1 You will all probably be aware by now that a Sale Committee has been constituted by an EOGM. However, you may not have considered the various implications of this event.
2 First, of course, this means that we will now have to endure yet more weary rounds of insults, fallacious arguments and unsubstantiated numbers, as the Sale Committee attempts to persuade us (again) to its way of thinking. The only response to that is to hold fast and not allow ourselves to be worn down until we lose sight of our own best interests.
3 We should mention here that one of us has already received e-mails from one owner, attempting to intimidate us into ceasing these letters. We shall not do so, of course. However, the fact that a pro-en-bloc owner thinks that this is an appropriate method of persuasion is something that you may wish to bear in mind, when considering your position.
4 We would like to draw your attention to the fact that while the EOGM voted overwhelmingly in favour of constituting the Sale Committee, fewer than half of the owners actually attended the EOGM. [51 shares out of total of 146 shares]. We believe that it is reasonable to assume that the people who attended the EOGM and voted for the Sale Committee pretty much amount to the number of owners actively eager to sell Botanic Gardens View. That is to say, they are a clear minority of the owners. Therefore, as long as the rest of us refuse to give in, our homes are safe.
5 Those of us who are clear in our minds that we do not wish to sell our homes here already know the reasons why. The previous Sale Committee could not persuade us to agree to lose our homes and go into inferior lodgings just so that speculators may gain a windfall profit. We doubt if the current Sale Committee will do any better.
6 Others of us may be undecided, or willing to sell “if the price is right”. For those of us in that category, the following points may be worth bearing in mind:
(a) In view of the current inflationary situation, it is clear that whatever price is obtained for our homes will not be enough to get us alternative homes of equal size, location and amenity.
(b) The general economic outlook is uncertain. It is entirely possible that the price that might be offered for Botanic Gardens View will not be the optimal price. There is no guarantee, sadly, that the Sale Committee will not accept a sub-optimal offer, just to close the deal.
(c) We have had no information about how any sale price would be apportioned between flats of different size. If apportionment is not by floor area, owners of 3-bedroom flats will have paid for their flat per square foot, but will not be able to sell them in the same way.
(d) Owners will have no control over the terms of the Sale Agreement, and no assurance that their interests will be protected. The recent spate of en-bloc-related litigation speaks for itself in respect of this issue.
(e) In view of (d), we note that signatories to a Sale Agreement undertake important legal obligations and give up important rights. Non-signatories are not bound by this, a significant point when it comes to litigation.
(f) And of course no assertions from any party, whether pro- or anti sale, about the degree of support that a Sale Agreement has received should be accepted without evidence in writing ie signatures and addresses.
7 We wish our fellow owners a Happy Chinese New Year, and hope that this will merely be one of many more years spent in peace in Botanic Gardens View!
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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