Goodluck Garden going to High Court

Website:

So here we have another case of Owners being sold a bill of goods when all along the 'experts' should have known that no DC would be payable. How could they have not known? The big issue here is the Sale Committee's failure to act decisively on the 'new' information' and thereby failing in their fiduciary duty of care. They should have returned to the owners to seek new instruction - as this was clearly a significant material difference.  If the High Courts rules in favour of the Sale, then it is effectively saying that fiduciary duty stops when a tender is launched, the wheel once turning cannot be stopped - which cannot be right.  We shall see. My money is on the Sale being thrown out aka Horizon Towers. 

Goodluck Garden STB Stop Order

Residual Land Valuation (RLV) Worked Examples

The following are some of the official RLVs that were done on Tampines Court between 2007 and 2011. All requests by yours truly to see the RLV for Tampines Court  between 2015 and 2017, when the sale was completed, were rebuffed. The Valuation at Close of Tender was high on pictures but with no calculations on how the actual final figure was ascertained- it didn't even mention the plot ratio. 

Owners will always be given the least amount of information possible. It is up to savvy owners to get themselves a little knowledgeable about how to go about getting a better idea of the land value of their estate and to ask sticky questions. The Marketing Agent is relying on your ignorance.

2007

2007

 2011

2011

 2011

And Now my Watch is Ended

My blogging days are not over - just blogging about Tampines Court.

Audited Accounts & Sinking Fund

We all have one more cheque due to us and that is the equal sharing of the Sinking Fund.

The last duty of the ex-MCST was to put in for the Accounts to be audited. This will take about 2 to 3 months I believe.

So what do we know about the Accounts and will we be allowed access to the Final Audit? We should - as we paid for it and it is ours by right.

I still have the last Auditor's report for the Accounts Ending 31 Mar 2017.

As of 31 Mar 2017 : Sinking Fund :        $1,944,221     
                                   Management Fund:  $ 48,217

Now, I also have the Minutes of the 4th Council meeting held 29 Jan 2018

As of end Dec 2017:  Sinking Fund:          $2,148,815    
                                   Management Fund:     $102,784

So, we should expect a ballpark figure* of $2,148,815/560 =

           Approx .$3,837 per unit #         

*There should be minimal drawing down of SF - if there is, then that has to be challenged.

# If units are still in arrears even after the MCST handed over supposedly 'clean' accounts' then it should be deducted from their share. Again, transparency in required even at this stage.

It is the MCST (therefor us) which paid for the Final Audit - so you should send an email to Eldan Law asking for  PDF copy. You paid for it, right?

TRANSPARENCY TO THE LAST DROP, I SAY  

Collection of Sales Proceeds

The Where and When you can pick up your money is laid out in the Legal Letters dated 15 May 2018. I can't produce the letter in full here, but I hope they don't mind a small screenshot. Further details are in the letter:

In a nutshell:

Gilstead Court Enbloc 2018

And now, the end is near

6 days to Completion
I am quite surprised by how peaceful the estate is - in my corner at least.  I see no obvious signs that things are changing. Yes, a few tenant neighbours have left and the dustbin centre is beginning to gather more sofas, mattresses and other discarded furniture; I, too, will soon add to this growing pile as I get into the final phase of dismantling my life in Tampines Court, but other than that, it seems life goes on as normal.

Discarding furniture is one thing, but setting your pets loose is quite another. I have twice spotted a wee rabbit hopping about around my block. I threw a carrot at it from the kitchen window. I have 3 cats I am very reluctant to bring with me to my new apartment, but come they will. They would not survive on their own and it's the height of cruelty to abandon former pets to fend for themselves. My husband thinks the rabbit will end up as dinner on someone's plate.

to be cont..