Dear Fellow Owners and Residents,
If you have not heard, the existing protem sales committee has decided to conduct the first EOGM on 1 Decemeber 2007, under the new regulations, to nominate themselves as your devoted representatives for the en bloc sale. We would like to recap the highlights of their strategies to entice you into believing that the sale is a good thing.
- They worried you with economic disasters and financial tsunamis, to get you to sign.
- They brought in a big gun from STB, to get you to sign.
- They tried to ridicule the blog and belittle/ dismiss the hard efforts of us owners, to get you to sign.
- They waved the new regulations as a scare tactic, to get you to sign.
- They increased the Reserve Price after they said they could not, to get you to sign.
- They threatened to stop the sale if you don’t sign.
- They threatened to disband the SC if you don’t sign.
Given the above points..
What else do you think they will do to get you to sign?
Just how far will they go to get you to sign or if you don’t sign?
Before the EOGM, we would like you to think very carefully with regards to the following points:
If it is so easy to renege on their word to disband, can you honestly trust them with a deal that is potentially worth half a billion and more?
We have seen in the past few weeks more en bloc sales that have exceeded the $2000 mark despite certain predictions about the economy.
Is now really the best time to sell?
We think now is not the most optimal time to sell.
Whose interests is the existing sale committee working for? Themselves or every stakeholder in the estate?
We are convinced that, given their tactics, they serve their own interests rather than every subsidiary proprietor, every tenant, every owner and resident of the estate.
Are they following the new regulations properly and fairly?
We do not believe so. The driving reason for the changes in en bloc law is to make the process more fair, more transparent and the sale committee more accountable to all subsidiary proprietors. One important change is for all owners to be actively involved in the sale process – they are able to vote on matters starting from whether to have an enbloc sale to who should be their agent, law firm, what the terms and conditions are in the Collective Sale Agreement etc. It remains to be seen how we as owners will be able to vote for these and already we’ve been told we cannot vote on whether to conduct the sale or not – that the sale will continue and we need only vote for the sale committee members.
If you feel, for various reasons, that the sale should not continue at this point in time, please contact us. We need your support now more than ever. If the first EOGM goes through, it means nothing will stop the sale committee from having their way and selling our super-prime estate in a few months’ time.
Apathy is not an option this time round.
3 comments:
agree with u that this is the best time to sell!! Recent enbloc really gives us the confidence of gettng a good price. With your knowledge, you should be in the SC to help guide the process. All the best! cheers!
Haven't you read the recent news article in Business Times? Now is BAD time to sell! Home sales has dived in upmarket core.
We have already missed the boat.
"The best time to sell" - well, we heard that mantra 2 YEARS AGO in our estate, our SC set the reserve price in 2005 and now it is going on to 2008 and they sold at that RP eight months ago. Looks like we will get our money in mid to end 2008.
Don't be crazy - what looks good now may look puny 2 to 3 years down the line (And judging by the vocal dissenters there would be definitely a STB appeal and 3 years seems the more likely scenario).
My advice to the minority- put up your own banners 'saying NO to the sale'.
"Missed the boat" - when you live next to the Botanical gardens, there's no such thing as missing the boat - you are SUPER PRIME. Stay there, for goodness sake!
An outsider.
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