On the 12 Jun 2018 (the scheduled completion date for Tampines Court) MCST 2644 will be no more. Our Books would have been handed over for Auditing and no one is liable to pay anything to MCST as it has ceased to exist. There will be no Management Council, no Managing Agent - just whoever Sim Lian wants to be in charge and in the management office - which may or may not be the present MA.
The Audit is from the last Audit to the actual date of Completion. So the post-completion period is not included.
The Audit is from the last Audit to the actual date of Completion. So the post-completion period is not included.
Whilst I understand the rational for continuing to pay maintenance fees as long as you are staying in the estate, I am baffled by the requirement to keep adding to the Sinking Fund*. The Accounts are closed and there is no need for a Sinking Fund. This is just handing over money to Sim Lian for no purpose and it won't be coming back to us. This is post-audit, remember.
It is just small change/free money for Sim Lian. (560 x $44 = $24,640 per month decreasing)
Rent by a different name, perhaps?
* The amount owing by your unit will be deducted from the $50k retention sum when you hand over vacant possession
I have yet to send in my official request for an email copy of the Audited Accounts when they come through post-completion. As rightful owners of TC right up until the last day we should be entitled to see the Audited Accounts.
I shall send my official request to both the current Managing Agent and the Lawyer.
A case of dotting the i's and crossing the t's.
* The amount owing by your unit will be deducted from the $50k retention sum when you hand over vacant possession
I have yet to send in my official request for an email copy of the Audited Accounts when they come through post-completion. As rightful owners of TC right up until the last day we should be entitled to see the Audited Accounts.
I shall send my official request to both the current Managing Agent and the Lawyer.
A case of dotting the i's and crossing the t's.
Aren't we supposed to be repaid the amounts left over from the sinking fund? How much would that roughly be? When would it be paid to us? Maybe need to ask MCST too.
ReplyDeleteThe Audited Accounts will be up to the actual date of completion. We will get our share of the MCST funds at a later date (not on 12 June). the Buyer will return the monies to our lawyer and he will distribute accordingly. When will we get this MFSF cheque? I don't know, but they have to present the audit to the buyer within 3 months of completion (12 Sep) so max time would be beginning of Oct (blogger 's guess only).
DeleteThe 6-month staying on period is not included. Buyer will deduct sums owing from 1 June-to vacant possession from the retention fee.
I will be more concerned about the big bill pay out date first as many of us are waiting for this to pay our new purchase. Are we going to get that cashier order on 13th June? I have confident at Sim Lian, but not at 560x2 owners. Pls everyone, pls be safe and healthy, no bankruptcy. It's afterall a collective sale. My question here is, if, touch wood, there is some thing happen, how long will lawyers need to solve the problem?
ReplyDeleteAgree. That would really be messy.
DeleteEven worse, if completion is delayed (get paid) and yet we're all expected to handover on 11 Dec 18, or else... Too complicated and stressful for many. Hope Chairman and SC are maintaining oversight on Eldan and we're all informed in good time if problems are anticipated.
Still, I'm not aware of any other Enbloc that have encountered this. We would be in uncharted waters!
If Completion date is delayed then the Vacation Possession date will also be pushed forward. It is always 6 mths from completion date.
Delete"To make an appointment (subject to availability and first-come, first-served), Owners can call Mr Leong Yim Meng - 9794 9717 or Ms Pauline Ho - 6303 6161 between Mondays to Fridays (9am to 5pm) and Saturdays (9am to 1pm) (excluding public holidays)"
ReplyDeleteSo I guess that if these two people fall sick until 12 December 2018, all of us have to pay liquidated damages at $5000 a day, which is "non negotiable".
Nonsense.
Deletewho knows how many slots provided a day? ten? five?
Deletethey are just trying to make things difficult for SPs. So what if 560 units want to hand over at 5pm on 12 Dec? Everyone will be forced to pay the penalty? Isn't the 6 mths part of the agreement in the first place and standard practice.
DeleteInstead of putting this type of language, why not say additional $100/day paid to SPs for each day ahead of 12 Dec? This is 2018, use 2018 ways, not 1965 methods.
Myself and others who need the full rent free period to settle into our new homes will have to chope early for date in early December. Can expect last 2 mths to be very hectic for Tampines Court. I suppose early bookings will help SL in their planning. To be safe if in doubt book early for a later date. SC could help to liase with SL for more information eg max bookings per day and even updates on FB of handover dates still available or fully taken up. Coordination with SL and updated information will help make the whole process manageable and Exodus of TC civil.
ReplyDelete