Latest update
• Teresa Ville Protem Sales Committee (TVPSC) met on August 25, 2007.
• In responses to invitations to 5 Property Agents and 5 Legal Consultants, there was positive response only from following property Agents
o Jones Lang LaSalle (JLL)
o Huttons
• None of the invited Law firms accepted their invitation.
• In last week of August 2007, a number of amendments in the Law governing process of Collective Sales were proposed. These proposed changes also include process of selection of Property Agents and Law firms.
• On recommendation from one of the subsidiary proprietors, an invitation was sent to a Law firm named De’souza Tay & Goh, who agreed to meet.
• On September 1, 2007, all 3 above mentioned firms met TVPSC members.
o De’souza Tay & Goh law firm presented their credentials and briefly explained salient points of proposed changes in Law. As per their view, Teresa Ville Protem sales committee shall be deemed as lawful, as it was formed in a duly convened EOGM.
(This is one of the requirements in proposed changes in Law. )
o JLL had a discussion with TVPSC members, who suggested that they should wait till new Law comes in force, before proceeding further.
o Huttons, gave a formal presentation on their experience and proposal to act as the Marketing Agent..
• Following TVPCS members submitted their resignation as committee members, due to work commitments –
1) William Phua (August 20)
2) Jacqueline Boudeville (August 24)
3) Philip Ang (September 9)
4) Kum Kong Chan (September 13)
In meeting of August 25, members unanimously agreed that since there were sufficient number of committee members, instead of looking for replacement, committee would continue to function with remaining members.
• Despite proactive efforts to invite more Property and Legal firms, there was not much success in getting positive response. It is a general presumption that most of Property Agents and LawFirms are waiting for the new Law to come in force (expected in October 2007). They might like to study impact of new law on scope of their role, responsibilities and costs before giving a serious proposal.
It is therefore decided that instead of evaluating only limited number of candidates and proceeding further, they should wait till the new Law is in place.
TVPSC shall now meet, only after the New Law is in force and shall proceed as per the provisions of new law.
Thank You..
Update...
A quick update
EOGM was convened on 28 July Saturday at 3:00 pm at Function Room 2&3 in TeresaVille, & following :
(1) 59% quorum was achieved
(2) 76% of the quorum voted "FOR" collective sales.
(3) A Reserve price of 850+ million for the entire estate was fixed by majority vote. (proposed 800+, 850+, 900+)
(4) A sales Committe of 15 members was selected & endorsed.
Any comments/views, please share in the post below. Cheers !
EOGM was convened on 28 July Saturday at 3:00 pm at Function Room 2&3 in TeresaVille, & following :
(1) 59% quorum was achieved
(2) 76% of the quorum voted "FOR" collective sales.
(3) A Reserve price of 850+ million for the entire estate was fixed by majority vote. (proposed 800+, 850+, 900+)
(4) A sales Committe of 15 members was selected & endorsed.
Any comments/views, please share in the post below. Cheers !
11 May 2007
Comments on En Bloc
Friends of Teresa Ville, this blog has been created for you all to express your opinion on the proposed en bloc sale of Teresa Ville. Feel free to express your opinion & comments, share experiences of other similar en bloc sales, anything - as long as you do not forget to sign your name & unit number below
28 comments:
Great job & very timely too, to share our views !
Please keep it transparent to show that we are sincere. We are not here to fight with William and team. After all, we are neighbours. We are here to collectively voice our concern as we believe there is a better way of doing this. Iwan Ang, Block 1005, #22-03
i think this is the first time an enbloc support group has started a blog...and a mailing list... I could get the press on this type of e-initiative...
1005/18-02
Hi there,
Have included a link to your blog, and advertised it as well. Hope you'll find using a blog a useful attempt to get likeminded people together.
Good luck :)
Dr M
Thanks Dr.M, we appreciate your support. Pls continue to publicise for Teresa Ville.
STV
Call for AGM
.....a formal AGM should be called to find out what the owners want to do and have to say about the proposition of 'Collective sales' of Teresa Ville but as the present law does not provide for the same (though the new proposed amended law does provide for the same) a group of people have got together to form a 'protem committee' and are trying to force or coax people to take a decision on such an important matter by rushing things, which according to many is a very undemocratic manner of doing things.....
Join the brigade to save Teresa Ville.
DINESH C. MAHESHWARI
Blk 1007, #16-03
Hi I am the new owner of 1005 #16-01, the transaction is still in process and will only complete in July. I purchased this place for long term stay, not for investment. I fully agreed with all of you and will support the "Do not rush into En Bloc Now".
CH TAN
We are the Ng family... Actually, we are personally disappointed that Teresaville is being enbloc'ed..... we just moved in early 2005 after our previous residence (lived there since 1990) was enbloc'ed (it is the location where Jervois One is located) !!! Ha ha ha.... what fate. OK our stand on this matter....... we're middle of the fence......... if the conditions are right, we will agree to the enbloc....... if the conditions are not, we will not agree to it. Basically the compensation should be enough to get us a similar sized freehold unit in this area including an extra monetary compensation (eg. half million dollars or more?) for the inconvenience...... nett of lawyer's fees and taxes. Otherwise its not worth it to even consider any proposal. I totally agree with the stand taken with property agents. At our last place, all sorts of pressure tactics, 'attacking' residents one-by-one by groups of agents EVERY 2-3 days.... the mental pressure you will possibly face is going to be huge (they even went backdoor and approached my parents to convince us to sell) ..... so stick together as a group to give yourselves support. I am confident that almost every one is well aware of all the pros and cons of enblocs, - the problems faced by earlier enbloc deals,- the unhappiness faced,- skyrocketing prices of replacement properties,- the lousy prices,- the need to take up a mortage at our replacement units...- being forced to relocate to less favorable areas etc etc etc IF the developer can address all these issues, then I'm willing to listen IF we still end up being 'conned' ..... then we have noone else but ourselves to blame. As in almost all things in life....... its a question of PRICE... Its a very nice neighborhood and we love it here.........we love the neighbors.... it will take ALOT (of money) to move us out of this beautiful area
best wishes
Ng Family of Teresa Ville
The Chinese Newspapers recently had an article saying En Bloc activities seem reducing but expected to gain more mometum next year with new regulations on the process as well as anticiapted increase in plot ratio. We should wait for the new regulation.
Just spoke to a friend who is in URA Planning Office. NOT OFFICIAL, seems like Central Region especially along Lower Delta Rd land is still slated for National Parks development as Green Zone.... their problem is to adequately populate the place while keeping the greenery...some noise being made about redeveloping part or all of Buki Purmei and Teluk Blangah Rise and seriously upping plot ratios.
JUST COFFEE SHOP COMMENTS from a friend there.... DO NOT TAKE IT TOO SERIOUSLY
First of all thanks for posting the link to the article in Time Magazine - Interesting reading and pretty much what we have all been hearing/reading the past 6-9 months..!
Teresa Ville is an obvious candidate for collective sale due to our prime location as well as the free hold status. It is only natural that a group of owners are exploiting the chances of a sale with nice profits and I don't see that the protem committee is doing anything wrong so far... I don't see how an AGM or EOGM can change anything - This group of people are checking in the market the value of our land and if they consider the possibilities of a sale as interesting then they will proceed and propose the idea to all other owners of Teresa Ville. Had they not been interested in the presentation of JLL or other property agencies then I don't think they would have gone any further with the collective sale...
If and when the protem committee proceeds it's up to each individual owner to consider his/her options. I believe the two most critical issues is a combinations of PRICE and TIME OF PAYMENT.
A good sales price today may not look that good when we finally get the money in our hands. If/when we sell - AT A HIGH PRICE - We need our money asap so we can go out and buy replacement apartments immediately. If it takes 5-6 months to get my money after the sale then I am not signing anything - Not even if the developer will give me Sgd 3mio for my 1980sqft...! The risk would simply be too high for all of us I think considering the present sky-rocketing prices...
We need to be in a position to deal quickly so we can take advantage of the fact that we are selling our apartments at a higher price than the present market level - If that's not possible then it's not worth it...!
That's the thoughts of our little family.
Mikael Hansen / Block 1005 #09-03
First, I must thank STV for setting up this blog so that owner occupiers like us can have a chance to communicate.
I moved into TV a few years back after desperately searching for a home for almost 2 years. To my family and I, TV is just heaven – whatever we wanted – good sized units that are well laid out, lush greenery for morning and evening walks, children playground and swimming pool.
The city is just a stone’s throw away, and more importantly, it is near to 3 good schools and there are 3 markets within walking distance. Although it is next to main truck roads and the ECP, the noise level is negligible, compared with the condos in the east along the ECP.
I want to remind everyone that a home is for us to live and love, not a money making machine. TV sits on one of the best locations in Singapore, with good connectivity to every part of the island. If we sell it, we will never be able to get another home at the kind of price that we paid for, the same kind of space, amenities and convenience.
So, all like minded STV friends, do not give up your home so lightly. You will never be able to buy it back!
Is there a way to find out the cost of the land that we collectively own? Before we plug numbers from the air and demand the amount of compensation from the developers, should we not find out how much is the valuation first?
In todays' market the price is anybody's guess.If you read the Straits Times and Business Times daily, you can already feel the air is very very HOT market.Do you think you should take the risk ? This is a game played by the Big Boys,to them properties are their stock and shares now. Are you in this lead? We hv to think seriously about enbloc even whatever price you get now will affect the surrounding sites and you'll not be able to buy back at least for now. Rwong resident
We fully support the "Do not rush into En Bloc Now". Initially, we thought that the reserve price of $1000 per sq feet for Teresa Ville En Bloc was reasonable. We started looking at properties in our vicinity and then realised that it is not worthwhile to get a replacement property in the vicinty.
We were looking at a property in the vicinity, which was transacted at about $650 per sq feet just less than 4 months ago. Now, all the sellers are asking for at least $1000 per sq feet. The bedrooms are much smaller than Teresa Ville's, and the units' layout are not as good as Teresa Ville's.
Additionally, the property agent boasted that the units that have the best facing in that particular condominium can see "beautiful Orchard view". However, in fact, when I saw the unit, what I see is just the roof of Mariott Hotel, and the rest of Orchard view is entirely blocked by nearby flats.
Comparatively, the units in Teresa Ville can have an unblocked view of Singapore's beautiful financial district (CBD), the sea, and Mount Faber.
Please do not rush into En Bloc now.
Lau, 1003, #23-04
JLL has sent a letter to owners of having fixed a meeting of the owners of Teresa Ville on the 23rd July 2007 which is not an 'EOGM' called by the Management Council of Teresa Ville and therefore according to most of us, has no official credentials. It is only a privately called meeting. This should be understood very clearly.
The correct way to do this is to call for an official EOGM or to include this in the agenda for the Annual General Meeting to be held in September/October 2007 by which time the new and amended laws are also going to come in force. At this meeting proper presentations must be made for considering the pros and cons of 'Collective Sales' and if it has to be done what should be the minimum price each owner should get considering various aspects of the matter and also the cost of replacement. If this is not done in the proper manner, I am afraid we will all be indulging ourselves in the process of 'downgrading our living standards' which is something horrible to do for our families unless we are forced into desperate situation.
I must also warn my fellow neighbours that since the new laws are soon coming in force and even if the En-block initiative is moved now we will have to re do the entire procedure under the provisions of the new laws which in any case will make it essential for us to hold an EOGM of the owners along with other important matters. This was mentioned during the meeting JLL had called at their office and the lawyers had clearly mentioned that it is impossible to get everything done before the new laws are in force. Therefore it is not understood as to why they have called an owner's meeting on the 23rd June 2007. If there has to be a meeting, it should be called officially by the Management Council or else there will be a situation where we may have five or six different groups calling for various meetings and we achieve nothing. It will only result in acrimony between people who are presently living as good neighbours. I will really like to understand from some one the wiseness of doing such things and what is the terrible hurry to do this. Can anyone say with assurance that the property market will suddenly fall within the next six months? As a matter of fact please appreciate that more than 99% people predict that the property market will be booming for the next one or two years and the plot ratios will have to be increased in view of the decision of the Government to increase the population base of Singapore. You do not need a rocket scientist to figure that?
I urge my friends to consider these matters carefully, after all we are all educated people with sane and rational minds.
This mail is without any prejudice, it is an earnest request of a friend.
Dinesh C. Maheshwari from #16-03 Block 1007 Teresa Ville.
I am undergoing an en-bloc process with my other property in Singapore. It commenced in November 2006, and is currently undergoing the 80% vote collection stage.
The en-bloc manager estimates completion by mid-2009. The process will take at least 2 to 2.5 years.
Since November 2006, the en-bloc manager has already increased the sale price by 20%, and is estimating further increases by the time the deal proceeds.
They are finding it very difficult to finalise a price, given the volatile property market the moment.
My recommendation, based on my current en-block experience, is to HOLD OFF THE TERESA VILLE EN-BLOC. There is massive potential in Teresa Ville, and we should not be thinking of selling an appreciating asset at this early stage of market growth.
Kapoor Block 1003, #18-04
I have been staying in TV for ages. My family LOVE everything about this place so much...
CONVENIENCE
-in between 2 mrt lines (northeast and westeast)
-5 mins ride to vivo and tiongbahru
-convenience placed to get groceries (bkt purmei, bkt merah, tiongbahru plaza, tiongbahru mkt, tlk blangah)
-next to ECP/AYE
-15mins ride to Orchard, Shenton Way
-N many countless convenience....
SIZE
For the flat size, you cannot find the same size for the same price in this same area N FREEHOLD
GREENERY & SCENERY
-Very amazing UNBLOCKED night view.
-Full of grenery trees for the fresh air
THERE ARE MANY MORE THINGS WHICH MAKES THIS PLACE A WONDERFUL PLACE TO STAY. I am just wondering Y DO THEY WANT TO ENBLOC SUCH A WONDERFUL PLACE? If you think, you can earn some profit from this HOT property market, think you get a wrong idea. For most of us, we will try to find replacement HOME with more or less the same like TV. But can most of us find such place?
So before going for the meeting on the 23rd July, ponder this thinking ~~Will you find another HOME with the same conditions in the current property market?~~
In today's Straits Times 1st page: Goverment Keeping "an eye" on home prices:HOW? By releasing 15 new sites as this is a high time to make money too!
Mr Mah Bow Tan said in the last paragraph:
"I'm not talking about the multimillion -dollar apartments in Central area. I think those people can take care of themselves"
Even the Goverment is not caring for us, we better make sure we can defend our own course of actions!
The hottest news are concerned of many displaced people of this Nation,who were forced to sell, at least 50% due to enbloc sales of multi-million dollars but who cares!
SP's owners : plse take note : you can better takecare of yourselves before it's too late!
From the many inhouse meetings which I have attended, there are very distinctive groups who are really pro-sale:
1.Very old people who just wanted to cash in and afraid the bubble will burst. They do not mind to downgrade themselves to a different life style.
2.Foreigners who are here and hope to cash in their millions then leave Singapore. They, afterall, do not conribute to our Nation building.With the cash they can live lavishly back home.
3.Investors who bought this place knowing that there is an enbloc potential.
Now, looking at these scenarios, we have to be very careful that they do not rob us of our HOME and PEACE.
We cannot afford to buy back similiar size, location at whatever price they offerred to us because by the time TERESAVILLE enbloc process is completed, the money you get will buy you NOTHING of the same.SELL HIGH BUY HIGH OR EVEN HIGHER IN TODAY"S RISING MARKET.
Therefore, the above categories of SP's should JUST sell their UNITS in the open market and do not be selfish, you only wanted the MONEY, we want our HOME, please do not be SELFISH AND GREEDY AT THE EXPENSE OF OUR PEACEFUL HOMES WE LOVE, RESIDENT
If anyone thinks this is the right time to sell their HOMES, plse do so in the open market and not try to rush others into enbloc. Remember enbloc is NOT the ONLY METHOD to sell your property! This is selfish thinking
If you're afraid that the bubble will burst! plse go ahead and reap your rewards!
We love our HOMES! resident
THE LOGICAL APPROACH...
Given all the comments we got both at the Sat meeting last and in thi sblog, one cannot deny anyone the right to see what can be put on the table before deciding whether to go en-bloc or wait for a later date. Nothing is more powerful and persuasive than this approach. If we do not,we cannot stop the momentum of another group starting an en-bloc process in the coming months.
If we postulate the current rising f enblocs in Singapore, it is likely that in 2 year's time, the enbloc of Teresa Ville can rise to $5000 psf of our flat.
This can happen as more private equity fund managers from overseas with strong cashflows are stil coming in in drove to grab up the undervalued land on the little red dot.
Soon, in no time, Singaporeans will have to move ot Johore to live. They have to commute from Johore to Singapore to work instead.
If an offer comes in at $5000 psf for your flat, please do not wait anymore. Go and enbloc the whole block and move on.
Roth Favacho
block 1005, #1X-XX
25 July 2007
Indeed there are a lot of foreigners are funneling their money to Singapore.
Knowing that Singapore is short of land - and is only 700km2 or 260 sq miles, the best is ot invst in property.
Singapore is a safe haven to keep their money - knowing tha tthere is not way to ask them where they got those money from :).
Knowing that the price of the new private flat is between $2ooo psf to $5000 psf, foreigners would rather keep their flat empty instead.
This is because if the rent is set too high in order to cover the interest cost of the new flat, no one could afford to rent it.
This is because the rent could then be in the region of 15,000 per month already.
Foreigners may be prepared to dump their high-priced flat if they realise there was something wrong with their bet on the economy of it.
So the best protection for Singapore is to ensure there is sustainable business model to succeed it.
Cheers
Winnerstrom
Block 1003
Yes, we should it transparent in whatever we do. We must be sincere to other residents.
We should look from their point of views. We should be perspective of their views.
If residents cannot communicate well, we must accomodate them.
We can help them to interpret it.
We must be concerned about their worries and concerns, too.
Some residents are retirees, widows or widowers, who live on their own.
These elderly residents don't have anymore money to buy another flat.
They have worories that the enbloc price on their flat is not high enough for the enbloc of it.
It is common knwledge that elderly dont like to move into unfamiliar places.
They will only make their decision to live elsehwere if only their beloved children could enlighten them on it.
We should seek more money for them such that there is more than enough of ebloc money for them.
This will make them happy for a replacement flat of their own choosing elswhere.
However, if they want to move back to the new development of Teresa Ville, the developer could give them a free choice to pick a unit with a discount for it.
In addition they should have additional enbloc money to pay for their renovation of their new flat, in wherever it is.
Or, that the enbloc developer should include their renovation of it if they want ot live in the newly redeveloped estate.
Charmain Tan
Block 1003
Even though the current price is volatile, we should even more to discuss it.
This is to monitor the trend and prepare the timing for it.
If the enbloc market changes course we can take not of it.
What is worse is when the enbloc market crashed due to policy change, we will miss the chance for the enbloc of it.
We will have to wait for the next 7 to 10 years before it comes back again.
We can check out the current enbloc price by sending out "feelers" to the market.
We can then meet to discuss about the feedback price on it.
From the feedback price it, we can project a "forward enbloc price" for it.
The forward enbloc should be,say, 4 times, on the current enbloc price.
We should then send the "forward enbloc price" to all residents to agree first.
We should seek their views and concerns about the pros and cons about it.
But, at the end of it, they should be convinced of the benefits of it.
Cheers.
Fiona
Relative in Block 1002
Since early this year, when the upturn of property market has been confirmed by developer bidding for enblocs, the speed of enblocs rises faster.
This was because there was a pent-up need by owners to release their expensive homes in which some of them bought them at very high price.
Rnbloc is the only way to make up even out losses and may even make a hugh profit, too.
Thus Enbloc is only way to jump ahead for a high profit.
The result is that enbloc has raise the enbloc price for it.
This is not because the owners are demanding and greedy, but because the market for new flat in prime areas is now in the $2500 psf to $5000 psf range of prices.
Thus, for example, if the owner enbloc his flat at say, $1500 psf, he will not able to buy a new flat at the same or nearby vicinity at this $1500 enbloc price again.
So given the rising price of new property by developers, owners will have no choice but to ask for more enbloc money if developers want their flats.
So the culprit is actually the developers themselves. They are greedy instead. They want to sell their property at high profit.
Businesses dont care about moral and social responsibility to the people they do business with in the country.
So it is unfair in this oountry if the Govt think businesses should make profit on their sales of flat.
But, on the contrary, they think owners should not make a profit out of the sales of their flat. They seemed do not want to see escalated prices on the resale market.
But they seemed do want to see esclated price on new flats on sales by developers.
This is to show to the people that the high- priced frenzy property market is a show of confidence of the economy.
Late last year to early this year, it was the buyer market. owners of prime older estates were waiting on developers to offer them a enbloc price.
As long as the enbloc price offerd is above the price of what they would have sold individualy, they would sell it away.
However many enbloc owners realised after selling their flats found that their enbloc money received 8 to 12 months later was not enough to buy another new flat in the same vincinity again. Even the price of other older flats in the same area has risen up to the level of the enbloc price on their flat.
So they got mad and angry. They regretted enblocng their flat.
Those that have not yet gone through the sales completion yet want to appeal to turn back the sales.
Now the enbloc market becomes the seller market.
Instead of waiting for developers to make an enbloc offer on their estate, owners of the estate now set their price mark for it.
Instead of taking whatever highest offered by developers, owners of estate now want a international real estate to market their estate to rich investor around the world.
So the it is now the seller market. And this should be way tio go. The govt should not interfere how the owners of flat should profit. This should also includes HDBs, too.
Let give a chance for Singaporeans to make some money instead of giving it foriegn buyers only.
Many of the foreign buyers are just speculators only. They have no ownership to Singapore and Singaporeans.
Kris Kala
Singaporean
Block 1005
We wish you all the best in fending of the enbloc. We also have a blog at where we have added you link to our blogroll. All the best! Your friends at Dairy Farm Estate.
http://www.dairyfarmcondo.com
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