Sales Committees - More to Come??

(See below for an update on 19 July 2007)

Over Monday and Tuesday nights, most of us would have received the letter proposing "One to One Exchange" by Huttons Asia Pte Ltd (hand delivered and taking each unit's attendance). Huttons Asia is another real estate agent. They are different from CBRE. So what does this mean for us, the resident-owners of BGV?

Are there now two agents working for the one and same Sales Committee (SC)? Highly unlikely! Dear resident-owners of BGV, it looks like there are now two SCs and their respective agents for our estate. Not unlike what is happening in some other on-going enbloc estates, e.g. Watten Estate.

There is going to be a mad rush and fierce competition now between these two sales committees (SCs) and their respective property agents vying for our signatures on their CSAs. Especially so if both teams are trying to beat the clock before the government comes up with a new legislation regarding enblocs in the 3rd quarter. Be it the "Straight Cash" offer or the "One for One Exchange" offer, be it for or against the enbloc, we need to be very, very careful. We will need to hear and get all the information we need in order to make informed decisions about what is in our best interest - to sell or not to sell, to sign or not to sign.

Several (MESSY) scenarios can happen:

• What if an owner signs both CSAs? Which CSA will apply, the earlier one or the later one? Bearing in mind that the CSA is a legally binding document, what will happen to the owner who signs on both CSA? What will be the legal consequences for the owner?

• What if after an owner signs on one CSA and then realised that the other CSA is a better deal, can the owner back out of the one signed? Again because the CSA is a legally binding document, what will be the legal consequences for the owner for backing out of the "worse-off" CSA? What discourse is there for the owner?

• Who can we trust - the SCs, the agents, the lawyers? NO ONE! We can only trust ourselves. At presentations and owners' meetings, SCs, agents and lawyers often tell the abridged version of what is included in the CSA. Often it is the UNSPOKEN that is more important. Unless you are a lawyer yourself, it is most difficult for laymen like us to fully understand the clauses in the CSA within a short period of time such as during the presentation, let alone to sign the CSA at the same time which often the SCs and agents will try their best to get you to sign as soon as possible!!! As a rule of thumb, when in doubt, ASK questions! DO NOT be pressured into signing anything even if you have the smallest of doubt. TAKE THE TIME to examine each clause carefully. You definitely do not want to realise, after signing the CSA, that you have just given up all of your rights to the SC and agent and lawyers to do what they like with your home. Afterall, this is OUR HOME, not theirs. We can only trust ourselves to look after our own interest, no one can do that for us and no one will do that for us.

• If you survived the pestering at the presentation or owners' meeting and resisted the signing, do not rejoice too early. You may not be able to think in peace in the sanctuary of your home too. What is there to protect us from being badgered by both SCs where each SC will definitely be most competitive and aggressive to obtain the prerequisite 80% ahead of the other SC? As Dr Minority so candidly stated, "Imagine - Monday Huttons rings your bell, Tue CBRE rings your bell, Wed Huttons comes back to clarify some stuff CBRE might have said, Thu another party calls you to say that "the other party smokes pot", Fri both parties call you to say that "the competitor is in league with Voldemort, don't go near them". Sat you just want to cast the Cruciatus Curse on the SCs. Sun you plan to expelliarmus the annoying SC mugglies and boot them out of the estate." (Dr Minority, 19 July 2007)

• Now that there are two SCs formed in our BGV. What is there to stop a 3rd SC or even a 4th SC from forming within our estate?? Can't the Management Coucil step in to regulate the situation before it turns totally ridiculous? We do NOT fancy having to "entertain" home visits and phone calls from the various SCs and agents after a long day at work. We have better things to do within our safe haven.

There are IMPLICATIONS for EVERYONE of us, both BEFORE and AFTER we sign. Thus , we urge all resident-owners to think very, very CAREFULLY.

We do find the whole situation getting absurd, especially now with a 2nd SC. As it is with the 1st SC, we found information lacking and not forth-coming.

As our blog states, we are only asking for transparency, equity and accountability from these people. But it seem we are not getting these simple things....

Huttons Asia will be holding a meeting this Friday 20 July, from 7pm to 10pm at the Function Room. Those of you have the time to attend, please look through the letter that was given to us and ASK QUESTIONS. We can only look after our own interest.

Here is the link to Dr Minority's latest post from which we cited his candid remark: http://enblocsingapore.blogspot.com/2007/07/worrying-trend-of-self-replicating.html

Once again, we acknowledge and thank Dr Minority for his help.


UPDATED 19 July 2007, 9:22pm

We have heard from some owners, who do not stay at BGV, that they did not receive the letter from Huttons because it was hand delivered. They were most unhappy about the situation. The SC and its agent, Huttons has neglected to take into account the owners who do not stay here at BGV. So NOT all owners are informed about the up-coming meeting this Friday 20 July, 7-10pm, which will affect every owner in one way or another. The choice to attend or not has been taken away from these owners. Equity?? As this goes to show, there is already A LACK OF EQUITY!

Another resident-owner has also reflected to us that when the Huttons people came round to deliver the letter, they did not even get the basic owner information correct for their particular unit. They had asked for another person who lives there but is NOT the owner at all! NOW this certainly makes us wonder where Huttons has gotten their name list from???