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.
You should chill long time ago. I don't see any purpose of yr blog accept to create divisions between majority & minority until newspaper also reported it. Worst are those minority who don't know their fact right and miss-quote the contract to create tension & anxiety to the SPs and implying that they are wiser than the majority. Fortunately not all minority are like that.
I saw one comment that 1 SP had even dared to downplay 1% of a new property. Honestly it is really a dilemma whether to even buy a resale private property or a hdb now, which means disposing your current house after 6 mths. How can you guys take the uncertainty of waiting for STB and the LUP clause?
The guy paid 1% is buying pte property lah. Hdb downpayment is $1k. He don't have to sell TC if didn't go through. He can rent it out. The most pay ABSD. If you wait for money to come in, the unit would have been sold or price of property gone up. No venture no gain.
ABSD is 7% leh. Quite a big amount. Unless you are cash rich. But if you are average income earner, means have to service another housing loan, and hope the rent cover that(not factoring months you suay cannot rent out). Its quite a dilemma whether to take such a big risk and just buy the house you want(get into debt) or wait till the proceeds to come in(safe way)
that guy is me la...i do not need to wait for tc to finance my next purchase. In any case, i am lagi confident tc is a done deal...why i buy now because i notice prices are slowing inching up,...the enbloc mania will have ramifications throughout the whole prop system,..especially on older resale condos..and even the not so old condos with good redevelopment potential,..suddenly people begin to realise their homes worth a lot more if redeveloped. also those displaced by this enbloc mania will need alternate housing or like me, alternate places to park their funds...so prices are expected to inch up across the full spectrum - residential, commercial and industrial...going forward...albeit slowly...tc patriot.
I think it's 6 mths. Don't buy first unless u are cash rich & prepare to let go TC to retire. If this round didn't go thru, wait for round 4. Make more money. Have faith in TC !
there are 5 units paying the highest SSD of 16%..270+K..i suspect 4 of the units raised objections...they wasted another $2K in total ($500 each) for nothing. they must have gotten very bad advise or simply ignorant.
Better chill out now before you get a chill or not about the outcome of TC enbloc results? Remember Tulip Gardens deveoper bolted and rescinded end of story.
You are using the wrong analogy, totally different case and scenerio. Tulip gardens case is the developer is not very strong in the first place, and that was around same time the GFC hit. Also the SPs got to keep their deposits, quite a large sum 5%
SSD cases will be thrown out la. cos its the rite ting to do.. as in paying to garment... they sign on the doted line agreeing to the 1.7mil ma. no case la
now estate in mediation mode....i dont think the 4 objectors read any of the post here...if they have, they would realise its futile to file objection and waste everyone's time. The STB panel has only to ask one question - did you take back more than what u pay for your unit in TC?..ALL 4 are expected to answer "YES!"...case close. Either they not familiar with the law or they not familiar with the language...and i am guessing both. pity $500 can get a nice crab dinner at long beach for whole family.
It dragged on for so long because the objectors appealed every court ruling until they could not appeal anymore. From STB to High Court to Court Of Appeal. Most of the time was spent waiting.
No wonder, Shunfu case was also not as clear cut because of the 2 RP fiasco. TC case is very clear cut, no bad faith, no FL, no funny RP stunts, hopefully can just get the sales proceeds asap.
There was one objection due to financial loss in Shunfu and the objector got compensated at STB level. It was the remaining 2 objectors who brought the case all the way to the court of appeal. The only ones who were happy in the end were the lawyers.
You should chill long time ago. I don't see any purpose of yr blog accept to create divisions between majority & minority until newspaper also reported it. Worst are those minority who don't know their fact right and miss-quote the contract to create tension & anxiety to the SPs and implying that they are wiser than the majority. Fortunately not all minority are like that.
ReplyDeleteI saw one comment that 1 SP had even dared to downplay 1% of a new property. Honestly it is really a dilemma whether to even buy a resale private property or a hdb now, which means disposing your current house after 6 mths. How can you guys take the uncertainty of waiting for STB and the LUP clause?
ReplyDeleteThe guy paid 1% is buying pte property lah. Hdb downpayment is $1k. He don't have to sell TC if didn't go through. He can rent it out. The most pay ABSD. If you wait for money to come in, the unit would have been sold or price of property gone up. No venture no gain.
DeleteABSD is 7% leh. Quite a big amount. Unless you are cash rich. But if you are average income earner, means have to service another housing loan, and hope the rent cover that(not factoring months you suay cannot rent out). Its quite a dilemma whether to take such a big risk and just buy the house you want(get into debt) or wait till the proceeds to come in(safe way)
ReplyDeletethat guy is me la...i do not need to wait for tc to finance my next purchase. In any case, i am lagi confident tc is a done deal...why i buy now because i notice prices are slowing inching up,...the enbloc mania will have ramifications throughout the whole prop system,..especially on older resale condos..and even the not so old condos with good redevelopment potential,..suddenly people begin to realise their homes worth a lot more if redeveloped. also those displaced by this enbloc mania will need alternate housing or like me, alternate places to park their funds...so prices are expected to inch up across the full spectrum - residential, commercial and industrial...going forward...albeit slowly...tc patriot.
ReplyDeleteagree
DeleteMay I ask if buy hdb, after exercise OTP, need to dispose of current property within how long?
DeleteI think it's 6 mths. Don't buy first unless u are cash rich & prepare to let go TC to retire. If this round didn't go thru, wait for round 4. Make more money. Have faith in TC !
DeleteChangi Gdn sold for S$888 per sq ft per plot ratio, is 27 per cent above the asking price of S$196 million. TC sold for too low a price !
ReplyDeleteChangi Gdn is freehold my friend..And u must see what it is next/near to.
DeleteAnonymous 4.1- So what is Changi Gdn next/near to ?
Delete3 weeks deadline for objection. That means basically today? since tomorrow is a public holiday.
ReplyDeleteHeard there are a few objections. Is the SC going to update us ?
DeleteChangi Gdn is freehold
ReplyDeleteFrom the latest article from BT, I noted that there are still probably about five or more Chinese developers scouring for land.
ReplyDelete1) Logan/Verwood
2) Haoyuan Investment
3) MCC Land
4) China Construction
5) Nanshan Group
http://www.businesstimes.com.sg/real-estate/foreign-developers-throwing-lines-into-singapores-en-bloc-pond
Better to have one solid Singapore-owned buyer than a few foreign owned developers
DeleteWhy only sg developer, foreign ones even more cash rich leh
DeleteReminder there objectors at STB. Blogger said 4 i guess probably she right.
ReplyDeleteGameover ?
ReplyDeleteObjection Overrule! Just get ready for the first payout :)
ReplyDeletethe only reason i can think of for people who object is GREED period...nothinig else,..any other reasons they offer are just excuses..
ReplyDeletewill they win in any case
ReplyDeletethere are 5 units paying the highest SSD of 16%..270+K..i suspect 4 of the units raised objections...they wasted another $2K in total ($500 each) for nothing. they must have gotten very bad advise or simply ignorant.
ReplyDeleteBetter chill out now before you get a chill or not about the outcome of TC enbloc results? Remember Tulip Gardens deveoper bolted and rescinded end of story.
ReplyDeleteYou are using the wrong analogy, totally different case and scenerio. Tulip gardens case is the developer is not very strong in the first place, and that was around same time the GFC hit. Also the SPs got to keep their deposits, quite a large sum 5%
Delete?
ReplyDeleteSSD cases will be thrown out la. cos its the rite ting to do.. as in paying to garment... they sign on the doted line agreeing to the 1.7mil ma. no case la
ReplyDeleteEven those who have to pay the highest SSD stand to pocket several hundred thousand dollars in pure profit...so?
ReplyDeleteIt is supposed to be chill time。Relax and wait for the good news. Let's have a drink.
ReplyDeletenow estate in mediation mode....i dont think the 4 objectors read any of the post here...if they have, they would realise its futile to file objection and waste everyone's time. The STB panel has only to ask one question - did you take back more than what u pay for your unit in TC?..ALL 4 are expected to answer "YES!"...case close. Either they not familiar with the law or they not familiar with the language...and i am guessing both. pity $500 can get a nice crab dinner at long beach for whole family.
ReplyDeleteThere is no fee for Objectors at the STB.
Deleteno fee? then what is that to stop frivolous objections and wasting the STB's time? Someone mentioned about 500 dollars somewhere.
ReplyDeleteSTB is the norm, so just sit tight and wait. Hopefully STB can help assuage the worries of these 4 SPs. Only high court is the one which will delay.
ReplyDeleteA question for blogger though, how come Shunfu case could drag so long even though there was no bad faith/Financial loss involved?
It dragged on for so long because the objectors appealed every court ruling until they could not appeal anymore. From STB to High Court to Court Of Appeal. Most of the time was spent waiting.
DeleteNo wonder, Shunfu case was also not as clear cut because of the 2 RP fiasco. TC case is very clear cut, no bad faith, no FL, no funny RP stunts, hopefully can just get the sales proceeds asap.
DeleteThere was one objection due to financial loss in Shunfu and the objector got compensated at STB level. It was the remaining 2 objectors who brought the case all the way to the court of appeal. The only ones who were happy in the end were the lawyers.
DeleteWill these 4 units be able to claim some compensation on SSD from the STB?
ReplyDeleteNo
Delete