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.
hi itshometome, thanks for updating your site even so long after the TC enbloc fiasco. I own a unit in TC but am no longer staying there. Just wondering what are your thoughts on selling right now. Do you think this is a goodtime to sell? I keep hearing agents tell me that one of the selling points of TC is the 'en bloc' potential. But with the new ruling I'm not sure if that still holds true.
Furthermore, I think with the number of units sold in TC over the past two years, there is likely more people against an en bloc staying here , should it even happen again. What are your thoughts?
In view of what happened in the past enbloc excerise, it is unlikely that TC will be successful in another attempt in the next few years.
The issue with TC is that it is aging and as time passes, the developer will have to pay more to top up the lease.
Govt is also releasing land in suburban areas thus providing adequate supply of such land to developers who prefer govt land over the uncertainties of enbloc land.
I don't give advice on such matters, but since TC is obviously not your primary abode, then financial consideration is your motivating factor. Sell now, later or wait for en bloc.
Who knows what the make-up of the estate is like now - my guess is as good as yours. But I do know there will be vocal opposition to any attempt. The rules make it trickier and the length of the process makes it insane. But will that stop people from trying?
I think it might get to a point when people find it simply more logical to sell. The estate is fast approaching 30 years, after which it will be more difficult to get loans. And as with many places over 20 years, repairs will be needed every now and then. And with 1/3 of the lease behind too. These are reasons why people may think of starting up a collective sale again eventually. But will TC's negotiating power drop by then?
I think it might reach a point where people will view TC as their final home and not be bothered with resale values/enbloc etc. There are very few 'safe havens' out there, unless you want to downgrade to a HDB. All the surrounding buildings in ST 11 are the same age.. do you see the Government telling those owners to sell up, move out, because their buildings are getting equally old? No, in fact the opposite message is sent out. As for repairs - every place needs upkeep and repair. There has been about 80-100 renovations done in TC since 2008- these owners obviously like the place enough to keep their homes up to par. And the Government can review its DP (differential premium) if it finds it a stumbling block later on (think Neptune Court and the steep discount it gave to the privatisation cost to facilitate enbloc).
We have all seen the 'new homes' out there - tiny, overcrowded, cheap looking and expensive. I think many have come to appreciate the size and convenience of living in Tampines Court
HDB and private is very differnet. HDB does not have restictions on use of CPF for older apartment. TC will have this restriction when the remaining lease is less than 60 years.
Government do not tell HDB people to sell up but instead, the Govt improve the neighbourhood though upgrading, lifts and imporovement programmess. This enhances the environment despite the age of the apartment.
TC is not Neptune Court. Neptune Court is in a strategic and high value location. There are good reasons for the government and private sector to to re-new the development.
itshometome - SPOT ON! TC is home to me too! And for those who intends to sell your unit, the sooner the 'en-bloc' rumours of TC stops, sooner the price of TC will rise with the market. En-bloc' raiders wants it low, to gain more when it happens. Genuine buyers dare not buy at higher price just in case en-bloc happens and they get into financial loss.
hi itshometome, thanks for updating your site even so long after the TC enbloc fiasco. I own a unit in TC but am no longer staying there. Just wondering what are your thoughts on selling right now. Do you think this is a goodtime to sell? I keep hearing agents tell me that one of the selling points of TC is the 'en bloc' potential. But with the new ruling I'm not sure if that still holds true.
ReplyDeleteFurthermore, I think with the number of units sold in TC over the past two years, there is likely more people against an en bloc staying here , should it even happen again. What are your thoughts?
In view of what happened in the past enbloc excerise, it is unlikely that TC will be successful in another attempt in the next few years.
ReplyDeleteThe issue with TC is that it is aging and as time passes, the developer will have to pay more to top up the lease.
Govt is also releasing land in suburban areas thus providing adequate supply of such land to developers who prefer govt land over the uncertainties of enbloc land.
just my thots.
I don't give advice on such matters, but since TC is obviously not your primary abode, then financial consideration is your motivating factor.
ReplyDeleteSell now, later or wait for en bloc.
Who knows what the make-up of the estate is like now - my guess is as good as yours. But I do know there will be vocal opposition to any attempt. The rules make it trickier and the length of the process makes it insane. But will that stop people from trying?
I think it might get to a point when people find it simply more logical to sell. The estate is fast approaching 30 years, after which it will be more difficult to get loans. And as with many places over 20 years, repairs will be needed every now and then. And with 1/3 of the lease behind too. These are reasons why people may think of starting up a collective sale again eventually. But will TC's negotiating power drop by then?
ReplyDeleteAM52
I think it might reach a point where people will view TC as their final home and not be bothered with resale values/enbloc etc. There are very few 'safe havens' out there, unless you want to downgrade to a HDB. All the surrounding buildings in ST 11 are the same age.. do you see the Government telling those owners to sell up, move out, because their buildings are getting equally old? No, in fact the opposite message is sent out.
ReplyDeleteAs for repairs - every place needs upkeep and repair. There has been about 80-100 renovations done in TC since 2008- these owners obviously like the place enough to keep their homes up to par.
And the Government can review its DP (differential premium) if it finds it a stumbling block later on (think Neptune Court and the steep discount it gave to the privatisation cost to facilitate enbloc).
We have all seen the 'new homes' out there - tiny, overcrowded, cheap looking and expensive. I think many have come to appreciate the size and convenience of living in Tampines Court
TC is already facing the aging factor. look at the psf vs surrounding condos.
ReplyDeleteThe bad news is that I do not recall any successfulul enblocs for large 99 yrs condos in HDB estates. Developers do not pay premium for such land :(
Final home?
ReplyDeleteHDB and private is very differnet. HDB does not have restictions on use of CPF for older apartment. TC will have this restriction when the remaining lease is less than 60 years.
Government do not tell HDB people to sell up but instead, the Govt improve the neighbourhood though upgrading, lifts and imporovement programmess. This enhances the environment despite the age of the apartment.
TC is not Neptune Court. Neptune Court is in a strategic and high value location. There are good reasons for the government and private sector to to re-new the development.
itshometome - SPOT ON!
ReplyDeleteTC is home to me too!
And for those who intends to sell your unit, the sooner the 'en-bloc' rumours of TC stops, sooner the price of TC will rise with the market.
En-bloc' raiders wants it low, to gain more when it happens. Genuine buyers dare not buy at higher price just in case en-bloc happens and they get into financial loss.