LTA gives nod of approval

Florence Regency Development Info

LTA Roadblock

The newest spanner in the works is the LTA stepping in and the new ruling out today about developers having to get LTA approval before the URA's OPP approval. Hmm... that might give Sim Lian pause for thought. 

If he can't build his 2000+ shoebox units, he might think twice about forking out $1.3b. 

Let see how that goes - it is far more serious than 3 objections at the STB going nowhere.

https://www.ura.gov.sg/uol/circulars/2017/Nov/dc17-07

Anger in Laguna Park over 3 Enbloc Attempts

Face-off at Laguna Park over en bloc attempts

Retired advertising veteran Patrick Mowe, 80, does not want to sell his Laguna Park home in East Coast.

The apartment is spacious at 1,650 sq ft, and with Siglap MRT station right next to the estate soon to be completed, there are reasons why Mr Mowe wants to remain here for the rest of his life.

So strong is his attachment to his apartment, where he lives with his wife, that he is leading a soft campaign against Laguna Park's third attempt at selling en bloc, gathering like-minded home owners to stay away from signings.

Mr Mowe, who moved in five years ago, has also been publishing electronic newsletters meant for the "anti-en bloc" group, promoting the beauty of their estate and why they should keep it.

He has already compiled and distributed six editions of Our Home - the title of his e-newsletter - with personal stories of Laguna Park and news clippings of articles critiquing selling en bloc.

Says Mr Mowe, looking out wistfully from his sixth-floor balcony: "If I had to get another home after this, it will be half the size and cost just as much as the amount I would get from the en bloc. I will never be able to get a place like this again."

The 528-unit development was built by the Housing and Urban Development Company (HUDC) around 40 years ago. As of last month, Laguna Park has gathered signatures from about 56 per cent of home owners for a collective sale.

About a third of the estate's home owners are landlords who rent out their homes. This group, says Mr Mowe, wants to cash out because of the weak rental market.

Why should these 30 per cent of people decide whether we get to keep our homes or not when they don't even live here," he says.

With around 59 years left on the lease, Mr Mowe says he does not need to be too concerned about the depreciating asset. He does not have any children.

He says: "Value can still be preserved if we keep on upgrading our estate and build a better home, and not put these plans on hold because of en bloc possibility. Let's focus on living."

ON THE OTHER HAND...

"How do I tell my children I have allowed our home to age and depreciate?" asks pro-en bloc resident Sung Yoon Chon, 65.

The father of two wants the best for his children, both of whom are above 20. Says Mr Sung, a remisier: "A home is an asset to be protected."

The reserve price is currently set at $2.1 million, compared with the typical resale price of $1.4 million for a 1,650 sq ft apartment. This means Mr Sung stands to make $700,000 more in a collective sale than at any other time.

If the third attempt at selling en bloc fails, the likelihood of a fourth is even smaller, says Mr Sung.

"Many people need this additional money to change their lives. One family here is counting on the en bloc sales to go for a medical treatment. Another can pay back their loans.

"I love this home, but the new home can be just as good or possibly better," says Mr Sung, who has lived there for around a decade.

Tales of rusted pipes, expensive repainting works and water leaking through the floor into other residents' homes have dominated recent meetings with the building management - signs that Laguna Park is ageing and ripe for redevelopment, he says.

But it takes a minority - 20 per cent of households - to block the aspirations of the majority. While Mr Sung believes they have a right to their opinions, he says there should not be any ugly spats or efforts to persuade others.

Laguna Park made headlines for a spate of vandalism incidents over selling en bloc in 2008.

Asked if he had considered the other party's reluctance to sell, Mr Sung says: "Having to move is uncomfortable, but change is part and parcel of life."

Ng Jun Sen

The Sunday Times

The last post (for now)

You are on your own now  

I am fed up monitoring comments
10 years 2007-2017
3 enblocs
fun times

Slan agus beannacht  libh go leir.

Pine Grove Enboc turns Ugly

What is STB mediation?

I want to state up front that I DO NOT KNOW what happens at mediation anymore than you do. All I can do is look at the books and see what is written there.

Mediation is 'private & confidential, and no transcript or audio visual recording will be made during the session'. We will never know what goes on behind the closed doors.

But judging from conversations I've had, the STB is just a clearing house and precious little mediation gets done. There are 2 set mediations - though the Board can stop proceedings at any time within a maximum timeframe of 60 days.  It's just a  formality, nothing gets resolved. The STB Board members are volunteers with regular day jobs - so they will make the hearing dates in accordance to their own timetables. There are 3 members assigned to each Board.

Resolution only comes in the form of a)Withdrawal of objections or b) High Court. 

LTSA PART VA(2010)

STB Powers                                             Mediation

From the STB website:

• Objectors can represent themselves in person or have a lawyer present or such other person as the Board may allow

MAKING AN OBJECTION AT THE STB IS FREE - objectors do not have to pay the STB fee imposed on objections under BMSM ( leaking ceilings etc)

The STB are not empowered to increase the Sales Proceeds of the Objectors

Looking at the Terms of Appointment for our Lawyer, their fees for STB Application covers
1) preparation of the application
2) preparation for the hearing &
3) up to 8 hours of hearing attendance before the Board. 
All inclusive - pretty standard stuff.  

I expect the hearing won't even take up 8 hours of their time divided over 2 days. 

From the Grapevine....

Florence Regency: Word has it that after the close of tender the CSC got busy talking to up to 13 developers, 2 of whom were interested enough to do a site inspection. The deadline for an offer was 7am on 20 Oct 2017. I believe the S&P was signed at 6am after a long night of negotiations. The conditions sound similar to TC:  $50k retention sum upon vacant possession, 6 months to vacate, developer can claim back full deposit if things go wrong.

They don't have to absorb the difference in DP (DC + LUP) should they be higher than estimated.

This is not the case with Rio Casa & Serangoon Ville who DO have to absorb the DP difference should it be necessary.

There is also a rumour that all is not well at Rio Casa - there is some issue about a LTA report about traffic congestion should the plot ratio be maximised.

Update:
Rio Casa: comment below from RC owner:
'RC has received approval from STB. Residents were informed by their lawyer that the purchaser is currently working with the authority on the LUP, Must have encountered some roadblocks for the delay from Q1'18 to Q2'18. Earlier, they were expecting Jan/Feb 17 to complete legal settlement'

Cooling measures ahead?

The URA is causing jitters...

Isn't it amazing how the URA, with all it's masterplanning, zoning powers etc has shown such little interest in the enormous private enbloc residential sector up until now. It's been over 20 years since enbloc started (was Shanghai Residences sold in 1995 the first?) but it has taken them this long to train their gaze onto enblocs.

Househunting - Resale HDB

Anonymity Vs Privacy

So why am I dead against putting YOUR ACTUAL name as apposed to monikers / anonymous on the web?

Simple answer: it gives a modicum (or fig leaf) of privacy. 

Anonymity and privacy are two different kettle of fish.  Your real name is your legal name and every time you use it on the web  you leave a digital footprint which cannot be erased completely. We have all used out legal names countless times when filling in forms etc so none of us is digitally clean. It is an impossibility on this day and age - but we can limit it to important things only. 

Objections at STB

Florence Regency Sold for $629m

TC Update

19 Oct 2017

Chill Time

Missing post

En blocs can mean upheaval and drama for residents

The editor of the above newspaper has kindly agreed to remove my name from the article. I did not give an interview.

I have returned the courtesy and removed the post as requested.

Househunting - Resale Private Property

Like most people I have been looking around to see what is out there. I have my own criteria with regard to tenure, size, floor level, age, & location etc. It's a challenge and not one I relish. I hate all kinds of shopping and house hunting is right up there at the top, along with shoes. I will probably end up buying the first one that 'feels right'. One thing I will tell you, it won't be HDB. My propertyguru 'shortlist' has grown to 40. 

I went to see one show flat just for fun recently. The new unit sizes were incredibly small. They were quite desperate to sell and asked me if I had brought my chequebook! Not a chance! As if I would sign for the most expensive thing in my entire life in 20 minutes.  Anyway, they called later in the evening to say they would give me $100k discount by throwing in the ID showflat for free. The location was perfect, the ID very nice, size of development excellent, facilities good, maintenance fee reasonable, but the answer was - and was always going to be - no. The price was unreasonable even with the discount. Buyers can do their own research to find out the historical price of units sold. 

Blur

Some in the majority camp don't know the terms and conditions they signed for in the CSA. Two ladies on the FB page think that the Marketing Agent and Lawyers fees are too high and should be renegotiated. 

'All this fees re negotiable' FB 10 Oct 2017

I have news for them, they may be on the high side but those were the terms agreed by the CSC in early 2016 and subsequently endorsed by your sweet selves when you signed the CSA. They cannot be renegotiated 16 months after the fact.

Ivory Heights Development Info

Blogger's position

• Will there be objections made at the STB?

I believe there will be a few (possibly 4) people objecting to the sale. This is Tampines Court - we don't go down without a fight or, at the very least, a squeak.

Will this blogger make an objection at the STB?

I thought long and hard about this. On the one hand, this CSC and this Marketing Agent do not deserve an officially clean record at the STB. This collective sale was a bungle from beginning to almost the end. It seemed both teams of 'experts' had a learning curve to overcome. They worked from low expectations and high negativity about the estate. On the other hand, this was all overturned in the last month of the first period. They went with the flow of the market and for the majority at least, all was forgiven. I also want to say that even in the face of this obstreperous blogger the MA and Lawyer always comported themselves with professional grace, never once raising their voice or threatening me with legal action. They may not have answered my questions to my satisfaction - but at least they were never, ever rude. 

Was there a lack of good faith?

In my humble opinion, no. 

So, this Blogger will not be throwing her hat into the ring. Other Minority might object as is their right and if any unfair practices are unearthed in the process then I shall accept whatever judgement is made - if it goes that far - which I doubt.