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.
Tampines Court 1985-2018
Jul 28, 2012
Jul 9, 2012
Outdated RP
If owners were to receive the RP in their accounts tomorrow, they would not be able to buy a similar sized replacement unit in the near vicinity. There's the hassle of moving, the legal fees, the stamp duty, the renovation cost, the spectre of 560 potential owners entering the market at the same time driving up resale values and COVs in the area,... even if you sign today; you won't see a penny until 2013 at the earliest. Mass market properties in Tampines are being snapped up like there's no tomorrow. Waterfront Waves subsales have breached the $1000psf mark.
TC Round 1: RP mooted in Dec 2005 - sold Mar 2007 : 15 months unchanged in a rising market.
TC Round 2: RP mooted in Jul 2011 - now Jul 2012 : 12 months unchanged in a rising market.
At this rate the RP will be 18 months old without a revisit by the end of the year.
Any Expression of Interest now will only serve to justify keeping the RP as it is.
Any EOI now will cut the legs off any legitimate tender exercise 9 months down the road.
Any EOI now could produce our ballpark RP less 20% - prompting a likely convening of an EGM to lower the RP; or set the murky mechanism for lowering the RP in the CSA into action.
An EOI exercise should never be done simply to 'persuade' reluctant owners to sign.
.
Any EOI now could produce our ballpark RP less 20% - prompting a likely convening of an EGM to lower the RP; or set the murky mechanism for lowering the RP in the CSA into action.
An EOI exercise should never be done simply to 'persuade' reluctant owners to sign.
.
Would the name of the interested party(s) (should there be any) be disclosed to the owners? Probably not since the developer-buyer would be a public-listed company and SGX rules prohibit any such disclosure. So it might all be as transparent as a cardboard box.
Any way you look at it, going for EOI now is not a wise move.
Any way you look at it, going for EOI now is not a wise move.
Jul 6, 2012
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