LTA gives nod of approval

Florence Regency Development Info

LTA Roadblock

The newest spanner in the works is the LTA stepping in and the new ruling out today about developers having to get LTA approval before the URA's OPP approval. Hmm... that might give Sim Lian pause for thought. 

If he can't build his 2000+ shoebox units, he might think twice about forking out $1.3b. 

Let see how that goes - it is far more serious than 3 objections at the STB going nowhere.

https://www.ura.gov.sg/uol/circulars/2017/Nov/dc17-07

Anger in Laguna Park over 3 Enbloc Attempts

Face-off at Laguna Park over en bloc attempts

Retired advertising veteran Patrick Mowe, 80, does not want to sell his Laguna Park home in East Coast.

The apartment is spacious at 1,650 sq ft, and with Siglap MRT station right next to the estate soon to be completed, there are reasons why Mr Mowe wants to remain here for the rest of his life.

So strong is his attachment to his apartment, where he lives with his wife, that he is leading a soft campaign against Laguna Park's third attempt at selling en bloc, gathering like-minded home owners to stay away from signings.

Mr Mowe, who moved in five years ago, has also been publishing electronic newsletters meant for the "anti-en bloc" group, promoting the beauty of their estate and why they should keep it.

He has already compiled and distributed six editions of Our Home - the title of his e-newsletter - with personal stories of Laguna Park and news clippings of articles critiquing selling en bloc.

Says Mr Mowe, looking out wistfully from his sixth-floor balcony: "If I had to get another home after this, it will be half the size and cost just as much as the amount I would get from the en bloc. I will never be able to get a place like this again."

The 528-unit development was built by the Housing and Urban Development Company (HUDC) around 40 years ago. As of last month, Laguna Park has gathered signatures from about 56 per cent of home owners for a collective sale.

About a third of the estate's home owners are landlords who rent out their homes. This group, says Mr Mowe, wants to cash out because of the weak rental market.

Why should these 30 per cent of people decide whether we get to keep our homes or not when they don't even live here," he says.

With around 59 years left on the lease, Mr Mowe says he does not need to be too concerned about the depreciating asset. He does not have any children.

He says: "Value can still be preserved if we keep on upgrading our estate and build a better home, and not put these plans on hold because of en bloc possibility. Let's focus on living."

ON THE OTHER HAND...

"How do I tell my children I have allowed our home to age and depreciate?" asks pro-en bloc resident Sung Yoon Chon, 65.

The father of two wants the best for his children, both of whom are above 20. Says Mr Sung, a remisier: "A home is an asset to be protected."

The reserve price is currently set at $2.1 million, compared with the typical resale price of $1.4 million for a 1,650 sq ft apartment. This means Mr Sung stands to make $700,000 more in a collective sale than at any other time.

If the third attempt at selling en bloc fails, the likelihood of a fourth is even smaller, says Mr Sung.

"Many people need this additional money to change their lives. One family here is counting on the en bloc sales to go for a medical treatment. Another can pay back their loans.

"I love this home, but the new home can be just as good or possibly better," says Mr Sung, who has lived there for around a decade.

Tales of rusted pipes, expensive repainting works and water leaking through the floor into other residents' homes have dominated recent meetings with the building management - signs that Laguna Park is ageing and ripe for redevelopment, he says.

But it takes a minority - 20 per cent of households - to block the aspirations of the majority. While Mr Sung believes they have a right to their opinions, he says there should not be any ugly spats or efforts to persuade others.

Laguna Park made headlines for a spate of vandalism incidents over selling en bloc in 2008.

Asked if he had considered the other party's reluctance to sell, Mr Sung says: "Having to move is uncomfortable, but change is part and parcel of life."

Ng Jun Sen

The Sunday Times

The last post (for now)

You are on your own now  

I am fed up monitoring comments
10 years 2007-2017
3 enblocs
fun times

Slan agus beannacht  libh go leir.

Pine Grove Enboc turns Ugly

What is STB mediation?

I want to state up front that I DO NOT KNOW what happens at mediation anymore than you do. All I can do is look at the books and see what is written there.

Mediation is 'private & confidential, and no transcript or audio visual recording will be made during the session'. We will never know what goes on behind the closed doors.

But judging from conversations I've had, the STB is just a clearing house and precious little mediation gets done. There are 2 set mediations - though the Board can stop proceedings at any time within a maximum timeframe of 60 days.  It's just a  formality, nothing gets resolved. The STB Board members are volunteers with regular day jobs - so they will make the hearing dates in accordance to their own timetables. There are 3 members assigned to each Board.

Resolution only comes in the form of a)Withdrawal of objections or b) High Court. 

LTSA PART VA(2010)

STB Powers                                             Mediation

From the STB website:

• Objectors can represent themselves in person or have a lawyer present or such other person as the Board may allow

MAKING AN OBJECTION AT THE STB IS FREE - objectors do not have to pay the STB fee imposed on objections under BMSM ( leaking ceilings etc)

The STB are not empowered to increase the Sales Proceeds of the Objectors

Looking at the Terms of Appointment for our Lawyer, their fees for STB Application covers
1) preparation of the application
2) preparation for the hearing &
3) up to 8 hours of hearing attendance before the Board. 
All inclusive - pretty standard stuff.  

I expect the hearing won't even take up 8 hours of their time divided over 2 days.