What did $19,666.00 in privatization costs bring to the residents of TC? How do some owners 'enjoy the benefits of a collective sale'?
2002 high-end public housing (HUDC)
2003 privatisation at $19,666 (strata title)
2004 a fence, 2 guardhouses and sleeping security guards
2005 en-bloc rumblings
2006 signature collection
2007 en bloc sale
2008 en bloc fight
2009 low to mid-tier public housing, substantial bank interest loss, substantial CPF loss, no cash for next home.
All this has a filter down, disruptive effect on:
retirement plans
investment plans
childrens’ education plans
$576,257 is owed to the MCST for privatization balance. But some of these owners who did not pay up on time like the rest of us, need not worry – they will have their debts paid by the diligent folk whose agreement was never sought. Not only that, if they have also chalked up huge interest penalties, that too will be paid on their behalf. So, on hindsight, it would have been better NOT to pay privatization costs promptly.
2002 high-end public housing (HUDC)
2003 privatisation at $19,666 (strata title)
2004 a fence, 2 guardhouses and sleeping security guards
2005 en-bloc rumblings
2006 signature collection
2007 en bloc sale
2008 en bloc fight
2009 low to mid-tier public housing, substantial bank interest loss, substantial CPF loss, no cash for next home.
All this has a filter down, disruptive effect on:
retirement plans
investment plans
childrens’ education plans
$576,257 is owed to the MCST for privatization balance. But some of these owners who did not pay up on time like the rest of us, need not worry – they will have their debts paid by the diligent folk whose agreement was never sought. Not only that, if they have also chalked up huge interest penalties, that too will be paid on their behalf. So, on hindsight, it would have been better NOT to pay privatization costs promptly.
.
Private Apartment –--> en bloc –--> public housing
Don’t pay you bills –--> more money from en bloc
Welcome to the topsy-turvy world of en-bloc, Tampines Court style.
Private Apartment –--> en bloc –--> public housing
Don’t pay you bills –--> more money from en bloc
Welcome to the topsy-turvy world of en-bloc, Tampines Court style.
Hi
ReplyDeleteyou mean to say if some owners did not pay for privitation need not pay anymore, this is not called privatisaion, Moreover it is not fair. Is it happening only in tc or elsewhere?
Only TC (Beta Sum trailblazer)
ReplyDeletebut if it is successful here (and it is still being fought at the STB; round 1 went to the minority) then other estates will no doubt pick up this 'after sale' tactic with gusto.
I am glad that the enbloc exercise failed. I'm all for charity but who's ever heard of subsidizing your neighbor's privatization costs and/or interest incurred? It is a real pity that the SC and other folks involved did not keep the majority updated...these are the very same people who supported them from the start. Just imagine our shock and disappointment when we found out the real deal behind the beta sum!
ReplyDeleteAs someone else mentioned, this has pretty much turned out to be a lose-lose for all involved. This is a shame. If only honesty and transparency had been the name of the game, I'm sure it could have evolved into a win-win for all.
Well, no point crying over spilled milk. As for another enbloc exercise, I for one, will certainly not put down my signature so easily next time. This whole thing has been a horrible waste of time and energy. I hope that the folks who have committed to other property will be able to sort things out.
Just for the record, word has it that the current market value for TC is 500K. Anyone knows how accurate a figure this is?