Dec 31, 2018
Nov 30, 2018
Goodluck Garden High Court OS (Oral Judgment)
What a diabolical state of affairs. This decision seemingly opens up the floodgates once again to unscrupulous practices all round. The CSC, Lawyer and Marketing Agent can now get away with:
- ignoring vital steps marked out in the various LTSA Schedules
- hoodwinking owners about the DC
- disregarding their own Terms of Engagement when it suits them and
- absolving themselves from all blame and repercussion if the fault lies upon bad legal advice
Is there no litmus test for legal advice? Can all missteps and bungles be swept under the carpet simply because the bunglers were lawyers? Where does the buck stop?
If there is any justice left in the world, please let this be overturned at some higher court - or collective sales will be in danger of disintegrating into a comedy of farce and deliberate error - obliterating the past 10 years of solid work put into cleaning up the practice.
If not, then it will be back to the bad ol' days of cowboy shenanigans in the next wave of collective sales. ( I think the present wave is over)
oops.. I posted the wrong link previously.. here is the correct link:
Nov 20, 2018
Tampines Court's death rattle
*photos courtesy of an unfortunate resident still living amongst the accumulated filth
Oct 25, 2018
Oct 24, 2018
Picking up from a comment made today about Florence Regency's Audited MCST Fund and the Buyer's reluctance in making a speedy refund - I went to the FR website here and sure enough there is some noise going on over there.
I do not know the specifics of the S&P for FR - but if there is a legal space for the Buyer to query the Audit then it surely has to go through the proper channels, namely ACRA (Accounting & Corporate Regulatory Authority). After all, the audit must be done in accordance with the Singapore Standards on Auditing.
I wonder why they are making such a mountain out of what surely must be a molehill. They are counting every penny...
As for the 50K retention sum; again I do not know if this sum is returned after each individual unit vacates or after the last unit in the estate vacates. Tampines is the former and I got my retention sum (minus accountable deductions) without any bother. Ditto the MCST refund.
Oct 18, 2018
Oct 15, 2018
PINE GROVE
The echoes of Tampines Court are ringing through Pine Grove's collective sale. Not only did we have the same Marketing Agent, but seemingly the same tactics are being played out as well. In late 2016 , the Sale Committee wanted to raise the RP from the miserly $1.32m to $1.5m/unit. Even at that price, I argued it was too low and should be set at $1.7 minimum. I remember the sale committee meeting where I attended as an observer but was allowed to speak. I though $1.5m would only garner the support of 60%. Soon after that meeting, Huttons resigned. They thought the $1.5m was unobtainable and a waste of their time. A short while later they rejoined the sale attempt picking up where they had left off - arguing that the SC had not accepted their letter of resignation and hence they were technically still engaged as marketing agent.
Are the same tactics being employed here? Has Pine Grove's CSC accepted the resignation or is it still just hanging in the air? Huttons somehow swallowed the new RP and soldiered on - but still, Tampines Courters were not biting in large enough numbers. At the eleventh hour, the RP was further raised to $1.72m and the the finishing line was finally crossed with a few days to spare.
In the article above; Huttons explained that Pine Grove's reserve price was based on the Residual Land value method - but has anyone in Pine grove (including the Sale Committee) ever seen this mystical RLV? We in TC never ever saw the touted RLV, not even once.
Another unanswered question of mine was the mechanism for lowering the RP should a bid come in below the RP. There was some argument about whether a fresh consent from ALL consenters would be necessary or only those that signed for the later, higher RPs. The question was never addressed and we did not, thankfully, have to find out the hard way.
Pine Grove's 2% represents 14 units - lets see if they can do it before DDay on 28 Oct 2018 - with or without a Marketing Agent.
Oct 12, 2018
FINAL AUDIT & MCST REFUND
Well, it came in the email today - the final Audit as of 12 Jun 2018. The Auditor is the same Auditor that TC has used in the past. All seems to be in order.The Total sum in the MCST funds was $2,411,495 so each unit will receive $4,306.24 directly into their bank accounts.
Mine has already been credited so there endeth my involvement with Tampines Court.
Thank you, Eldan Law
Aborted Collective Sales 2018
So, two collective sales have bitten the dust since the Government cooling measures in July. One is my neighbour - I was wondering why their banner had disappeared between the time I left for my extended Europe vacation and when I got back.
Oct 5, 2018
Goodbye Normanton Park
I wonder if Tampines Court residents will do the same. We don't have nice block signs and I doubt if anyone will be digging up the hideous orange signage with the giant purple snails. Perhaps a park bench for those lucky enough to have a garden?
The only souvenir I took was my own wrought iron door sign - the ubiquitous kind you hang outside the front gate. It's still in the storeroom.
Oct 3, 2018
Handing Over, Retention Sum & Sinking Fund Refund
On 29 Aug 2018, we handed over our unit to Sim Lian's representative without hassle.
On 10 Sep 2018 , the remainder of the Retention Sum was deposited into our Bank Account.
Retention Sum : $50,000
Deposited: $49, 093.36
_____________________
Deducted: $906.64
I have been away since August and am only now looking at tying up the loose ends. Seeing as monthly maintenance fee was only $207 - I calculate it should be around $600 at the very most.
I have sent an email requesting a breakdown. (If we got one before, I haven't seen it)
UPDATE:
Eldan was very swift in their response and sent this breakdown:
In case you are wondering about the Property Tax - you recall we had to pay up for the full PT for 2018, but we were also reimbursed $33.33/month (if paying resident owner tax rate) for the period 13 June - 31 Dec 2018 to the tune of $220. This small sum was added to our Sales Proceeds. (See Completion Accounts as at Jun 2018 from the Lawyer's Legal letter. The Developer incurs a higher PT which he asks us to pay.
I hope there is a similar breakdown for the forthcoming MCST Account - which will be distributed 'by the end of the month'.
On 10 Sep 2018 , the remainder of the Retention Sum was deposited into our Bank Account.
Retention Sum : $50,000
Deposited: $49, 093.36
_____________________
Deducted: $906.64
I have been away since August and am only now looking at tying up the loose ends. Seeing as monthly maintenance fee was only $207 - I calculate it should be around $600 at the very most.
I have sent an email requesting a breakdown. (If we got one before, I haven't seen it)
UPDATE:
Eldan was very swift in their response and sent this breakdown:
In case you are wondering about the Property Tax - you recall we had to pay up for the full PT for 2018, but we were also reimbursed $33.33/month (if paying resident owner tax rate) for the period 13 June - 31 Dec 2018 to the tune of $220. This small sum was added to our Sales Proceeds. (See Completion Accounts as at Jun 2018 from the Lawyer's Legal letter. The Developer incurs a higher PT which he asks us to pay.
I hope there is a similar breakdown for the forthcoming MCST Account - which will be distributed 'by the end of the month'.
Oct 2, 2018
Ivory Heights Enbloc Bid fails
Mega site Ivory Heights fails to get 80% approval, collective sale off
Ivory Heights, a 654-unit privatised Housing and Urban Development Company estate in Jurong East, has failed to get the requisite 80 per cent approval to launch a public tender by yesterday's deadline.
Analysts pointed to factors such as the July 6 cooling measures as well as the postponement by two years of the Kuala Lumpur-Singapore High Speed Rail (HSR) project.
Collective sale committee chair Vincent Ng cited resistance from some residents even after the initial reserve price of $1.34 billion had been raised twice, to $1.68 billion.
Each owner would have got $2.5 million to $2.8 million, up from $2 million to $2.3 million.
"We were at 74 per cent for the last few months. More than 480 units had signed. We just needed another 40-plus units. But the people who refused to sign kept asking for more, and market conditions have changed," said Mr Ng, 69.
"We have to leave it to the residents whether they want to restart. Our committee has done our part, and since we were unable to achieve 80 per cent, it will be dissolved."
Built on 825,502 sq ft of land and with 68 years left on its lease, Ivory Heights offers views of Jurong Lake, Chinese Garden and Japanese Garden.
According to the Urban Redevelopment Authority Master Plan 2014, the site is zoned for residential use with a gross plot ratio of 1.6.
Analysts were not surprised by the steep asking price, given its large land area and location near Jurong East and Chinese Garden MRT stations and the proposed HSR terminus.
"But... you can't ask for a high price when the unique selling point - the HSR project - is absent for the moment," said Mr Alan Cheong, senior director of research and consultancy at Savills Singapore.
A bigger issue is higher land acquisition costs and potential penalties for developers following the latest cooling measures, Mr Cheong said.
A developer would have to pay a non-remissible additional buyer's stamp duty of 5 per cent and a remissible 25 per cent if it can complete and sell the entire project within five years of buying the site.
Ivory Heights' failed attempt could be a harbinger of what's to come for other mega sites, analysts said.
Next up is Pine Grove. Its deadline to get the 80 per cent mandate expires on Oct 28. To date, 78 per cent of owners have consented to a reserve price of $1.72 billion.
Huttons Asia's head of investment sales Terence Lian, who is marketing Pine Grove, said: "The 2 per cent who are holding out should come to terms with current market conditions and not harp on getting a higher reserve price, so as not to end up like Ivory Heights, which lapsed prematurely."
The New Paper - 01 Oct 2018
Sep 17, 2018
Aug 18, 2018
Treasure @ Tampines
Not yet launched - but here is the Sim Lian website to watch.
http://www.simlian.com.sg/portfolio/residential/project-for-sale/
http://www.simlian.com.sg/portfolio/residential/project-for-sale/
Jul 10, 2018
The Tanamera Website
Looks like The Tanamera is lining up to go for a Collective Sale. An owner has set up a website and sent me the link.Worth a look.
https://tnmsignboard466666.wordpress.com/2018/07/08/new-absd-rules-increase-developers-cost-how-does-it-affect-the-residual-land-valuation-used-to-determine-your-rp/
Jul 5, 2018
ABSD & LTV Review
The Government has entered the market to cool the rocketing property prices. They have revised the Additional Buyers Stamp Duty payable on a new purchase and the Loan-to-Value limits on housing loans granted by Banks.
What's next?
I expect the URA to step in and limit the number of shoebox apartments a developer can build in any one development. If the future is only shoebox size then couples will have to resort to HDB for larger units for their growing families. It can't all be about maximising a developer's profit.
From the IRAS
What's next?
I expect the URA to step in and limit the number of shoebox apartments a developer can build in any one development. If the future is only shoebox size then couples will have to resort to HDB for larger units for their growing families. It can't all be about maximising a developer's profit.
From the IRAS
Jul 1, 2018
Jun 28, 2018
Goodluck Garden going to High Court
Website:
So here we have another case of Owners being sold a bill of goods when all along the 'experts' should have known that no DC would be payable. How could they have not known? The big issue here is the Sale Committee's failure to act decisively on the 'new' information' and thereby failing in their fiduciary duty of care. They should have returned to the owners to seek new instruction - as this was clearly a significant material difference. If the High Courts rules in favour of the Sale, then it is effectively saying that fiduciary duty stops when a tender is launched, the wheel once turning cannot be stopped - which cannot be right. We shall see. My money is on the Sale being thrown out aka Horizon Towers.
Jun 27, 2018
Jun 26, 2018
Residual Land Valuation (RLV) Worked Examples
The following are some of the official RLVs that were done on Tampines Court between 2007 and 2011. All requests by yours truly to see the RLV for Tampines Court between 2015 and 2017, when the sale was completed, were rebuffed. The Valuation at Close of Tender was high on pictures but with no calculations on how the actual final figure was ascertained- it didn't even mention the plot ratio.
Owners will always be given the least amount of information possible. It is up to savvy owners to get themselves a little knowledgeable about how to go about getting a better idea of the land value of their estate and to ask sticky questions. The Marketing Agent is relying on your ignorance.
2007
2007
2011
Jun 12, 2018
Jun 11, 2018
Audited Accounts & Sinking Fund
We all have one more cheque due to us and that is the equal sharing of the Sinking Fund.
The last duty of the ex-MCST was to put in for the Accounts to be audited. This will take about 2 to 3 months I believe.
So what do we know about the Accounts and will we be allowed access to the Final Audit? We should - as we paid for it and it is ours by right.
I still have the last Auditor's report for the Accounts Ending 31 Mar 2017.
As of 31 Mar 2017 : Sinking Fund : $1,944,221
Management Fund: $ 48,217
Now, I also have the Minutes of the 4th Council meeting held 29 Jan 2018
As of end Dec 2017: Sinking Fund: $2,148,815
Management Fund: $102,784
So, we should expect a ballpark figure* of $2,148,815/560 =
The last duty of the ex-MCST was to put in for the Accounts to be audited. This will take about 2 to 3 months I believe.
So what do we know about the Accounts and will we be allowed access to the Final Audit? We should - as we paid for it and it is ours by right.
I still have the last Auditor's report for the Accounts Ending 31 Mar 2017.
As of 31 Mar 2017 : Sinking Fund : $1,944,221
Management Fund: $ 48,217
Now, I also have the Minutes of the 4th Council meeting held 29 Jan 2018
As of end Dec 2017: Sinking Fund: $2,148,815
Management Fund: $102,784
So, we should expect a ballpark figure* of $2,148,815/560 =
Approx .$3,837 per unit #
*There should be minimal drawing down of SF - if there is, then that has to be challenged.
# If units are still in arrears even after the MCST handed over supposedly 'clean' accounts' then it should be deducted from their share. Again, transparency in required even at this stage.
It is the MCST (therefor us) which paid for the Final Audit - so you should send an email to Eldan Law asking for PDF copy. You paid for it, right?
TRANSPARENCY TO THE LAST DROP, I SAY
Jun 8, 2018
Collection of Sales Proceeds
The Where and When you can pick up your money is laid out in the Legal Letters dated 15 May 2018. I can't produce the letter in full here, but I hope they don't mind a small screenshot. Further details are in the letter:
In a nutshell:
Jun 7, 2018
Jun 5, 2018
And now, the end is near
6 days to Completion
I am quite surprised by how peaceful the estate is - in my corner at least. I see no obvious signs that things are changing. Yes, a few tenant neighbours have left and the dustbin centre is beginning to gather more sofas, mattresses and other discarded furniture; I, too, will soon add to this growing pile as I get into the final phase of dismantling my life in Tampines Court, but other than that, it seems life goes on as normal.
Discarding furniture is one thing, but setting your pets loose is quite another. I have twice spotted a wee rabbit hopping about around my block. I threw a carrot at it from the kitchen window. I have 3 cats I am very reluctant to bring with me to my new apartment, but come they will. They would not survive on their own and it's the height of cruelty to abandon former pets to fend for themselves. My husband thinks the rabbit will end up as dinner on someone's plate.
to be cont..
I am quite surprised by how peaceful the estate is - in my corner at least. I see no obvious signs that things are changing. Yes, a few tenant neighbours have left and the dustbin centre is beginning to gather more sofas, mattresses and other discarded furniture; I, too, will soon add to this growing pile as I get into the final phase of dismantling my life in Tampines Court, but other than that, it seems life goes on as normal.Discarding furniture is one thing, but setting your pets loose is quite another. I have twice spotted a wee rabbit hopping about around my block. I threw a carrot at it from the kitchen window. I have 3 cats I am very reluctant to bring with me to my new apartment, but come they will. They would not survive on their own and it's the height of cruelty to abandon former pets to fend for themselves. My husband thinks the rabbit will end up as dinner on someone's plate.
to be cont..
May 27, 2018
May 25, 2018
What a little birdie told me....
A friend, Mr. L, gave me a few updates on some ongoing enblocs which may be of interest to you (since edited by Mike's contribition*):
Fernwood Towers (FH)
"Opposite Mandarin Gardens is just 1 signature short of getting 80% to launch a collective sale. They're cashing out as the Seaside Residences will soon rob of them of their unobostructed sea view they've enjoyed without the ECP road noise for so long."
Fernwood Towers (FH)
"Opposite Mandarin Gardens is just 1 signature short of getting 80% to launch a collective sale. They're cashing out as the Seaside Residences will soon rob of them of their unobostructed sea view they've enjoyed without the ECP road noise for so long."
Laguna Park* &
"Laguna Park has crossed the 80% mark."*
Allegedly only - someone thinks they are not quite there yet with 3 months to go.
Lagoon View
Lagoon View struggles at 72% - with 2 more months to secure 80%,- this despite having it's psfppr price some 10% higher than Laguna Park. There are many stayers and their CSC raised the reserve to 2.8m to move the numbers up from 50%. There's rising opposition and even if they do get 80%, there might be no buyer willing to buy at such a high reserve.
Allegedly only - someone thinks they are not quite there yet with 3 months to go.
Lagoon View
Lagoon View struggles at 72% - with 2 more months to secure 80%,- this despite having it's psfppr price some 10% higher than Laguna Park. There are many stayers and their CSC raised the reserve to 2.8m to move the numbers up from 50%. There's rising opposition and even if they do get 80%, there might be no buyer willing to buy at such a high reserve.
Mandarin Gardens
"Stalled at 40% after only a month and there're very deep pocketed local and foreign owners who don't want to give it up for the world. The acrimony is rife and cars of dissenters get scratched too."
Neptune Court
"NC has appointed a privatisation committee to look into a simultaneous privatisation and en bloc exercise. As the LTSA only applies to strata-titled properties, the requirement for 100% of the 752 owners to agree to a developer paying MOF for privatisation is an insurmountable hurdle."
Florence Regency (Sold 20 Oct 2017 to Logan)
"Scheduled Completion date 24 Aug 2018.I think TC-ers enjoyed better purchasing power despite the slightly lower payout as the foreign buyer Logan, unlike SL, seems to have bought time at their expense."
THANK YOU MR.L & Mike for your information.
FYI: Actually, both Logan and SL have 10 mths between Date of Sale & Scheduled Completion Date.
FYI: Actually, both Logan and SL have 10 mths between Date of Sale & Scheduled Completion Date.
May 18, 2018
Draft Completion Account
Some have already received theirs by email. I await mine with understanding & patience :)
I haven't received my email yet, and so haven't seen the complete breakdown - but from what I can gather the fees in excess of the stated 1.28% are looking reasonable.
I calculate about 1.39% of your sales proceeds in total.
An addition to my Method of Apportionment Table (columns hidden) APPROXIMATION ONLY but should be out by about a few dollars only.
Personally, I think the fees are topsy-turvy. In my opinion, the Marketing Agent did diddly-squat : they only brought a solitary bidder to the table - who, for all we know, might have been there from the beginning. The real time consuming work was done by the Solicitor. I would have preferred my $18k to go to the Solicitor and the MA get the $5k!
Received my Draft Account by email and the legal fees are all neatly laid out. The marketing agent, on the other hand, just gave a bald $9000 for marketing expenses. I said somewhere that $5000 of that might be for the STB Application fee - but I was wrong as that particular fee is included in the Legal bill.
So, MA, why are you charging an extra $9k without any reason or documentation?
I have requested for a breakdown. Shall see if one is given.
25 May 2018
Received an answer from the Lawyer and two invoices:
1) Invoice for Apportionment method dated 28 Aug 2017 for $4500
2) Invoice for Market Land Value dated 7 Aug 2017 for $4500
FYI: the Close of Tender was on 25 Aug 2017
Received my Draft Account by email and the legal fees are all neatly laid out. The marketing agent, on the other hand, just gave a bald $9000 for marketing expenses. I said somewhere that $5000 of that might be for the STB Application fee - but I was wrong as that particular fee is included in the Legal bill.
So, MA, why are you charging an extra $9k without any reason or documentation?
I have requested for a breakdown. Shall see if one is given.
25 May 2018
Received an answer from the Lawyer and two invoices:
1) Invoice for Apportionment method dated 28 Aug 2017 for $4500
2) Invoice for Market Land Value dated 7 Aug 2017 for $4500
FYI: the Close of Tender was on 25 Aug 2017
May 17, 2018
May 10, 2018
Letter from the CPF
Letter today from the CPF board informing owners of the total amount to be refunded into their CPF account on completion of the sale.
For the many retirees in the estate, the amount refunded will be used to meet the Full Retirement Sum (FRS) in your Retirement Account (RA). The balance will be returned to your Bank Account within one week from the date the refund is credited to your CPF account.
May 7, 2018
May 6, 2018
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