The Tanamera Website

Looks like The Tanamera is lining up to go for a Collective Sale. An owner has set up a website and sent me the link.
Worth a look.

https://tnmsignboard466666.wordpress.com/2018/07/08/new-absd-rules-increase-developers-cost-how-does-it-affect-the-residual-land-valuation-used-to-determine-your-rp/

ABSD & LTV Review

The Government has entered the market to cool the rocketing property prices. They have revised the Additional Buyers Stamp Duty payable on a new purchase and the Loan-to-Value limits on housing loans granted by Banks.

What's next?
I expect the URA to step in and limit the number of shoebox apartments a developer can build in any one development. If the future is only shoebox size then couples will have to resort to HDB for larger units for their growing families. It can't all be about maximising a developer's profit.

From the IRAS

https://www.iras.gov.sg/irashome/uploadedFiles/IRASHome/Other_Taxes/Stamp_Duty_for_Property/Other_services/ABSD%20Fact%20Sheet_2018-07-06.pdf

https://www.todayonline.com/singapore/raising-additional-buyers-stamp-duty-rates-and-tightening-loan-value-limits-promote-stable#cxrecs_s

https://www.channelnewsasia.com/news/singapore/higher-additional-buyer-stamp-duty-rates-property-cooling-10502710

https://www.straitstimes.com/business/property/property-players-reel-from-sudden-measures

Differential Premium System (from the SLA website)

https://www.sla.gov.sg/Portals/0/Services/Land%20Lease%20Conditions/DP%20policy%20wef%2031%20Jul%202000.pdf

Development Charge, Development Baseline

https://www.ura.gov.sg/Corporate/Guidelines/Development-Control/Planning-Permission/Folder/DC-Charge-Rates

 

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..

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