The most crucial question of all - what is the right price to find an equivalent sized property, in an equally serene environment, 10 minutes from Orchard Road, well connected by expressways... plus a cash compensation to make it worthwhile.
And not to forget to factor in that we will only see our money atleast a year AFTER signing for it - so where will the property prices be a year from now ?
And remember we are giving away to the developer, not only our apartments, but also FREEHOLD land at a vantage location along with it. So what do you say ??
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 !
13 comments:
Kampong Bahru will have a new MRT station.
This a good news for us.
I was chatting with a friend, whose parent stays in Kampong Bahru. He told me that his parent block has been selected as SERS. This is enbloc equivalent for HDB. They will be moving to a new place, which the govt is currently building.
Today, I went to see the walk-up HDB apartments there. True, enough the whole complex from block 17 to 31 have been SERS. There is a notice on every block. Just go there to see it yourself.
This place is within 1km to Teresa.
Iwan Rahabok, Blk 1005, #22-03
Anonymous said...
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
May 27, 2007 1:20 PM
We agree with Mikael's comments, except that besides the 3 million, we should also be compensated for this whole drama - so we say 3.5 million paid IMMEDIATELY. Some of my friends tell me that it can take upto a year to get your money !
Resident of blk 1003
There is no price to sell now as you never know what price the developer is going to sell after conning you into selling your LAND!
Developers are now building
DISTINCTIVE HOMES FOR FOREIGNERS THE RICH AND FAMOUS ONLY.IMAGINE THE PRICE YOURSELF.(can be quite scary)
Once we enbloc this, is goodbye. All the neighbouring developments will have prices you cannot afford to purchase with your $3million or $1million.
Glad to see likeminded people voicing out their comments. It is refreshing to learn that people consider TeresaVille more of a home than investment. I certainly won't rush into en bloc. Teresa Ville is my home and I treasure every bit here.
Resident of Blk 1005
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
June 1, 2007 1:45 AM
Teresa Ville is an "APPRECIATING ASSET" as Kapoor from blk 1003 has commented on this blog elsewhere. We should not rush into selling it now to regret later. However if the developer considers a fair 1-for-1 exchange + compensation for 3 years of displacement, then we may consider.
Resident/owner from blk 1003
1 for 1 exchange Advantage: you get a brand new development
Disadvantages: in a higher plot ratio, very congested,underground carpark, less space to roam, jog around your own safe heaven,your neighbour is looking into your home everyday etc.You may not hv a choice unit or choice block reserved by developer. It's a risk that you've to take unless you make it clear before the deal is agreed upon. Why not refurbish the whole estate with professional Architect? Resident
I actually went and had a look at some properties over the weekend out of interest. A new property in Ballestair/ Little India (McKenzie 88) is selling at $1,300 psf and it is selling well. Yet more evidence that we should be holding onto the gem we have. With a market this crazy it is not unthinkable that in a years time freehold on the TVille sight could easily command 3,000 psf.
There is alos a new development on River Valley Road called River Valley Grove and that is about to be released at $3,000 psf!!
Justin Knight, resident
Here is another site to know the latest property transactions, that can guide us in deciding
"market price" of
1. Teresa Ville "266513 Sq Ft++ (+ adjoining state land) freehold land
2. With vantage location" near expressways, Orchard road, CBD and future MRT.
3. With potential increase in plot ratio under URA Master Plan 2008
Business Times Property Section....
This hyperlink is available after 6PM everyday to the public. (Available 24hrs to the paid subscribers)
http://www.businesstimes.com.sg/suite/0,4545,,00.html?
LOOK OUT FOR "UPWARD PRICE SWING" & PRICE OF PROPERTIES COMPARABLE TO TV LOCATION.
Asking price for this "freehold land" should translate into $1600 to $1700++/ Sq Ft for 2000/ Sq Ft.
Do not chase the developers, make developers chase Teresaville and drive up prices.
Rajan, Blk1003 #06-04
I think the enbloc benchmarked price should be set to 2 times of the current sale price of $4000 psf that is sold in those newly launched condo located in prime areas.
It was said that the current price of those newly launched new flats in prime area will rise further to $6000 psf in one to two years time, 2008 to 2009.
So, perhaps, the residents of Teresa Ville should set the enbloc price of their flat, at 2 times of current $4000psf, to a benchmarked enbloc price of $8000 psf.
This $800o psf figure can be used as a minimum reserve price first - with a valid date on it, too.
By this way, residents would be happy to go for the enbloc of it.
This is also that by the time they got hold of their enbloc money in a year's time after the enbloc sales, they would have enough of enbloc money to pay for their new flat in prime area, which could have risen to $7000 psf or $8000 psf or even more.
While waiting for the enbloc sales to completw in one to one half year time, residents could use the enbloc downpayment to book a new flat in the prime area.
At the same time, residents could ask the enbloc developer to give them extra money for their moving out cost of their enbloc flat.
They could also ask for renting of interim flat for 3 years until their new flat purchased is ready doe them to move in.
We must try to get the maximum price out of the enbloc of it.
If not, it is not worth the price to sell it. The hassle of enbloc can be just too much of it.
So make sure the money offer is worthy to enbloc it.
Think forward and price forward - is the name of the game.
Cheers
Jon Haig
Tenant of Block 1004, #x6-15
Based on 266,513 Sft of land in teresa Ville, it is possible to estimate the indicative price on it.
Assumed the plot ratio is up to 36 storeys, the plot ratio will be say, at 3.6
The total strata area that can be built will be 959,446 sqft - i.e 3.6 x 266,513 sqft.
Let say the surrounding price per plot ratio (PPR) is $1200 ppr, the total enbloc price tha twill be offerdby developer will likely be $1.15 billion.
By the way, does anyone know how many unit s are there in Teresa Ville?.
If there are 400 units, the share per unit - assumed it is equally shared), each unit will stand to get $2.87 million.
This $2.87 amount may sound a lot but the amount is not able to buy another new flat of the same size and of the same surrounding locations.
So the best way is to project the price forward of it - from $2.87 milllion to 3 times of it.
This means the enbloc price will rise to $8.61 milllion for sales of each of the enbloc unit.
By this forward looking way, we can be sure we can beat the price increases that may rise ahead before we could receive the enbloc money of it.
In short, we must walk twice the steps in ahead of it. We must not let the rising price otcatch up behind our back without our knowing of it.
So let fix the base price at $861 million as reserve price for it.
Selena Jason
Daughter of resident living in block 1003 #1X-X8
I think there is no right price at the present. Price is a moving target.
Those who had enbloced their estate like those in grange road and Leonie Road are nw regretting it.
In other words, the earlier the enbloc occured, the price was much lower than now.
Seriously speaking, this was due to the sharp rise in prices in new developments.
This makes the enbloc price received on their unit becoming very small.
In otehr words, the ebloc money is not enough to buy a similar size flat in the same vicinity again.
Most of them who enbloc their estate in Grange road, Leonie Road and River Valley road, are now did have a serious headache problem.
The headache problem is the finding of a flat of the same size in the same vicinity that could match their enbloc price on it.
Many have to top up cash on it on their own. Many who have not have cash would have to downgrade to a HDB.
Some may have to move to a cheaper condo outside of the prime area.
It is a nightmare for them as they have to find new adjustment to their lives.
Their estate's sale commitee is now gone.
They now have to endure their mistake for it.
They now have to live with this mistake for the rest of their life.
They now have to move to live in a smaller flat than they were used to.
So we have to make sure that we will not going to suffer the same plight of it.
We should draw lessons from it.
We should make plan for the enbloc pricing of it.
We should set the rules of the games.
We should not be swayed by agent or agent's lawyer, or developer's lawyer.
We should not entrust the enbloc work completely to our sales committe.
This is because they are owners too. They, as owners, inevitably also have a self-interest first.
They might want to sell the estate as soon possible instead.
We should therefore hire a lawyer to be our spokeman; to be our eyes and ears; to protect our interest; interpret, advise and to take iinstuction from us.
We should always be on our own without relying on our lawyer and sales committees to think through collectively to ensure that the enbloc price offered is superiorally superior to us.
At this point, we could set the parameter for the enbloc of it, if enbloc price offered is:
1. Will think about it - if $4 million is offered for each flat.
2. Will give serious consideration about it - if $6 million is offered for each flat.
3. Will sell it immediately - if $8 milllion i offered for each flat.
Coco Tang
Resident of Block 1004
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