Some of us have now heard from the Sale Committee. We reproduce the e-mail in full, for the benefit of those who may for whatever reason not have received this information:
"Dear friends,
Just a quick update on the status of the above (BGV En Bloc).
CBRE has indicated that they are declining reappointment as Consultant for our en bloc. The reason offered is that the market has changed, and the previous reserve price is not feasible in today's market. If the reserve price is lowered to match market expectation, they believe that it is not possible to garner the 80% support required.
The CSC invited five other consultants to give us their proposals. Two declined. The other three have submitted their proposals to the CSC. A second EOGM will be called very soon to allow subsidiary proprietors to vote on the three proposals."
You will note that even the Sale Committee's own property consultant now no longer thinks it worthwhile to carry on with the en-bloc disposal of Botanic Gardens View. One would think that the Sale Committee would have taken the hint and abandoned this worthless endeavour. Unfortunately, in its blindness, it continues to solicit customers for its dubious wares. Two of them have had the sense to decline. We strongly urge our fellow owners and residents to look with great care at what is eventually offered by the others. We know and understand the long-term value of what we have.
The Committee is already hinting in its e-mail above that it may propose a lower reserve price than before (and if we recall correctly, the original reserve price was itself never clearly established). If the original price was not worth selling for, we cannot see that any sensible person would think it worth while to sell their home for less. So it appears to us that our ongoing advice now gains even greater relevance: whatever document is presented to us, we urge everyone not to vote for it, still less sign it, before having taken independent legal advice on its implications for our rights. For example, we have heard from other estates how their Collective Sales Agreements include clauses that give the Sale Committee full control over the reserve price, including changing it without any voting or consent from the owners. This has direct consequences for those who sign the CSA: they may realize, months later, that they are not getting the deal they were initially promised but something much lower, just so that the en-bloc sale can be secured and forced through. We urge you to look through the CSA very carefully for loopholes that give the Sale Committee carte blanche to do anything they want with our estate without the consent even of their own supporters. The fact that the Sale Committee seems so insistent, even desperate, to sell the estate despite unfavourable market conditions should be a major warning sign for everyone tempted to sign their documents.
As for the next EOGM that is promised: we leave it up to you to decide whether to attend or not. The low attendance (of fewer than half of the owners) at the last EOGM in our view clearly indicates the majority's lack of interest in selling their homes. We will of course also be checking with the MC of Botanic Gardens View about the cost to estate funds of these pointless meetings. Whatever the EOGM's antics, always remember that the decisions of a minority have no moral or legal authority to force the majority ie all of us, to sell against our will. Dear fellow owners and residents, we are just going to say no, and we hope that you will too.
Vanessa Chan
c/o Ms Sim Bock Eng, Wong Partnership, One George Street
Blk 9, #10-09, Botanic Gardens View
Wong Hwei Ming
things.unfair@gmail.com
Blk 9, #09-17, Botanic Gardens View
or BGV blog email: enbloc_bgv@hotmail.com
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