The Jewel of Changi

Here is another another reason why Tampines Court deserves a much higher reserve price. We are just 8 MINS AWAY from the next big thing in the east.  We sit on  prime land - lets not give away our jewel for the price of a few beads. 

I hear nothing but negative things about why we should settle for this horrendous RP, the usual gripes. 

Namely:

1. The electrical station is about to blow and owners will be saddled with a $6 million dollar bill to replace it.  

Well, the station was ready to 'blow up' in Rd 1 & Rd 2 and.,naturally, it didn't. If and when the day comes for owners to repair/replace the station then we will not only have 560 units to share the cost but we have a sinking fund as well. That is what a sinking fund is for. SPs should think about topping up this sinking fund regularly and painlessly to keep it healthy rather than fretting about the future.  I would rather fork out $10k to bring our electrical system up to scratch than lose $300k through a misguided enbloc and downgrade to an even older condo (with the same inherent problems) or HDB!  

Vice-Chairman

The Vice-chairman of the Sale Committee is making an extraordinary effort to raise awareness amongst the SPs that the reserve price is set too low. He is going door-to-door handing out a letter outlining his concerns and urging SPs to make their collective reservations known to the marketing agent. They can do this either through the Tampines Court Facebook page or email direct to the SC.

He believes "the RP is set too low for the following reasons:

1. The reserve price originally calculated by Huttons was SGD XXXMN on 14/11/2015. But after shortlisting as Marketing Agent, they reduced it to SGD XXYMN within a month. This was not justified.
2. The basis of reserve price is the "most approximate value of any future development in Tampines Court by the developer buying it. Huttons has assumed selling price of the new development at SGD1100psf whereas based on current prices of similar projects in and around Tampines/comparable locations the selling price should be at least SGD1150psf and not SGD1100. On this basis, the reserve price will in crease by at least SGD 90 million.
3. The estimated sale proceeds of any unit in enbloc sale should not be compared with present selling price of an unit in Tampines Court but with the potential commercial value of the new development and profits to developer from additional built up area based on 2.8 times the existing land area - based on this, each unit should bet minimum SGD1.XXmn"

Well, I applaud this SC member for this tireless and thankless endeavour, he is taking his 'Duty of Conscientiousness' very seriously. It is also a relief to know someone on the committee understands these matters. 

I hope the rest of the committee is behind him and not just sitting on their hands. 

Good grief!

Around 42.14% of SPs have signed the CSA

Do 42.14% really want to downgrade to a HDB or a new shoebox unit? Do they really want to hand the developer all the common property for free? Do they realise that new units are going for $1200 psf and that they are being offered half that amount? 

This is not replacement cost - this is enforced downgrading.


I am getting scared
My enforced choice of future home will be:

I see the old "depreciating asset" and "infrastructure problems" are rearing their heads again (see comments below). Add to that the 'high maintenance fee" and you have the 3 cornerstones of every pro-enbloc argument since the days when the Enbloc King roamed our corridors. 

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