Chancery Court Sold

Another HUDC bites the dust

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." 

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. 

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. 

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

Chancery Court Development info

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. 

Pine Grove Development Info

Pine Grove: Never Ending Enbloc

Letter from MCST