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Mr. Mah has in his possession another petition; one handed in by the minority owners at the previous Monday's Meet the People Session, albeit quietly, without media attention. We had turned down repeated requests for an interview; preferring not to dramatize our estate in the media.
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The minority only request that due process be followed, that the law should be allowed to take it's natural course. We were assured in previous sessions by our eminent MP that due process is paramount in the legal system. That although he cannot and would not interfere directly in the decision making of the STB, he would make representations on owners' behalf, both for minority and majority. That is only fair.
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Newspaper report:
"It has become a nerve-wracking time for the owners, as many have committed themselves to other properties"
Both the en bloc lawyer and the Property Agent have stated in previous letters to the owners that it was unwise to purchase a new unit before the sale was confirmed- and there is a long way to go before it is confirmed.
En bloc Lawyer letter dated 27th March 2007:-
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These owners have therefore only themselves to blame for ignoring sound advice and making unwise purchases beyond their means.
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Property Agent letter dated 27th March 2007:-
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"Owner K. Balasubramaniam, 55, said residents could lose about $200,000 should the sale fail. He said the average open market value of a typical unit was $500,000 - while each owner would get $700,000 should the sale go through.
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Just where did Mr. Balasubramaniam get his figures from? Where is his evidence? Plucking unsubstantiated figures from the air and presenting them as facts to the Minister is deplorable. Did the reporter for the ST ask for proof before reporting these figures in the paper? There is NO such thing as an average open market value of a typical unit for TC. The last individual unit sold in Tampines Court was in OCTOBER 2006 - at a price of $520,000. There has been a freeze on the sale of units at least since 15/05/2007* as the buyer has placed caveats on all the units, both minority and majority.
* my unit taken as example
Publish Post
.
The minority only request that due process be followed, that the law should be allowed to take it's natural course. We were assured in previous sessions by our eminent MP that due process is paramount in the legal system. That although he cannot and would not interfere directly in the decision making of the STB, he would make representations on owners' behalf, both for minority and majority. That is only fair.
.
Newspaper report:
"It has become a nerve-wracking time for the owners, as many have committed themselves to other properties"
Both the en bloc lawyer and the Property Agent have stated in previous letters to the owners that it was unwise to purchase a new unit before the sale was confirmed- and there is a long way to go before it is confirmed.
En bloc Lawyer letter dated 27th March 2007:-
.
These owners have therefore only themselves to blame for ignoring sound advice and making unwise purchases beyond their means..
Property Agent letter dated 27th March 2007:-
.
.
.
"Owner K. Balasubramaniam, 55, said residents could lose about $200,000 should the sale fail. He said the average open market value of a typical unit was $500,000 - while each owner would get $700,000 should the sale go through.
.
Just where did Mr. Balasubramaniam get his figures from? Where is his evidence? Plucking unsubstantiated figures from the air and presenting them as facts to the Minister is deplorable. Did the reporter for the ST ask for proof before reporting these figures in the paper? There is NO such thing as an average open market value of a typical unit for TC. The last individual unit sold in Tampines Court was in OCTOBER 2006 - at a price of $520,000. There has been a freeze on the sale of units at least since 15/05/2007* as the buyer has placed caveats on all the units, both minority and majority.
* my unit taken as example
Publish Post
Based on www.hdb.gov.sg, a unit of 146 Sqm in Tmapines has a resale value of $615,000. With a similar area of 1700sq feet a HDB unit will cost $670,000. Is the majority/SC is providing relaible information about price?
ReplyDelete[moderated by blog administrator; comment deleted]
AND we are Private property, not HDB.
ReplyDeleteIt is a matter of market condition now - you may be surprise to find that there is no more buyers lined up for our unit.
ReplyDeleteThe $500k figure quoted in the article is fictional, with no basis in data. 'Guesswork' as to how the market will welcome us back is useless. TC will spruce itself up first.
ReplyDeletejust wait for 2-3 more years, you will be glad to pocket another $200,000 for your retirement....
ReplyDeleteYou have not seen the effect or IR yet...cheers
If everyone think we can sell even higher why not someone try and we will see, talk till the cow's come home would not help if I can fetch $850K and above, I will be very happy. No point debating on price right now without solid evident facts.
ReplyDeleteCaveats have been served on our units - both Minority and majority- by the buyer. You cannot sell.
ReplyDelete