Florence Regency: Word has it that after the close of tender the CSC got busy talking to up to 13 developers, 2 of whom were interested enough to do a site inspection. The deadline for an offer was 7am on 20 Oct 2017. I believe the S&P was signed at 6am after a long night of negotiations. The conditions sound similar to TC: $50k retention sum upon vacant possession, 6 months to vacate, developer can claim back full deposit if things go wrong.
They don't have to absorb the difference in DP (DC + LUP) should they be higher than estimated.
This is not the case with Rio Casa & Serangoon Ville who DO have to absorb the DP difference should it be necessary.
There is also a rumour that all is not well at Rio Casa - there is some issue about a LTA report about traffic congestion should the plot ratio be maximised.
Update:
Rio Casa: comment below from RC owner:
'RC has received approval from STB. Residents were informed by their lawyer that the purchaser is currently working with the authority on the LUP, Must have encountered some roadblocks for the delay from Q1'18 to Q2'18. Earlier, they were expecting Jan/Feb 17 to complete legal settlement'
Update:
Rio Casa: comment below from RC owner:
'RC has received approval from STB. Residents were informed by their lawyer that the purchaser is currently working with the authority on the LUP, Must have encountered some roadblocks for the delay from Q1'18 to Q2'18. Earlier, they were expecting Jan/Feb 17 to complete legal settlement'
Please change your blog title from Tampines Court Enbloc Blog to Kaypoh Enbloc Blog.
ReplyDeleteBest alternative....Talk Enbloc.com
DeleteEven better alternative: www.dontvisitthisblogifyoudontlikeit.com
DeleteGo here :
Deletewww.tc-majority.com
www.tc-minority.com
www.tc-objectors.com
Pte access by membership only.
Peace at last!
Oops!some ppl.thinks TC stands for TalkCock.com?
DeleteIt's about time you take up on your last suggestion.
DeleteU haters should just refrain yourself from coming here if u can't take the heat. Or u all should just open another blog to talk about blogger for ownself shiok ownself lor
DeleteAll this hate & fighting is because you people are using the name of minority to fight with the majority. Hello! Minority is NOT an objector. Beside the 4 objectors, I believe enbloc go thru or not doesn't bother them. Did they ask the blogger to fight for them ? So please don't use the name of minority to fight with the majority and divide TC SPs. Leave them alone please !
DeleteENOUGH! I think thewse are just joking comments. I like the TC- talking cock one especially.. though that is already taken at http://dotzee.com/ :)
DeleteYes enough. If you want people's respect on this blog. Stop using minority name for you own personal agenda. Just argue for all you want, just leave them alone. Don't give the public the false impression that there is a 'war' between majority & minority going on in TC.
DeleteSimple definition of SP categories :
Delete1) Majority - Support Enbloc
2) Minority - Neither support nor against (except if they are objectors)
3) Objectors - Against Enbloc
The legal process allows Majority & Objectors to sort it out in court, nothing to do with minority. So leave them out in your quarrels please.
Yes indeed, Minority, like the blogger is out of the picture. They just wait to collect the money if enbloc is successful or continue to stay on at TC if it failed. The actual contest is now Majority V The Objectors.
DeleteSo wonder what is the fuss involving Minority. Just leave them alone.
What taking so long for the LUP result,If STB approved the sale means we still have to wait for the LUP.
ReplyDeleteYes. It's one after another until the day we can finally get the proceeds. Every enbloc family will face the same procedure, no pain no gain. It's not easy to become millionaire overnight. So be patient and get ready to accept whatever outcome it may be.
ReplyDeleteAgree, better don't put too much hope on our enbloc, take it as it comes. Later STB approved, LUP didn't go thru also no use.
DeleteI don't think any problem clearing STB but should we unable to clear LUP how long do we need to wait to go to round 4 ? We should able to get higher prices & more bidders right ?
ReplyDeleteTraffic congestion if plot ratio is maximised? which place will not have more traffic if plot ratio is increased? There will also be more people breathing oxygen and CO2, and more waste generated if plot ratio is increased. Is environment ministry going to send in a report too?
ReplyDeleteMore does not equate congested. It all depends on the surrounding road infrastructure. Some areas are able to absorb the increased load, others won't.
DeleteIf I recall correctly, it is a one-lane road on each side for RC, which is near Kingsford Waterbay.
DeleteI thought Rio Casa should have already gone through STB approval and should be getting sales proceeds soon( nearing legal completion)? You mean the developer might rescind deal due to clause based on LTA report
ReplyDeleteRC closing has been delayed to Q2. Residents are not sure nor told what are the affected issues.....
DeleteHow come RC can delay so long to Q2, becus of STB/HC? That is almost a year after their sale date
DeleteYes.... RC has received approval from STB. Residents were informed by their lawyers that their purchaser is currently working with the authority on the lease top up. Must have encounter some roadblocks for the delay from Q1'18 to Q2'18. Earlier, they were expecting Jan/ Feb'18 to complete legal settlement.
DeleteSo it seems that there are no objectors going to high court in spite of increase in DC which RC has to absorb?
DeleteIf the cost sharing of DC is stated as one of the sales conditions in the S & P agreement then there is nothing to object to. It is as clear as daylight. Anyway congrats to all SPs of RC..At least you have cleared the very first hurdle by obtaining the all important Sales Order.
Delete1) Did RC & SV get their Provisional Permits before 1st September?
ReplyDeleteProbably not. Only those sites that get their PP after 1st Sept are affected.
2) Are RC & SV allowed to redo their independent valuations?
If they can only depend on the valuation that was done before the secret increase in land valuation, then that value is much lower. This allows their purchaser to issue a massive deduction (e.g. 50M each site), that not only covers the increase in DP, but also recover the over-estimated DP in the inflated bid prices.
3) Even after the deduction, the final sales proceeds still has to be above or equal to valuation. According to the law, It cannot be lower or the land could not be sold.
Wow so you mean there was a clause from developer for RC owners to absorb the increase in DP. If its the case, then they could end up in a situation like point #3, if the final sales proceed is below valuation, the sale could be aborted?
DeleteI do not think Oxley would subtract so much until the final sales proceeds would be below the land valuations or their reserve prices. Now we have to bear in mind that the bid prices for RC & SV are inflated, so even if it is a 50M deduction, their final sales proceeds would still likely be considered acceptable.
DeleteSome homeowners would be unhappy, as a 50M deduction would mean a reduction of 174.8k for each RC owner and 204.9k for each SV owner.
Now we have to bear in mind that the 50M figure is just an example, though it is likely candidate figure as the increase in DP for RC is >36M and for SV is >34M, which adds up to be about 71M for Oxley to cough up for our govt.
Looks like Oxley did protect themselves with the clause, unlikely they would want to cough up 71m to the government without sharing the risk
DeleteIs Rio Casa's sales proceeds even in already?
ReplyDeleteMy info comes from a FR contact. FR was told by their MA at their SP meeting held last Saturday that they would not have to top up the DP should it be higher - unlike SV & RC.
ReplyDeleteFR, MA, SP, DP, SV, RC, .... you really have to know your acronyms to make sense of all that :)
Rio Casa: sold May 2017
Serangoon Ville sold Jul 2017
Florence Regency sold Oct 2017
You really get your info fast blogger. It has been already been more than 5 months, they should have cleared STB stage and legal completion should be completed. Has RC gotten their sales proceeds(less the DP top up)? Unless the LTA report is causing problems like you mentioned
DeleteI have a Florence Regency contact only - SV & RC were both bought by Oxley. I do not know what stage those sales are at - there are unsubstantiated rumours that Oxley might be in financial trouble. How true that is, I have no clue. Googling Oxley Holdings makes for interesting reading - a rags to riches kind of story. An ex-policeman's foray into property development :)
DeleteUnfortunately, only the 1st September date matters. They need to get their Provisional Permit before 1st September and that looks unlikely even for RC to achieve it.
DeleteDo you know of any other terms imposed by the developer for FR? RC/SV might have additional terms like paying for demolition costs which further deduct from proceeds
DeleteAre you sure RC/SV has such ridiculous clauses?
DeleteAgreed it is really a rags to riches story. SV and RC at the very least has the deposit unless it can be rescinded. About the rumour Oxley is in financial trouble that is uncertain, although they are carrying quite alot of debt on their balance sheet.
ReplyDeleteCan't we move the non-TC stuff elsewhere? If want to talk other enblocs, then another site can be created with links. 90% of readers are interested only if the topics has some impact and lessons learnt for TC but there are people who are hogging the posts talking about their enblocs which have zero interest or relationship with TC's enbloc experience.
ReplyDeleteActually, this post title is for FL people and the Label is for FL. It's the TC people who are the interlopers on this particular posting!
DeleteI find all HUDC enblocs interesting. We are sister estates after all.
Agreed. That's why I said she should change the blog title to Kaypoh Enbloc Blog
DeleteKnowing what happen to other HUDCs can also be a lesson point to what can potentially happen to TC also
DeleteIs it true that freehold enbloc like Amber Park are easier to go through than 99 year lease due to lesser terms and conditions imposed by developer and require lesser authority approvals eg. LTA?
ReplyDeleteThat depends as there are a variety of issues to deal with compared to GLS sites. Amber Park does not have a development charge as its gross plot ratio is higher than prescribed in the master plan, so less work and waiting time from URA.
DeleteHowever, the 11 Balmoral estate marketed by JLL yesterday is a freehold site with 100% consent. So the prospective developer would save 3 months of waiting time from STB. This technique could also apply to any leasehold site.
Of course best would be FR can get 100%. But what are the chances of that happening for development with so many SPs? Balmoral estate is one of the few exceptions
Delete11 Balmoral has only 17 units. FR has 336. It is next to impossible to get a 100%...
DeleteJust wondering, for en bloc sales, after developer enters into agreement, that is just option to purchase? usually when will it be exercised?
DeleteHi Edwin, do you think there will be delay for FR in legal completion like RC case? RC's developer Oxley seems to be having some delay to get approval from authorities based on a comment fr RC resident.
ReplyDeleteHonestly, I do not know if there is anything unfortunate that might happen, although I do not think there would be at the moment. We should experience a smooth process and I do not envision any problematic objectors either.
DeleteYou should know though, that there are about 52? homeowners that did not sign the collective sale. I was told that some of them did not pay any maintenance fees at all for probably several years. Now thats a problem that FR will need to resolve internally.
But Logan should not encounter any problems for the sale with our govt authorities.
Hope There won't be objections. How long do you think stb process will take. Even setting date of first mediation takes time
Delete