My understanding of what's in the works:-
The Team has said it will make an Application for Sale to the STB tentatively on 22 Sep 2017
They have quite a lot of paperwork & procedure to do (I won't bore you with all the details) but one of the requirements is to place an Advertisement of the particulars of the Sale in the local newspapers. The Advertisement must include:
(i) information on the development ie name, land lot number & address
(ii) brief details of the sale proposal
(iii) the place at which the relevant parties can inspect the documents for the collective sale
They then have to serve notice of the collective sale - a huge bundle of documents - to each owner by registered post. The bundle must include:
(i) the advertisement referred to above
(ii) the collective sale agreement (CSA)
(iii) the sale & purchase agreement (S&P or SPA)
(iv) a statutory declaration made by the purchaser on his relationship, if any, to the unit owners
(v) the valuation report done at close of tender and;
(vi) the report by an independent valuer on the proposed method of distributing the sale proceeds.
The CSC must make an Application to the STB within 14 days of the Advertisement and lodge a copy of the Application at the Singapore Land Authority (SLA).
Filing an Objection
This will raise the hackles of the majority, but even so, it is the Law. Don't shoot the messenger. Filing an objection is a minority owner's prerogative; a majority owner cannot object for any reason.
According to all reports, the STB is a waste of time for objectors now as nothing can be resolved at this level. Gone are the days of 2008 when opposing lawyers slugged it out in front of a 5 member STB panel who had the power to dismiss the sale. That was all swept away in 2010. It is basically just for Objectors to make their feelings known, the STB mediator to nod, the CSC to commiserate/argue and for the objection to be eventually withdrawn before it can escalate to High Court. STB has become a pointless exercise unless you have a really, really good case and money for the High Court. If your objections are deemed to be frivolous, then costs could be awarded against you.
According to all reports, the STB is a waste of time for objectors now as nothing can be resolved at this level. Gone are the days of 2008 when opposing lawyers slugged it out in front of a 5 member STB panel who had the power to dismiss the sale. That was all swept away in 2010. It is basically just for Objectors to make their feelings known, the STB mediator to nod, the CSC to commiserate/argue and for the objection to be eventually withdrawn before it can escalate to High Court. STB has become a pointless exercise unless you have a really, really good case and money for the High Court. If your objections are deemed to be frivolous, then costs could be awarded against you.
1) Financial Loss:
It is unlikely there will be any FL owners this time round, but to be in the safe side, each minority owner should do the following calculation:
It is unlikely there will be any FL owners this time round, but to be in the safe side, each minority owner should do the following calculation:
Take your proposed Sales Proceeds and subtract the following allowable deductions (LTSA 4th Schedule).
1) Stamp Duty paid on the purchase of your unit
2) Legal fee paid in relation to the purchase of your unit
3) Privatisation costs if you were the owner who paid them
4) Costs & Expenses of this Collective Sale which are shared by all SPs as provided under the CSA.
These are the only allowable deductions - you cannot deduct your renovation costs.
If your remainder is less than the purchase price then you are in Financial Loss.
If SSD pushes you into the red, is this considered FL?
I don't know as SSD is post-2010 and not mentioned in the LTSA. Seek proper legal counsel on this.
2) Bad Faith
This is for the serious objectors - if they believe the sale was not done in good faith with regard to the sale price, the method of distribution of sale proceeds or thinks there's a dodgy relationship between the buyer and any SP. This is a tough rosad to go down, and only if you have proof or likely to uncover wrongdoing.
The STB has up to 60 days to clear all the Objections from date of first mediation session.. If mediation fails in some instances then the STB will give the Objector 7 days notice to withdraw their objection or face going to High Court (the Stop Order). Going to High Court is where you will need a good lawyer and deep pockets.
Q: When to make an Objection?
A: Within 21 days of the date of the notice for collective sale. The legal letter in the 'bundle' should inform minority owners of their right to object and enclose the necessary Form. This is what out Lawyer in Rd 1 did - and you know how meticulous he was in these matters.
A: The STB takes up to 60 days from date of first mediation. It is High Court which really delays a sale.
Can the STB throw out a Sale?
Looking at the LTSA PTVA - ...... hmmm....
Korean war is hot in the topic again, take our monies fast. Who knows prices of property decline just in time for us to buy our dream home �� and still have lots of monies left.
ReplyDeleteBlogger please let us know which condo u will be buying next. I am sure most of us won't want to be yr neghhbours. Realy very bad luck.
ReplyDeleteAnonymous 12- I doubt many of us would want to see each other again after this whole episode, not just involving the blogger. Any illusions of neighbourliness in TC have been dispelled.
DeleteI would like to be her neighbour but not yours because I know she will look out for the minority from being bullied.
DeleteCan majority sue the minority for frivolous delaying tactics which cause majority to miss out on purchase of new unit at lower prices too?
ReplyDeleteI would like to see the majority sue the minority for that reason because obviously that is dumb and uncalled for & just accept the fact that its not the minority fault that we started at a pathetic RP at 1.3. If we started off at 1.7 we wouldnt be so panicky. The time wasted was so precious
DeleteYou want to sue people for exercising their rights? Good luck!
DeleteTo the majority: please do not forget that the Sale Committee, Marketing Agent and the Lawyers have the obligation to serve the majority and minority alike - unless the minority do not have to pay commission and fees to the two parties. Behave yourselves and let the due process takes its course. Cease and desist slamming the blog owner.
ReplyDeleteThe minority enjoy the benefits of being a multi millionaire because the majority support this enbloc. Please cease & desist slamming the majority. Be grateful that you are getting a million dollars more as compared with the current market value of yr property if you sell to the open market !
DeletePlease do not use the minority name in vain. Exactly how many minority are you speaking on behalf of ?. I have alot of minority neighbours & friends who are very reasonable & friendly. I never ask them to sign as I respect their decision. Even though they don't sign, neither do they object as they know that this is a golden opportunity which we should not miss. Basically the majority here are just not agreeing with the blogger who also actually is just speaking for herself and not the minority at large. So stop using the minority name to bash the majority!
DeleteLand development fee rise by more than 20%. Any impact on our enbloc? Hope SIM Liam is huge enough to absorb.
ReplyDeleteHave to thank blogger and co we did not end up like a price like round 1. Could have ended up with a laughably low price . Count our blessings TC did not end up like gilman heights or minton rise
ReplyDelete“招军买马” can be too late to drum-up supports similar to your teams’ 1st encounter. Though I do hear some noises around the market place, but in general saw many happy faces and could be that they are mostly seniors. Anyway good luck to you if have another team to back you again. I am your spectator.
ReplyDelete