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.
Not really. SL is in full control. They're trying to squeeze the most out of our Govt Agencies who are tough negotiators as well. Unlike their previous encounter which was a cakewalk. SL could now take their time to work out the best deal for themselves while we wait.
While it's true the delay is due to LTA, URA approval, the underlying cause is an SPA that handed to SL full and complete control. Buyer is extending talks until an outcome to his satisfaction is attained. Whats the use of home ownership when we're not in full control of our property. SPs are not receiving any reward as compensation for those ridiculously generous terms. Besides, SL could walk away from the purchase anytime with impunity. We await from Chairman and Eldan an explanation for the rationale of such an agreement that they signed for in all our names.
While it is true the SPA is basically one sided, the underlying cause is the miserliness of TC SPs who go along with the so called 'free' agent and lawyer who touted no fees until sales. what happens if people work based on 'no fees until sales'?..they make sure they sell it regardless of the terms and conditions imposed by the buyer. i.e. their interest comes before everyone else. lesson learnt for enbloc 4.
Most other Enblocs also work on "No Sale No Fee". It's all up to those in charge to be in the thick of it, set the tone and show them "Professional Advisers" that even volunteers are no pushovers on things Enbloc. Sadly for us the smartest guy in the room left.
Anon 1.3 We have Chairman n team protecting our interests too. I think they're overall in charge. You're not suggesting this CSC is subservient to Eldan n Huttons.
No sale no fee is the norm now. Some agreements incentivise Professionals by increasing the commission once certain sale price is exceeded. Anecdotal evidence suggests even the higher sweetener commission of other CS pales in comparison in both quantum and percentage terms what TC is paying Huttons.
Wont be attending unless SL boss also attending. else its more of the same thing. Anyone organising meeting to make the SPA null and void. that one i would be keen to attend.
Hear, Hear! What's notable is the conspicuous lack of any mention on FB. In fact, FB headline 'obtained SALES ORDER!!' unchanged since 2 Jan. Last signs of life from Sales was when they traded barbs 'oxymoronic' with SP, 1 Feb. Wondering if they ever had a 'Boss' to coordinate and synergise the team, or has it always been a ragtag bunch doing their own thing; to each his own. Without CSC and Eldan's presence we'll never get to the bottom of those nagging questions on that one sided SPA that puts us at the mercy of SL, causing SPs unnecessary annoyance, missed opportunities and financial loss for some. While SL is not obliged to attend, Eldan should and CSC must. It's home ground after all. Nevertheless, appreciate the effort Huttons. Well Done!
Surely our reps will be there. They owe it to us all. There are 6 CSC members. One would expect at least a core member to be out front with MA fielding questions. Come prepared, most questions already posted on FB. Understandable if Sales avoid responding in social media. However, to undertake a project of this magnitude and be coy about interacting with homeowners is deplorable. It would be telling if none turned up. An organised CSC boycott? If that happens, owners will come to our own conclusions on the competence, or lack thereof, in which this Enbloc is managed and of those personalities involved. Absence Speak Louder than Words.
Throwing it on the porch in gale force winds is not advisable. They could have at least jammed it between the gate and frame. It was literally in the air when I spotted it.
Hi blogger. You started the singing contest with the Titanic song. Now our MA is belting out his 'gone with the wind' encore. Hope he is not referring to the enbloc deal.
More like in the court to be played out between LTA and SL. SL has served the ball and LTA has returned the ball to SL's side with its requirements. Now SL is contemplating how to return the ball back to LTA. Hope this to and fro play won't take too long. One of them will have to take the killer smash to end this game. URA part should be a walk over game.
LUP already busted. If SL took this seriously, they would have walked out of this deal straight away. The fact that they are actively engaged with LTA meant that the LUP will not be the obstacle. They are keeping this option open so that they can still walk out if the negotiations with LTA fail. With the LUP they can get their deposits back.
Same here for SP not living in TC. Got the letter.
However, I won't go over on 24th Feb and will rely on this Blog. Not that I'm not interested, but that it is usually a waste of time and MA is so tongue tied they will want us to sign confidentiality letters again and give us nothing confidential. If there is anything to update, they would have announced it all over the newspapers first before we know it from them.
Singapore Budget 2018: Buyer's Stamp Duty for residential property in excess of S$1 million to increase from 3% to 4%. Those of us who still waiting for sale proceeds to go out to buy ........ TC residents really a sad lot.
Seems clear that the ball is on LTA/URA court.
ReplyDeleteNot really. SL is in full control. They're trying to squeeze the most out of our Govt Agencies who are tough negotiators as well. Unlike their previous encounter which was a cakewalk. SL could now take their time to work out the best deal for themselves while we wait.
DeleteWhile it's true the delay is due to LTA, URA approval, the underlying cause is an SPA that handed to SL full and complete control. Buyer is extending talks until an outcome to his satisfaction is attained.
DeleteWhats the use of home ownership when we're not in full control of our property. SPs are not receiving any reward as compensation for those ridiculously generous terms. Besides, SL could walk away from the purchase anytime with impunity.
We await from Chairman and Eldan an explanation for the rationale of such an agreement that they signed for in all our names.
While it is true the SPA is basically one sided, the underlying cause is the miserliness of TC SPs who go along with the so called 'free' agent and lawyer who touted no fees until sales. what happens if people work based on 'no fees until sales'?..they make sure they sell it regardless of the terms and conditions imposed by the buyer. i.e. their interest comes before everyone else. lesson learnt for enbloc 4.
DeleteMost other Enblocs also work on "No Sale No Fee".
DeleteIt's all up to those in charge to be in the thick of it, set the tone and show them "Professional Advisers" that even volunteers are no pushovers on things Enbloc. Sadly for us the smartest guy in the room left.
Anon 1.3 We have Chairman n team protecting our interests too. I think they're overall in charge. You're not suggesting this CSC is subservient to Eldan n Huttons.
DeleteNo sale no fee is the norm now. Some agreements incentivise Professionals by increasing the commission once certain sale price is exceeded. Anecdotal evidence suggests even the higher sweetener commission of other CS pales in comparison in both quantum and percentage terms what TC is paying Huttons.
DeleteWont be attending unless SL boss also attending. else its more of the same thing. Anyone organising meeting to make the SPA null and void. that one i would be keen to attend.
ReplyDeleteIn that case don't complain that there is no update or meeting. Can nvr please those kpkb SPs.
DeleteHear, Hear!
DeleteWhat's notable is the conspicuous lack of any mention on FB. In fact, FB headline 'obtained SALES ORDER!!' unchanged since 2 Jan. Last signs of life from Sales was when they traded barbs 'oxymoronic' with SP, 1 Feb. Wondering if they ever had a 'Boss' to coordinate and synergise the team, or has it always been a ragtag bunch doing their own thing; to each his own.
Without CSC and Eldan's presence we'll never get to the bottom of those nagging questions on that one sided SPA that puts us at the mercy of SL, causing SPs unnecessary annoyance, missed opportunities and financial loss for some.
While SL is not obliged to attend, Eldan should and CSC must. It's home ground after all.
Nevertheless, appreciate the effort Huttons. Well Done!
MA's circular: As you may have read in the newspapers..........
DeleteSo read the newspapers for updates - more timely and maybe more forthcoming.
Surely our reps will be there. They owe it to us all.
DeleteThere are 6 CSC members. One would expect at least a core member to be out front with MA fielding questions. Come prepared, most questions already posted on FB. Understandable if Sales avoid responding in social media. However, to undertake a project of this magnitude and be coy about interacting with homeowners is deplorable.
It would be telling if none turned up. An organised CSC boycott? If that happens, owners will come to our own conclusions on the competence, or lack thereof, in which this Enbloc is managed and of those personalities involved.
Absence Speak Louder than Words.
Dear blogger, just FYI-Door to door delivery is more expensive than putting a stamp.
ReplyDeleteThrowing it on the porch in gale force winds is not advisable. They could have at least jammed it between the gate and frame. It was literally in the air when I spotted it.
DeleteMine was jammed in between the gate & frame. No issue as you will come to know anyway. Just attend.
DeleteHey blogger, there’s no gale force winds yesterday lah. Please lah u! U expect the letter to be served to u on a silver platter issit???? Please lah
DeleteHi blogger. You started the singing contest with the Titanic song. Now our MA is belting out his 'gone with the wind' encore. Hope he is not referring to the enbloc deal.
DeleteMore like in the court to be played out between LTA and SL. SL has served the ball and LTA has returned the ball to SL's side with its requirements. Now SL is contemplating how to return the ball back to LTA. Hope this to and fro play won't take too long. One of them will have to take the killer smash to end this game. URA part should be a walk over game.
ReplyDeleteyou forget LUP?
DeleteLUP already busted. If SL took this seriously, they would have walked out of this deal straight away. The fact that they are actively engaged with LTA meant that the LUP will not be the obstacle. They are keeping this option open so that they can still walk out if the negotiations with LTA fail. With the LUP they can get their deposits back.
DeleteGive update yet people still not happy and complain. Silent is golden
ReplyDeleteUpdate given by Huttons? More like second hand news. TC SPs only get news after other people publish so called confidential information in newspapers.
DeleteGot mine in the letter box today. I am not staying at TC. Will come over on 24th Feb. Hope to get LTA approval by then.
ReplyDeleteSame here for SP not living in TC. Got the letter.
DeleteHowever, I won't go over on 24th Feb and will rely on this Blog. Not that I'm not interested, but that it is usually a waste of time and MA is so tongue tied they will want us to sign confidentiality letters again and give us nothing confidential. If there is anything to update, they would have announced it all over the newspapers first before we know it from them.
I have not received any letter and so too my neighbours in my block
ReplyDeleteSold or Not Sold,Soap opera of the Year of The Dog.
ReplyDeleteIf not on official fb does it means TC CSC is not involve only Hutton? so our CSC can siam/escape/deflect any queries by SP?
ReplyDeleteSilly question. Isn't it obvious the official stance on their own FB is all of the above you mentioned?
DeleteSingapore Budget 2018: Buyer's Stamp Duty for residential property in excess of S$1 million to increase from 3% to 4%. Those of us who still waiting for sale proceeds to go out to buy ........ TC residents really a sad lot.
ReplyDeletemeeting with MA today！just a gentle reminder.
ReplyDeletewhat is the outcome of the meeting?
ReplyDelete