So, it looks like very little was going on behind the scenes whilst we were going through the STB process (27 Sep 2017- 02-Jan 2018). The letter is a whole load of nothing.
It was announced on FB (I forget when exactly as they have deleted all the old posts) that the Lessor Approval & RPA Approval had been obtained and so, the STB sale order is the only new news, except that it's old news now.
From what I can gather the necessary Approvals are:
- Lessor Approval ( from The President of Singapore)
- Letters of Authority (from the MCST)
- RPA Approval
- PAFS from LTA
- Baseline Confirmation from URA
- OPP from URA
- SLA Top Up consent from SLA
- LUP (Lease upgrading premium) from URA
The Timeline is very generous to the Buyer and there are time extensions as well. 8 months in total from S&P from my calculation.
I am going to do a new post on these permissions as I am rusty and have accidentally deleted all my old posts when I deleted the label 'Pitfalls & Process".
FYI: TC Enbloc Round 1 got this far, and their approval rate was speedy ...
I am going to do a new post on these permissions as I am rusty and have accidentally deleted all my old posts when I deleted the label 'Pitfalls & Process".FYI: TC Enbloc Round 1 got this far, and their approval rate was speedy ...
We need a realistic timeframe for completion from the MA. No point Eldan sending these letters, which are basically a waste of money. Lawyers will never say anything other than parroting the law, and throwing us these list of permissions that we have zero idea what they are. I doubt Eldan themselves know what they are.
ReplyDeleteWe need a best guess time estimate from the MA. Pronto. 560 units and their families are looking at the MA/Legal/CSC for answers.
The letter they sent is used as a coaster for my coffee mug. It’s like an episode of seinffeld, essentially, it’s about, nothing. Just tell us tentative timelines. How ineffective can a marketing agency be? The sales committee that represents us should get some answers sorted, after all, are we not the MA’s clients? That’s a lot of commisIon that the MA is going to earn from this sale, so put some elbow grease into this Terence. In this day and age, with technology at the fingertips, it is appalling that NONE of them have offered a response to the numerous questions on Facebook.
DeleteAll should know by now the objectors did NOTHING to delay the completion of the sale except to exercise their statutory right under the law; just like the 83.94% have exercise theirs. Whether their objections are valid or frivolous is, rightly their business, none of you lesser-majority-armchair judges' business. It is sad that these lesser in the majority has, to put it kindly, made so many unkind remarks in this blog. And now, these SPs have shifted their target at the ____ lawyer and MA. Rightly so. And Which should have been right from the start.
ReplyDeleteWe have said MANY times no one said u cannot object just said that you should analyse and if no solid case (eg. financial lost) don't waste everyone's time and making us paying more for replacement home. It's everyone business that the enbloc process should be as speedy as possible. You cannot abuse yr position as objectors just because u are not happy with the price or MA/SC even though you know you don't have a strong case.
DeleteDear Blogger,
ReplyDeletemany SP looking for info.
kindly show wat u hv disclosed.
unless CSA ban u from sharing in blog.
http://www.tampinescourt.net/2017/10/lup-lease-upgrading-premium.html?m=1
I guess SL may not be keen in this enbloc. If yes, why don't they apply for all permits concurrently with STB process.
ReplyDeleteEven now nobody knows when they will start applying for the permits and how long it will take to get approval from government ?
MA/SC also not keen to update TC owners on the progress. This is very strange behavior even MA will make huge commission from this enbloc.
We better mentally prepare for failed enbloc 3.
So should we get ready to go enbloc 4. Form a new CSC with blogger and some other more competent SPs to sit in the committee. I am sure we will get above $2M each which more matured Ex-HUDC land snatched up. This failure could be a blessing in disguise for us.
DeleteI don't think so. We've already cheap sold to SL. They are clearing necessary docs at the moment. It's just the problem of MA, think of this, you want to sell your house, you sign exclusive with a MA, and your MA find a buyer. After two of you sigh agreement, the buyer remains quiet, who will you look for? MA right?
DeleteAnon 4.2 Enbloc different. We entrusted CSC lead by Chairman for this Enbloc. He has the authority to sell our homes on our behalf. Huttons and Eldan provide professional services, advice and recommendation. They take instructions from Chairman. Command and control in with Chairman.
DeleteAt least on paper, that's how its suppose to work. Please speak to Huttons for confirmation.
Maybe SL is waiting approval from varies government dept,or they hv to resubmit to get it approved, properly the silver zone road is causing the issue let hope they can get it done ASAP. I don't see why SL give up.
ReplyDeleteHave those with SSD issues heard from Eldan? Maybe they will have a bit more insight since they will by law need to pay and need to know status.
ReplyDeleteMA and CSC, are you guys on mute? Cos we can't hear you.
ReplyDeleteTC SPs DEMAND TO KNOW RIGHT NOW:
1. Explanation of what each of the permission entails, who is approving authority, what is the estimated deadline
2. Which ones of the the permissions are hurdles, and which ones are just procedural
3. For those which are hurdles, what the hurdles are and how they are being resolved
For goodness's sake, open your mouths!
The bigger the land parcel, the more headache? Compliance with LTA approval on traffic issues could be a blessing or otherwise?
ReplyDeleteWon’t go so far as to say SL will back out as they won’t. A lot of things take time. For eg, SL needs a huge loan. They need to discuss and time it carefully so they can avoid interest payments, get the design and contractors in sync, get SPs paid in advance of taking over etc. And banks also need to seek internal approvals. So for this deal, hundreds of things need to be managed. I am sure SL is working overtime.
ReplyDeleteDon’t pressure the CSC and MA Legal, who have no clue what is going on. The MA is only a marketing guy, he hardly knows what TC is, compared to SPs who have lived here for years. All MA and legal did was just put some items together and send out to bid. Like a well paid matchmaker.
The real work is done by the buyer, and sellers (who need to agree to sell, which we have done our part).
So don’t put the pressure on the MA, Legal or CSC. The fact is that they are clueless. They are probably asking SL, but SL is likely to be telling them nothing until things actually happen. On the other hand, MA Legal CSC have no idea what these approvals are about and dare not say anything.
So this is the likely situation now.
The letter already stated the types of approval required. All we want to know is how many already approved and how many are outstanding and what time frame is required? Not too much to ask as an update right ?
DeleteSo I assume you're representing CSC MA to give us this explanation?
DeleteSim Lian as professionals, would have done their financial planning before they even put in their bid.
DeleteMy experiences on another enbloc:
2 wks after tender closed, briefing conducted by CSC, MA and Lawyers. Brief on salient points of negotiations; why they decided to drop certain conditions and accept X mil less. Terms that were insisted so difficult for buyer to pull out.
Then the legalities; SSD, ABSD, Simultaneous Completion, cautioned against late change of ownership, issues such as death of owner. Explained the various penalties for non compliance. Lawyers came prepared with a sample Enbloc tenancy clause and general advice on managing termination of tenancy.
Run through the Enbloc approval process for both sellers and buyers which lead to timeline and projected completion date. Finally they fielded questions.
When the planned completion looked suspect, residents were informed early by official letter explaining that developer had to resubmit the OPP because of traffic impact study and thereafter apply to SLA for lease Top Up. They assured us MA, CSC are writing and talking to URA and Developer/ Lawyer and projected a revised legal completion.
In the latest letter regd documentation for transfer to purchaser we were pleasantly surprised that they have managed to revert back to the original completion.
Motives explained, Promises kept, Problem solved,
Just doing what they're paid to do.
Don’t put the pressure on people who are playing around with the rest of our lives? Don’t put pressure on people who are handling MY money? Don’t put pressure on people who REPRESENT our interests? Really? REALLY!?!
DeleteWe are not putting any unreasonable pressure on anyone. We just want an answer and the SC/MA is oblige to reply to SPs. Keeping silent inspite of so many queries on FB is not an answer. We just want the fact, transparency and update.
DeleteTotally agree.It tiring doing another enbloc.
ReplyDeleteElden's letter stated that 3 objectors withdrew on 28 Dec. Same evening posted on FB:no word of withdrawal. Announcement of Sale Order on 2 Jan.
ReplyDeleteQuestion: When did our CSC first received word from STB (tel,email,letter, SMS, fax) of objectors withdrawal?
I'm concerned of the lack of transparency and openess, poor standard of accountability. People in control may time the release of information for gain or to shape events. Information is Power. One can destroy enemies in battles, or benefit unfairly in commercial negotiations.
The Objectors were mocked and threatened on FB and even in this Blog. They're easy targets for things that go askew in the future, a convenient whipping boy, or gal. Blogger seemed to know early, don't believe her if she says it's woman's intuition or lucky guess of the Irish. Was it to prolong the torment of those who're just exercising their Legal rights? Could be our SC and Lawyers only found out on the 2nd. They may want to clarify if they wish. They're in charge and in control.
CSC is entrusted by homeowners of TC with the authority to manage this sale. They have a duty to conduct it in an open and transparent manner. CSC is obligated to answer our queries promptly and truthfully and release all relevant information in a timely manner. Late disclosures and looming deadlines only narrows us to few, rushed and bad options. I'm thinking about replacement property, reorganising our lives. Maybe even the LUP issue. We shall see.
Hahahahaha so in other words, MA, CSC and legal team are a clueless bunch and for the moment are just covering their asses by keeping quiet. Can’t fault the CSC for not knowing things, I mean that’s what the MA and lawyers are for right? To provide sound consult and advice. Not asking for much really, just proper timely updates. Utter rubbish.
ReplyDeleteSo application for approval will start from sales order ? When will it ever end ? Why don't they tell us right from the beginning? They may not able to get 80% signature. 1.7m is definitely not worth the long wait.
ReplyDeleteDear Choo, would you pls share the updated timeline till moving out day based on the current situation? I'm clueless. Tks.
ReplyDeleteSad, really, really sad for TC Enbloc when there is confusion who the leader actually is. Some think it's the MA. Now people are looking up to Blogger for official answers. Busybody seems to think the whole lot is incommunicado on, holiday??? Now I'm confused. Which Choo are you referring? Desmond?
DeleteIf the official people helming this enbloc continue to keep silent, soon there will be residents knocking on their doors and waiting by their vehicles to get some answers.
ReplyDeleteNO DON'T. Focus only on those culpable, responsible who could and should provide solutions and answers. There ought NOT be collateral damage.
DeleteDon’t worry, we are not raised by animals. We just want clarity or an assurance that they are sorting this out.
Delete9.3
ReplyDeletei think 【to pull out】,in fact,mean
to complete the deal?
2.how can CSC,MA,Lawyer bully SP to drop
certain terms in CSA and reduce x million?
can tell us which.condo?
3.CPIB should invite key men for a coffee.
4.no TC SP WANT the above,
but they want the services as u share.
busybody, It would incur sellers same amount to comply with condition. Fair deal. Team very open and forthright in Q and A. No doubt among residents that negotiators had their best interest foremost. In any case, no one would be so stupid as to incriminate themselves in a mass briefing. People involved in suspicious dealings normally keep a quiet, low profile.
DeleteAll this silence will not be good for the MA's company. I believe many outsiders are reading our blog and many of them are potential enbloc residents or even in their sales committee. If I am one of them I will cancel out Huttons name straight away from my list of potential MAs. The owners of Huttons should be concerned and do something to upkeep their name.
ReplyDeleteSo I guess, SL only applied for the OPP after they received the sales order from the STB as opposed to using the pre sales order with CSA agreement. If that’s the case, then it’s about 15 more working days that everyone has to wait for. I’m just guessing.
ReplyDelete
ReplyDeleteThe Merry Go Round after Merry Christmas ......You may have heard the story about four people named Everybody, Somebody, Anybody and Nobody. There was an important job to be done and Everybody was sure that Somebody would do it. Anybody could have done it, but Nobody did it. Somebody got angry about that because it was Everybody's job. Everybody thought that Anybody could do it, but Nobody realized that Everybody wouldn't do it. It ended up that Everybody blamed Somebody when Nobody did what Anybody could have done.
Whose Job is it>
ReplyDeleteThis is a little story about four people named Everybody, Somebody, Anybody, and Nobody.
There was an important job to be done and Everybody was sure that Somebody would do it.
Anybody could have done it, but Nobody did it.
Somebody got angry about that because it was Everybody's job.
Everybody thought that Anybody could do it, but Nobody realized that Everybody wouldn't do it.
It ended up that Everybody blamed Somebody when Nobody did what Anybody could have done.
Looks like Eveybody,Somebody,Anybody, Nobody are all trying to figure out what's the latest news, only to be Busybody to come here for ans.
DeleteMA,lawyer have a golden chance to sell their companies to few hundred families in TC.
ReplyDeletefor unknown reasons,their inactions after SALE ORDER will not.enhance their reputation.wat a waste.
Majority, Minority, Objectors - we are in the same boat now. We should protect each others interest and strongly request MA/CSC to update us instead of keeping silent. We need answers as to what's really going on now
ReplyDeleteCorrect, let’s not go ripping each other’s head off, a bit of that has started on the fb page. Although, I really am not sure how much more we can strongly request for answers as many people have already asked on FB and I am pretty certain the MA and TC’s sales team come to this blog as well. It has left such a bitter taste in everyone’s mouth. One thing for sure, in the event that this enbloc goes through, I won’t be using Huttons’ services now or ever in the future. Their lack of communication and urgency is deplorable.
DeleteThey don't have answer how to qive you answer only things just wait i m sure they are trying their best to do whatever they can the CSC is just like us trying to sell their homes. Probably their are waiting for answers too.
ReplyDeleteI think people would be a lot more forgiving of the ineptitude if they would strap on a pair and reply, even if just to say “ We are not sure, but will follow up closely and let you know soonest.” It’s one thing for the CSC/MA ( especially the MA) to not have the answers and another thing entirely to go completely quiet ( surely you are better and more responsible sales people than that?) especially when their voices were very loud when they wanted us to sign. I don’t for a minute doubt that the CSC also want to close this deal and move on with their lives but you bunch owe your neighbors and residents a response. The silence is deafening and making many people angry.
DeleteIt's in challenging times that strong leadership matters. Making excuses on their behalf only encourages CSC to slacken more. We need information, answers, updates. It's not too difficult, is it? We're tough enough to handle bad news. Sooner or later we'll all have to face it. The truth and nothing but the truth. Playing Dead is not a good option !
DeleteKeeping silence is also a strategy? So can we also keep silent when we pay commission?
ReplyDeleteIf we can wait 4 years (2015-2018) for round 3, I think we can wait another few months or a year to go to round 4 with better sales proceed (definetly more than $2M) as I read 2018 is even hotter year for enbloc. Also there is lesser ex hudc land to compete with. This time we will have a better team of CSC and MA to manage the enbloc.
ReplyDeleteMeaning you are ready to start off as the next committee Chairman, followed by appointing office bearers for the next enbloc if it comes to fruition?
DeleteGood idea! i suggest you let us all have enbloc success first and you can stay behind or put it in Pine Grove or Ivory Heights. you have patience to wait till after they enbloc and you will be rich.
DeleteBlogger, there is nothing to report right now, and people here are just speculating themselves to death. Why not shut off the comments and cool down for a while.
ReplyDeleteand do what...migrate to TC FB and officially die of boredom.
DeleteKeep this blog going. Thanks.
I think you are right.
DeleteCSC issued a rather long statement of no consequence late tonight on FB. WE're still cluless. It seems MP Desmond Choo impending house visit tomorrow prodded them out of hibernation.
ReplyDeleteis there any Force Majeure clause in CSA? IF so,can SL claim LTA PQFS as Force Majeure? PQFS sure delay the process.
ReplyDeletewhere is the signed CSA?SPs need it.when there is legal dispute.
ReplyDelete2.SC shall e mail SPs one clear and scanned CSA copy.
I think you mean SPA, not CSA
Deleteyou are right.SPA.every SP should have one clear copy now.
Delete