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 !
5 comments:
A Resident said...
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
June 8, 2007 9:22 AM
"I understand that we are discussing the matter on the basis that you are a homeowner, and are concerned over the proposed en bloc.
As per your email request, I enclose a TV interview of the concerns of homeowners in an en bloc. I would email you a news report on the hybrid en blocs early next week. Today's Straits Times also carries a news story over the concern of homeowners.
We seek to address the concerns of homeowners in an en bloc by using the hybrid en bloc concept. As matter of fact, I understand that the exchange en bloc is the accepted way of redevelopment in Korea. I had a chat with the team which a big international developer from Korea sent specially to Singapore recently, and I intend to see for myself how it is done in Korea."
Regards
PhangSK
June 18, 2007 9:46 PM
I have just linked your blog to mine at:
www.singaporeenbloc.blogspot.com
Good to know that Singaporeans are learning to stand up for themselves ...
Thank you. We have also linked your blog to ours to spread the awareness.
STV
A one-to-one exchange is the best option to residents.
The advantages are many:
1. This will keep the fratenity of the residents in the same place.
This is like HDB SERs prgramme in which all the residents moved to the new place.
However, as for Teresa Ville, the residents want to stay on the same land.
2. It will not uproot the enbloc residents from having to move elsewhere.
3. It will give residents a new flat of the same size of spaces.
4. It looks after the interest of residents not wanting to enbloc it.
The replacement flat is the best option among the rest.
Unless the offering price of the enbloc offer is subtantially high enough to compensate the owners to enbloc it, it is likely this replacment flat method will be the basis for an enbloc in the coming month.
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