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're barking up the wrong tree. LTA is responsible for facilitating orderly traffic flow. SL interests is to eke out maximum profitability and still comply with LTA requirements; however long it takes. That's because WE allowed them that right. There's no incentive for SL to expedite matters for OUR sake.
In a rising property market and for us SSD owners the adverse financial impact started well before Budget 2018. Realistically, it all crumbled with the signing of the SPA for our Tampines Court community.
Yes, it all began when you bought TC, and its all because of SSD and this enbloc. You shouldn't have bought TC at all. You're in such bad shape, you should offload TC now at the price you bought.
Latest BSD means SL needs to tweak it's size distribution to incr the proportion of <1.0 M priced units. Back to the drawing board. Lucky for SL their plans for TC II not yet firmed nor passed URA approval. All about marketability, profitability, quick sale and moving on for the next killing. Oh Heck, SL may even ponder long and hard on the viability of acquiring TC, after all there's no penalty in pulling out. In any case, we're in for an even longer wait.
Sorry hor, if you can afford a place that costs more than $1m that 1% more BSD surely won't hurt. Anyway, delays are not uncommon. It's part and parcel of enbloc sales.
re 4.3. with no.of units reduced to 2000, how can SL sell below 1 mil a unit? average size is 1000 sf. say smallest size is 700sf,estimated selling 1400 psf, one million.
Not suggesting all units will be <1M. SL may incr nbr and size of the smaller units or decrease the nbr of large units, or even incr the nbr of larger units but reduce it's size. Allocate more space to common facilities: Club house, Health club and Spa and make that an unique selling point. They may want to include boutique commercial spaces for sale or lease. The permutations, combinations and ideas to use the large space are many for SL planners.
This enbloc is terrible.. The terms of the SPA very stacked against owners. Many questions on official FB ignored. SC unresponsive to SPs demands for meeting to explain and clarify lawyers letter. Even simple question on SC meeting with SL simply ignored. Is the team embarrassed to face SPs or once entrusted with authority believe themselves to be above ordinary SPs. Time for serious work and live up to your responsibilities of CSC. Almost 2 mths since Sale Order. Hope CSC and Eldan will be there during Huttons mtg. If not, even if unable timelines lets have more regular updates on FB.
Why don't u just pm the CSC chairman if u have any queries? Sometimes FB is too open a platform for outsiders to gather info so as to attack and cause panic to our own people.
CSC could have responded positively to SPs request for meeting to clarify issues they deem sensitive. They did not. Some enquiries were innocuous and could be answered on FB eg: CSC mtg with SL. Sample replies: 'No mtg were held but Chairman did speak with buyer over the phone. We regret unable to divulge what was discussed' or 'Yes, the team did meet with SL more than once. The discussion must remain confidential so as not to jeopardize this sale'. It is more expedient for CSC to initiate regular updates while safeguarding confidentiality on FB than to attend to individual requests. This is a collective sale. Feedback from some SPs who have dealt with CSC exec is that at times they do not respond or are quite restrained with nothing substantive to offer. I did not pm Chairman. Our homes are our most valuable asset, we need to prepare early for major lifestyle changes. We need reassurance that this CS is in good hands. Tomorrow, 24 Feb Owners Mtg by Huttons is a private and exclusive affair. CSC and Eldan will now have a chance to speak freely and directly respond to all those questions on FB, and more.
Tomorrow 22.2.18 is probably the most critical legal milestone.If by cob no letter from SL to rescind the S&P, Sat meeting likely will be very positive.
Sim Lian will never get another offer with such lucrative price coupled with absurdly beneficial terms and conditions. They would be mad not to go through with this sale. Only a matter of time. Sim Lian's time.
The SPA was signed on 22 August 2017. Under IRAS requirement for Stamp duty remission, a buyer has 6 months from stamp duty payment to cancel a purchase and ask for a refund. So if SL paid the stamp duty for TC on 22 Aug, SL will forfeit 29.1 million if they cancel the sale after today.
The conditions are not very good but not entirely against owners. This deal is not bad, if had gone by private treaty mode, might have gotten a deal with worse conditions
Happy Lunar New Year! 🎉🎉
ReplyDeleteHappy Chinese New Year!
ReplyDelete(that's fake news too....but don't tell anyone shhh..)
With the government taking a big chunk of meat off through increased LUP and stamp duty, one would expect LTA and URA to show more productivity.
ReplyDeleteYou're barking up the wrong tree.
DeleteLTA is responsible for facilitating orderly traffic flow.
SL interests is to eke out maximum profitability and still comply with LTA requirements; however long it takes. That's because WE allowed them that right. There's no incentive for SL to expedite matters for OUR sake.
Not Our Finest Hour.
Yup, right, barking up your own tree, because you’re so fixated on blaming “WE”. As long as it’s not YOU, I guess, and someone else.
DeleteBSD now 4%. This delays has direct financial impact now for those wishing to upgrade from TC.
ReplyDeleteIn a rising property market and for us SSD owners the adverse financial impact started well before Budget 2018. Realistically, it all crumbled with the signing of the SPA for our Tampines Court community.
DeleteYes, it all began when you bought TC, and its all because of SSD and this enbloc. You shouldn't have bought TC at all. You're in such bad shape, you should offload TC now at the price you bought.
DeleteLatest BSD means SL needs to tweak it's size distribution to incr the proportion of <1.0 M priced units. Back to the drawing board. Lucky for SL their plans for TC II not yet firmed nor passed URA approval. All about marketability, profitability, quick sale and moving on for the next killing. Oh Heck, SL may even ponder long and hard on the viability of acquiring TC, after all there's no penalty in pulling out. In any case, we're in for an even longer wait.
DeleteSorry hor, if you can afford a place that costs more than $1m that 1% more BSD surely won't hurt. Anyway, delays are not uncommon. It's part and parcel of enbloc sales.
DeleteAnon 4.2 FYI Caveat lodged on all our homes. Cannot sell.
Deletere 4.3.
ReplyDeletewith no.of units reduced to 2000,
how can SL sell below 1 mil a unit?
average size is 1000 sf.
say smallest size is 700sf,estimated selling 1400 psf, one million.
Not suggesting all units will be <1M.
DeleteSL may incr nbr and size of the smaller units or decrease the nbr of large units, or even incr the nbr of larger units but reduce it's size.
Allocate more space to common facilities: Club house, Health club and Spa and make that an unique selling point. They may want to include boutique commercial spaces for sale or lease.
The permutations, combinations and ideas to use the large space are many for SL planners.
This enbloc is terrible.. The terms of the SPA very stacked against owners.
ReplyDeleteMany questions on official FB ignored. SC unresponsive to SPs demands for meeting to explain and clarify lawyers letter. Even simple question on SC meeting with SL simply ignored. Is the team embarrassed to face SPs or once entrusted with authority believe themselves to be above ordinary SPs.
Time for serious work and live up to your responsibilities of CSC. Almost 2 mths since Sale Order. Hope CSC and Eldan will be there during Huttons mtg. If not, even if unable timelines lets have more regular updates on FB.
Why don't u just pm the CSC chairman if u have any queries? Sometimes FB is too open a platform for outsiders to gather info so as to attack and cause panic to our own people.
DeleteCSC could have responded positively to SPs request for meeting to clarify issues they deem sensitive. They did not. Some enquiries were innocuous and could be answered on FB eg: CSC mtg with SL.
DeleteSample replies: 'No mtg were held but Chairman did speak with buyer over the phone. We regret unable to divulge what was discussed' or
'Yes, the team did meet with SL more than once. The discussion must remain confidential so as not to jeopardize this sale'.
It is more expedient for CSC to initiate regular updates while safeguarding confidentiality on FB than to attend to individual requests. This is a collective sale.
Feedback from some SPs who have dealt with CSC exec is that at times they do not respond or are quite restrained with nothing substantive to offer. I did not pm Chairman.
Our homes are our most valuable asset, we need to prepare early for major lifestyle changes. We need reassurance that this CS is in good hands. Tomorrow, 24 Feb Owners Mtg by Huttons is a private and exclusive affair. CSC and Eldan will now have a chance to speak freely and directly respond to all those questions on FB, and more.
SL shouldnt be affected by Bsd as they have the option to purchase already before feb. So this factor is not in consideration
ReplyDeleteTomorrow 22.2.18 is probably the most critical legal milestone.If by cob no letter from SL to rescind the S&P, Sat meeting likely will be very positive.
ReplyDeleteTHE DEAL IS AS GOOD AS DONE!
What's with 22.2.18?
DeleteWhy? Last day of applying stamp duty refund? What if SL keeps quiet until he gets refund?
Deletei think u mean 22 march
DeleteSim Lian will never get another offer with such lucrative price coupled with absurdly beneficial terms and conditions. They would be mad not to go through with this sale.
DeleteOnly a matter of time. Sim Lian's time.
Todays New Paper, Court blocks 17.5 m collective sale of Beauty world food centre
ReplyDeletePls enlighten what’s the significance of 22.2.18? Thks
ReplyDeleteToday is the 7th day of CNY 2018 and it is everyone's Birthday.
DeleteThe SPA was signed on 22 August 2017. Under IRAS requirement for Stamp duty remission, a buyer has 6 months from stamp duty payment to cancel a purchase and ask for a refund. So if SL paid the stamp duty for TC on 22 Aug, SL will forfeit 29.1 million if they cancel the sale after today.
DeleteI believe that is the significance :)
Can we have the timeline chart pls. Thks
ReplyDeletere 8.4.
ReplyDeletethe 2000 units rule makes the feasibility of the deal questionable .Banks also sit up and reconsider .
Kindly face the reality and prepare for the worst.
SL has ample
ReplyDeletetime to apply for stamp duty refund..
https://www.iras.gov.sg/irashome/Other-Taxes/Stamp-Duty-for-Shares/Claiming-Refunds-Remissions-Reliefs/How-to-Claim-Refunds/
The conditions are not very good but not entirely against owners. This deal is not bad, if had gone by private treaty mode, might have gotten a deal with worse conditions
ReplyDeleteAny new updates? CNY is over, are we waiting for Good Friday...?
ReplyDeleteIf Good Friday no news, then drag on to April Fools month...and still no good news then sound SOS alarm for May Day!...May Day!(Distress Call)
DeleteToday is D-DAY! Wishing All The Best.
ReplyDeletemeeting at TC today, appreciate if can share what is latest later, i cant make it today...
ReplyDeleteAnonymous25 February, 2018
ReplyDelete" If name is required for this blog, it will be as quiet as the FB Page."
Isn't that should be the way? If nothing just keep quiet & wait. If got something good we shout celebration. Noise are destructive & useless.