A Minority Owner's chronicled journey through 3 Collective Sale attempts; the last one being successful. TC was a 560 ex-HUDC estate with a thriving community spirit (up until the enblocs that is). I have moved on to a new, 37 unit Freehold estate. Life is quiet now with zero community feeling.
Whilst I am very relieved that 'due process' is alive and well at the STB it is still not the time to celebrate.
The enbloc lawyer might apply to the High court to get the STB decision overturned.
The buyer might suddenly decide to do a U-turn and agree to extend - . . This decision speaks volumes to the STB panel members' collective sense of correctness and fair play, and I thank them deeply for that.
Let's us now hold out breaths and refrain from celebrating prematurely.
I don't see the point in their holding an EOGM to get the mandate to extend the deadline as the buyers have said they do not agree to an extension. Also, I think they have run out of time there too, insufficient notice...
TC's AGM is on 26 July, 2008 - a day after the expiry.
Anyway,let's keep our ears to the ground for news on that front.
Hi, There's nothing to celebrate yet as the buyers have nothing to lose yet. If they chose to extend the dateline, afterall they have waited 18mths, what's another month of waiting? They are in a win-win situation. Even if they extend and the deal is sealed, they might not tear down but instead lease it to the existing SPs to generate income till the market picks up.... Either way, they win unless they really want to forgo the sale, in which case I personally do not think so.
Congratulation to all TC residents !!!
ReplyDeleteThe enbloc is off unless the buyers change their mind which is unlikely to happen now.
We have wasted two years and now it is back to square one but TC is no more the same one.
Hope that we can start afresh after 25 July 2008.
Whilst I am very relieved that 'due process' is alive and well at the STB it is still not the time to celebrate.
ReplyDeleteThe enbloc lawyer might apply to the High court to get the STB decision overturned.
The buyer might suddenly decide to do a U-turn and agree to extend -
.
.
This decision speaks volumes to the STB panel members' collective sense of correctness and fair play, and I thank them deeply for that.
Let's us now hold out breaths and refrain from celebrating prematurely.
this is a case of lose-lose, those who want to sell will not see it happeninig and the minority will have to part with substantial legal fees.
ReplyDeleteThe minority willingly engaged their lawyers and are happy to pay them for their excellent service.
ReplyDeleteHi
ReplyDeletejust want to know what would be the sceneiro now for the sales committe, are they going to go door to door asking for mendate from owners for EOGM
I don't see the point in their holding an EOGM to get the mandate to extend the deadline as the buyers have said they do not agree to an extension. Also, I think they have run out of time there too, insufficient notice...
ReplyDeleteTC's AGM is on 26 July, 2008 - a day after the expiry.
Anyway,let's keep our ears to the ground for news on that front.
Hi,
ReplyDeleteThere's nothing to celebrate yet as the buyers have nothing to lose yet. If they chose to extend the dateline, afterall they have waited 18mths, what's another month of waiting? They are in a win-win situation. Even if they extend and the deal is sealed, they might not tear down but instead lease it to the existing SPs to generate income till the market picks up.... Either way, they win unless they really want to forgo the sale, in which case I personally do not think so.
There is nothing to celebrate yet, I agree. One can fall at the last hurdle as easily as the first.
ReplyDeleteAt this moment in time, it is not rumour but fact written in black & white in a legal letter that the buyer does not wish to extend the sale.
It is not over until the 25th, or the STB rules Sale or No Sale, whichever comes first.