedule 2: method of Apportionment: blank
- Schedule 3: Terms of Appointment of Solicitor: blank
- Schedule 5: Members of the Sale Committee: blank
- Schedule 6: The representatives: blank
Resolution 2.1 was dropped from the Agenda
2.1 To resolve and approve the terms and conditions of the CSA
01 Oct - SC Meeting: CSA discussion with lawyers and SPs
12 Nov - SC Meeting: no quorum:
19 Nov -SC Meeting: resignation of SC member, letter of appointment of solicitor and MA, statement of income & expenditure of the SC, the RP, breakdown of En Bloc Fund, consider motion sent in by SP, finalisation of resolutions for EGM 4
20 Dec - Notice for EGM 4 sent to SPs (dated 15th Dec) . Draft CSA (9th Dec) included
2012
07 Jan - EGM 4 for the purpose of collective sale of Tampines Court (1.00pm)
(unofficial results):
12 Jan - FIRST SIGNING OF CSA
14 Jan - SC Emergency Meeting
08 Feb - 1st STATUTORY NOTICE (dated 9th Feb)
11 Feb - SC Meeting - resignation of SC member, discussion of leaflet distributed by SP, discussion of insidious comment(s) in my blog, discussion of sale of unit by SC member
11 Feb - Signing session
10 Mar - SC Tea-Time with SPs
12 Mar - Signing session,
12 Mar - 2nd STATUTORY NOTICE (dated 9th Mar 2012)
22 Mar - Signing session
22 Mar - Emergency meeting to resolve to open an account with the Bank Of India for ESF cheques.
05 Apr - Signing session
05 Apr- 3rd STATUTORY NOTICE
16 Apr - Signing session & SC meeting
26 Apr - Signing session & SC meeting / Resignation of Treasurer Amos Goh
03 May - 4th STATUTORY NOTICE
31 May - 5th STATUTORY NOTICE was nor posted on the board
28 Jun - 6th STATUTORY NOTICE / SC meeting
07 Jul - Signing session
17 Jul - Signing session
26 Jul - 7th STATUTORY NOTICE
28 Jul - Dialogue with owners
30 Jul - Signing Session
23 Aug - 8th STATUTORY NOTICE
10 Sep - Signing Session
18 Sep - Signing Session
20 Sep - Signing Session
.....
Data lost
22 Mar - Emergency meeting to resolve to open an account with the Bank Of India for ESF cheques.
05 Apr - Signing session
05 Apr- 3rd STATUTORY NOTICE
16 Apr - Signing session & SC meeting
26 Apr - Signing session & SC meeting / Resignation of Treasurer Amos Goh
03 May - 4th STATUTORY NOTICE
31 May - 5th STATUTORY NOTICE was nor posted on the board
28 Jun - 6th STATUTORY NOTICE / SC meeting
07 Jul - Signing session
17 Jul - Signing session
26 Jul - 7th STATUTORY NOTICE
28 Jul - Dialogue with owners
30 Jul - Signing Session
23 Aug - 8th STATUTORY NOTICE
10 Sep - Signing Session
18 Sep - Signing Session
20 Sep - Signing Session
.....
Data lost
No comments:
Post a Comment