CSA SIGNING STATUS
Dear Owners, the signing percentage shown includes those which are in the cooling-period as well as those incomplete signatures.
For the official figures, please refer to the “Official 4-weekly Notices”
We are at the last lap and very close to the minimum consent level.
Do not give up…….
Official 4-weekly Notices
EXTRACT FROM THE DIALOGUE SESSION 12 MAY 2018
Extract from the Dialogue Session on 12 May 2018
Edwin Lee (Eldan Law) has confirmed that the CSC can only accept offer above the Reserve Price.
An additional safeguard for the Subsidiary Proprietors is that there will be a land valuation done by an independent valuer, only to be revealed at the close of the tender. This will give the value of your land as per the day of the tender closing.
In the event the the valuation is above the Reserve Price, your CSC can only accept an offer which is higher than both your Reserve Price and land valuation.
DIALOGUE SESSION 12 MAY 2018 – PRIVATE TREATY
Main Session - 12.5.18
Q & A - 12.5.18
TEA SESSION 2 JUNE 2018 – INCREASE IN RP
Main Session - 2.6.18
Q & A - 2.6.18
DIALOGUE SESSION 16 JUNE 2018 – HOME REPLACEMENT (CHINESE)
YOU HAVE OPTIONS FOR YOUR RELOCATIONS
What is Enbloc Sale
A Collective Sales, also known as Enbloc sales, is a sale of two or more property units to a single common purchaser. Whilst smaller collective sales often take place, the best-known example is the iconic grand-scale, full-development sales that you may often come across in newspaper headlines.
Enbloc Sales in Singapore is governed by the Land Titles (strata) Act which clearly defines how a Collective Sales Committee (CSC) is to be formed, how the sales is to be conducted and many other issues pertaining to a lawful conduct for such an exercise.
Why Enbloc Sale?
One of the main reasons is the high potential for profits. In land-scarce Singapore, property prices are generally on the uptrend over a long time horizon and enbloc sales uncover the intrinsic value of the land or un-used plot ratio and which give the Subsidiary Proprietors (SP) a higher selling price than the market value.
But bear in mind that enbloc sales is always forward-pricing and therefore sellers always face the risk of over-pricing their estate and miss the favourable enbloc cycle
Other reasons for wanting an enbloc sales could be:
- Aging property
- High maintenance
- Decreasing land tenure for 99-year leasehold property (higher lease top-up premium)
- Preserving investment value
- Legacy Planning
- To change to smaller units for retirement planning
How Can Enbloc Sale Happen?
- The Collective Sale Committee (CSC) was elected during the First Extra-Ordinary General Meeting (1st EOGM) on 8th July 2017.
- Soon after that, the CSC embarked on the process of selecting the Marketing Agent and Lawyer to move progress the enbloc sale.
- The CSC, SLP International and Eldan Law soon came together to discuss important matters such as Reserve Price, Sale Proceeds Apportionment and the contents of the Collective Sale Agreement (CSA) and etc
- There were numerous CSC meetings held to discuss these matters and upon reaching a consensus within the CSC, the decision to call the 2nd EOGM was made and the date for the EOGM was confirmed on 1st October 2017
- All SP will receive the 2nd EOGM notice package which contains the CSA.
- All SP are invited to attend the 2nd EOGM to vote for the Sale Proceeds Apportionment and also the contents of the CSA.
- The effort to garner the 80% support will start immediately after the 2nd EOGM