EGM 3

The EGM 3 that very nearly didn't happen. The 1 hour deadline for the 30% quorum inched closer and closer and I think they just made it with less than 5 minutes to spare. In the end there was just 31% attendance. This was rather surprising; I was expecting a higher turnout.

Another big surprise was in store. Apparently there was a last minute meeting and a decision taken NOT to proceed with item 2.1 on the agenda  'To resolve and approve the terms and conditions on the Collective Sales Agreement'.  A wise decision, as really, this half-baked, ill-conceived draft CSA would never have reached it's intended goal anyhow, which is to garner 80% support from owners. So it's back to the drawing board and owners will be presented with a full draft 3 sometime in the near future. No blank pages or spaces for owners to wonder at, but if they are going to be intransigent on making substantial changes to the body of the draft, then it might be just a colossal waste of time (and MCST money). We are not a virgin estate, we require an extra-ordinary CSA with non-standard terms.

I never thought I would say this, but I have a new-found admiration for out ex-enbloc lawyer and his tremendous organizational skills. He certainly was the en bloc king in that respect.

The EGM 3 wasn't a complete waste of time, the remaining 7 resolutions on the Agenda were voted on.

2.2 To resolve and empower the SC on appointment of an independent property consultant for report on apportionment of Sales Proceeds

Yes: 83%

I voted NO because there's no need. Tampines Court is not a difficult development, we are virtually all the same size and pay the same maintenance fee. It is only complex developments with wide ranging strata area and/or commercial units that might require outside help. The calculations involved for TC are very easy to do.
Problem: This report has to be done before the next draft is sent out, so who is going to pay for it up-front?

2.3 To resolve and decide on the Reserve Price

There was much discussion about this. The marketing agent put up his proposed RP and that's what we voted on. 

Yes: 79%

I voted No, it's high enough to entice many owners, but not me.

For reasons of confidentiality, the RP cannot be disclosed on this blog.

2.4 To resolve and decide on the need for independent Valuations prior to fixing the RP and empower the SC to appoint the Independent valuer.

Again a lot of discussion. To me this resolution comes too late, and I was particularly perturbed by Valuations in the plural.

No: 59% 

2.5 To resolve and empower the Sales Committee to increase the Reserve Price
Yes: 79%

2.6 To resolve and set up an Enbloc sale fund to meet the Preliminary Enbloc Sale expenses (out of pocket expenses, meeting expenses, Independent valuers/property agent fees and authorise the SC to collect and account for such fundsLots of discussion. People wanted to know the exact sum involved. I believe this will appear as a new clause in the the next draft CSA. My own view is that a proper list should be compiled and a reasonable sum set.
Yes: 64%

2.7 To resolve and authorise the MC to permit the Sales committee to use the conference Room at no costI voted Yes. Sure, let them have access to a few tables and chairs, it's just a room for goodness sake. 
Yes: 83%

2.8 To resolve and authorise the SC to use the Void decks for any meeting of the SPs with the Solicitors for signing the CSA or for meeting SC members. I voted Yes. Well where else are they going to go?  KFC? 
Yes: 82%

A female lawyer did a brief presentation of the salient points in the CSA. I think they were trying to counter-argue some of the points in this blog.  They seemed to be spooked by my deduction that the purchaser could buy units up individually and were quite adamant that this was not so.   If that is true then they will have to remove all ambiguity from the terms and keep things simple and crystal clear. As this was not the EGM to go into too much detail on the terms, questioning by SPs was cut short.

OFFICIAL RESULTS
 Shedule time to start meeting: 1pm
Quorum reached: 1.57pm,  31% (744 Share Values)