There have been rumors made about how an EOGM for a collective sale is imminent. I was asked if I had heard the 'good news' by a fellow resident. Alas, I think his jubilation might be a little bit premature as the en bloc group is still only procuring the necessary signatures for a proper requisition. They are possibly inept at the job but I have no doubt they will achieve their goal. They are hoping for an EOGM in January, so look out for an announcement soon.
They have taken an inordinately long time getting the necessary 20%. - seeing as they started months ago. The flipper, property agents et al have been canvassing non stop, knocking on doors, walking around, making cold calls. Could they be possibly saying something like:-
But pro-enblocers are generally not the conscientious type. The flippers want to turn a quick profit. The backers tend to have pressing financial reasons to sell.
Our Minister of law, Mr. Shanmugam had something to say on the issue in the Second reading of the LTSA Amendment Bill:
"Our view is that such repeated attempts especially frivolous ones should be discouraged. If there is no prospect of an en bloc sale succeeding, then owners should not be harassed, nor should owners be worn down or be subjected to attrition tactics. The owner's right to live in peace and not be subjected to repeated attempts should be respected."
"Yes, we could do that, but there is the other aspect which I have emphasised, which is in a development, people if they have made their views extremely clear, and there is no realistic prospect of success, should not be bothered again and again."
Holding an EOGM does not automatically mean a sale committee will be formed, it will all depend on the wishes of the simple majority (50%+1) of those attending or by proxy. So it is vital that as many owners as possible should attend for it to be a true reflection of the estate's sentiment and direction.
They have taken an inordinately long time getting the necessary 20%. - seeing as they started months ago. The flipper, property agents et al have been canvassing non stop, knocking on doors, walking around, making cold calls. Could they be possibly saying something like:-
- En bloc is inevitable (no it isn't)
- Everybody is interested (no they aren't)
- The en bloc will go through for sure (how do they know?)
- The new rules make everything safe (rubbish)
- We have your best interests at heart (more rubbish)
- The lifts have a 25/30 year lifespan only (no they don't)
- The BCA requires that lifts be replaced (no it doesn't)
- We need only a few more signatures (an agent's favourite sales pitch)
- Now is a good time to sell (you never can tell)
But pro-enblocers are generally not the conscientious type. The flippers want to turn a quick profit. The backers tend to have pressing financial reasons to sell.
Our Minister of law, Mr. Shanmugam had something to say on the issue in the Second reading of the LTSA Amendment Bill:
"Now, really, there can be no objection in principle to require that before you restart the entire process, you have to make sure that you are going to succeed."
Holding an EOGM does not automatically mean a sale committee will be formed, it will all depend on the wishes of the simple majority (50%+1) of those attending or by proxy. So it is vital that as many owners as possible should attend for it to be a true reflection of the estate's sentiment and direction.
Yup, lets hold the eogm. The views of the estate can then be made known. This is a more legitimate approach then a poll.
ReplyDeleteAnother one who does not know en-bloc process and costs.
ReplyDeleteEOGM costs the estate money to run.
So unless the pro-enbloc committee has done a proper poll, don't call for EOGM to spend the estate's money!
lol, a poll is not part of the legislated enbloc process. if you want to stinge over an eogm, then better not proceed with the enbloc at all.
ReplyDeleteI am not from TC.
ReplyDeleteA good guage of interest is the response from the previous enbloc attempt.
The signature collection exercise is only an Expression of Interest with a price tag of $1.2m. It is not a requisition for EOGM which needs 20/25%(size and share values)of the development. Whatever it is, I urge SPs of TC not to give our estate away for $1.2m each. Our estate is worth at least $1.4m based on the benchmark selling prices of NV Residences at 880psf and Waterfront Gold at 930psf. Let the SPs at EOGM/AGM decide on the reserve price instead or even replacement basis not agents, please.
ReplyDelete