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 !
10 comments:
For $850m+, how much will each get on their home?
Thanks.
Joe
Resident,
Does anyone tell me or know what is the land area of Teresa ville? And also what is the plot ratio?
Toh
Block 1005
Dear Joe,
We are not experts & just an indication ...
Based on a simple 50-50 Method of Apportionment.
This method is not final.
The numbers below are estimated and rounded.
Unit $800M $850M $900M
3572 ft 5.9 M 6.2 M 6.6 M
3853 ft 5.8 M 6.1 M 6.5 M
2745 ft 4.1 M 4.4 M 4.6 M
1959 ft 3.1 M 3.3 M 3.5 M
1356 ft 2.2 M 2.4 M 2.5 M
463 ft 1.1 M 1.2 M 1.3 M
There are other unit sizes, such as 2723, 1981, 1927, 452 sq feet. Not shown here as these sizes are very similar to what is shown here
who is the agent and the law firm handling this ?
Dear Anna,
The new Teresaville PTSC will call for presentations & terms/conditions from marketing agents & lawyers. Based on stringent criteria set by the new TV PTSC, and reserve price voted in at the EOGM , decide from there. It has been recommended that the SPs be kept informed of the decision.
Cheers
we should carefully select agents to avoid the recent saga...we should looked for agents that have experience in Collective Sales.
Can anyone advise how many apartment units are there in Teresa ville?
hmm....happen to see this seminar " Developments & Updates on Singapore's En Block Sale Legislation" on the website by one of the training provider.It may interest lots of agents, owners or even sales committee....I called them and was told that there will be another similar seminar in oct...Anyone got any ideas about this seminar, any feedback. Kindly e-mail me to tell me more forblueday@yahoo.com.sg
One learning point from the Horizon Towers saga:
Even if you are a Majority Consenter, ensure that you RETAIN TRANSACTION CONTROL by relegating Sales Com to "facilitator" status in the Collective Sale Agreement (instead of giving the powers, rights and obligations of an "agent" to a committee of part-timers who are usually laypersons).
It may NOT be clear from the press reports on the Horizon Towers saga ...
BEFORE (not after) the Sales Com (SC) signed on the dotted line with HPL as the Developer-Buyer, 3 Maj Consenters alerted the SC that the set RP has become too low by this time. Each of these 3 persons testified in the witness box under oath that they asked the SC to re-confirm with the Maj Consenters as to whether to proceed with the offer. The two SC members who were also put in the witness box testified that despite these 3 requests made prior to signing on the dotted line, the SC proceeded to commit to the HPL offer under their powers of "agency"!
I don't know about you ... but The Pariah is scared out of its wits by this "agency" stuff!
The Pariah from www.singaporeenbloc.blogspot.com
What can you buy with the money?unless you want to downgrade to HDB, otherwise do your own market reseach before signing on the dotted line of the CSA. Nobody is responsible for your decision not even the committee members, they are just doing a thankless job.
You are sitting on a Goldmine, do not let them rob you.
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