Why the Atria En bloc should be reviewed

Are you following The Atria's En Bloc proceedings? To Date, four EOGMs have been conducted and as of 5 March 2011, the first CSAs have been signed. The Sales Committee has up to 1 year from this date to ensure 80% of shareholders sign the CSA in order to put the property on sale.

This site attempts to explain why the Atria CSA should be reviewed.

Please read and leave comments, we encourage discussion among owners.

Friday 18 March 2011

The Present Atria En Bloc is flawed


The CSA contains unfair apportionments, which do not reflect market value, especially to the higher and sea-fronting units; the unique location not fully valued (Meyer Golden Strip); the freehold status that will appreciate in value perpetually. Therefore, the present CSA is not a good deal to all.

As such, we recommend the following actions:

1)     Do attend all EOGMs

If you were not present at the last 4 EOGMs, decisions have already been made for you. With the Quorum at just 30%, and the majority needed to pass resolutions is 50.1% of those present, whether in person or by proxy, it means that just 15.1% of owners can decide to sell YOUR home and at price which only benefits them. The present rules acceptable to the though Strata Title Board (STB) is easily exploited by speculators

This applies to all the EOGMs. It is not enough to just ignore the proceedings, especially the ones where the CSA terms are approved.

      2)     Reject the CSA approved at the 4th EOGM.



Would you sell your home using a contract with terms that are not favorable to you? This is the case now for all penthouse, higher floor and sea-fronting units. This happened because most of the Subsidiary Proprietors of high-level/sea-fronting units were not present at the CSA EOGM. The CSC held approximately 44% of the Shared-Value votes, which includes 19 proxies, during the passing of the Motion.

We will need to commence a thorough review before owners again consider the En Bloc.

3)     Prevent lowering the reserve price.

With the current apportionment, high-floor and sea-fronting owners are already in danger of the inability to get replacement homes. If, because some owners are desperate to sell and the reserve price is lowered, the already short-changed owners will be in for a downgrade! There is every danger of it happening as long as the 80% (who have already signed the CSA) agree.

Posted by at

2 comments:

  1. The Pariah20 March 2011 at 22:24

    Hi!

    I was data-trawling and realized that you have a blog-link to mine.

    Would your en bloc attempt be under the 2007 or 2010 LTSA? If the latter, it would be a much tougher fight for Minority Dissenters.

    Pls contact me at singaporeenbloc@gmail.com

    The Pariah
    www.singaporeenbloc.blogspot.com

    ReplyDelete
  2. Anonymous10 April 2011 at 07:56

    I really think all owners should attend the EOGMs before we make the wrong decisions for everyone, whether to sell or not to sell now.

    As it stands it seems to me there are many factors against most of the owners, because if you say sea-front units are disadvantaged, isn't that half the building?

    You should all call your neighbours to attend so others cannot make the decision for you.

    ReplyDelete

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