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 !
8 comments:
off course,upgrading is to our complete satisfactions that we can do however we like to upgrade our estate and yet retain our HOMES with such lovely and hugh piece of land for our children and grandchildren to run around in a safe place.Why 1-2-1? when you are just getting a brand new apartment only but with very high maintenance fees which by then we may not be able to afford.,alot less surrounding space, living in a congested environment and all the waiting, unknown situation,problems from new apts, and stress which may shortened our lives to even get to see the completion.If plot ratio is 3.0, can you image the size of the estate and the time to completion?(5years).I think we have to think very seriously our long term view and not just making a small sum of money if it's possible by then.Why not enjoy your life now then having to think about all the inconvenience that we may have to encounter in the future.So many disadvantages to our court to take the risk for a some sum of money that you do not even need it!
owner teresaville.
Are we just pleasing the URA objective of driving us "middle class" group and scattered us all over Singapore.? Renewal of blood in the neighbourhood.? We've to be sure that we are not being lead along as many of my friends who have gone through enblocs are ALL regreting the decisions they have been forced to sell enblocked. Now, most have decided to emigrate as the money they gotten is not enough to maintain their present lifestyle(HOMES) they used to live.
We MUST learn from others' experience.Do not allow others to CONTROL your life unless you intend to do likewise. Resident teresaville
Dear Resident,
We are glad that you realise that enbloc is not a good idea. Please support call for an EOGM so that your views and similar views can be heard. If you have not recieved the form for EOGM, pls write to us at saveteresaville@hotmail.com & we will arrange.
STV
Inview of the frenzy, dizzy heights of present prices of new projects in all corners of Singapore, even Little India is $1300psf. I really hope that these will put some sense into all of us to reconsider dropping the whole idea of enbloc our JEWEL of the CROWN. We must treasure our valuables before we get conned into selling our LAND. Rwong resident
Yes, there are other options available to en-bloc. Upgrading as mentioned is an avenue and another idea that was floated around is partial en-bloc, where we use the available plot ratio excess for developing/intensifying part of TV. The clubhouse or carpark block can be redeveloped.
The legal issues surrounding such a move will no doubt be complicated as compensation of some affected SPs may be involved. Just reflect for a moment (if such thing can be pulled of) , that it is economically feasible for a developer to build extra apartments, upgrade all the blocks with a modern a beautiful facade and lobbies; and have a top-class landscape that makes good use of our mature trees and shrubs.
There may be even be enough profits left over for the developer to offer some dividends to the old SPs.
Such an excercise can also look at how our individual strata areas can be increased. All the new condos have window/aircon ledges, bay windows, planter boxes etc., which are included in the saleable area and hence strata area. Old condos like TV don't have such areas in our strata title area. So an upgrading exercise can potentially look at how bay windows, a/c ledges , planter boxes etc can be added tastefully.. thereby increasing the strata areas and hence value of each apartment.
It will be a comprehensive makeover for TV will no out-of-pocket from the existing SPs.
The anti-enbloc group must form a lobby NOW. Do not leave it until after the 80% when you can only appeal to the STB. Get going, gather signatures, open a gmail account, keep each other informed. This blog is an excellent idea, advertise it widely, ask questions by sending out flyers, retain your rights by not signing the CSA. HIRE A LAWYER experienced in defending minority owners in STB appeals if necessary to pinpoint all the pitfalls. Do it now rather than later.
Upgrading is indeed a good option for it.
However much depends on the cost of upgrading and repairs.
If the cost is reasonable then we can bear it.
I think in other countries most of the condo can go on beyond 50 to even 100 years old.
If we go around, there is much of our HDBs that are aged 25 to 40 years old are now upgraded instead.
The old HDBs in Toa payoh and Queenstown are one of them.
However we should note that there is no time better than now to look an enblocing it, too.
There is no better time than now to consider enblocing it, as there is no war and no terrorism in the region.
This is also the economy in the region is growing well.
The current rising market price is running at 60 degree angle instead.
There is no second chance again if we miss the rising rice of enblocing it.
So perhaps we should revisit in revieving the subject of enblocing it every year to feed each other up with the current proerty trend.
However I think there will be some small corrections on the proerty prices should the Govt take steps to intervence the steep rise in the market.
However, the concern is not about the steep rise of prices on the high-end private condos.
It is the rapid pace of enblocing that created the rise in prices arising from the shortfall of it due to enblocing.
So the best now is for residents of Teresa Ville to consider making a review every 6 months or 12 months.
This is so that they can gauge the market trend and to be able to respond to it fast.
Should the property market had peaked, residents oculd be told to enbloc it to the highest price at that peak point.
However there is a risk in that the enbloc may not be interested anymore by developer.
Developers may have had purchased enough of land to hold for future developmental use.
So, timing of sales is immportnat to all us.
Perhaps, the interim sales committees should kepp up their studying of the market
They should encourage feedback and should pay for their feedback, too.
One other alternative is to sell the estate to a cash-riched private fund management and we then lease it back from them cheaply for 10 years. This means w get our enbloc money first, and then use a fraction from the interest to pay for the rent.
Rex Toh
Tenant
block 1006 #X1-2X
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