With the passing of the various motions at the EOGMs, the Collective Sale Agreement (including the unjust apportionment of sale proceeds) is now in place. The CSC has 12 months from 5 March 2011 to achieve 80% shares to get the en bloc going.
With the current less favorable property market, due to the recent property cooling measures initiated by the Government, many owners are eager to ink on the current CSA. By then, it will be too late to fight for more justice in the apportionment of the sale proceeds. If the sale were to go through with a successful bidder, most of the owners of high-floor/sea-fronting and penthouse units will be incapable of getting replacement properties/homes.
The Atria, a 15-year old property with intrinsic qualities, unique to its location, market conditions, superior design of its public spaces and freehold status, transcends mere monetary considerations. With its prestigious address and exclusiveness, it means so much more to its owners and those who have resided in it from day one.
With plans of an MRT station at Katong Park, and Kallang Sports Hub in construction, this unique, mere 15 year-old freehold property will definitely perpetuate beyond its current value in the near future. Besides, with the new Masterplan in the works to contain a larger population in Singapore, the value of The Atria can only continue to appreciate and the constant reviews on en bloc rules for more equitable system can only further protect the assets of the genuine property owners from the property speculators.
The 2nd signing session gathered only 16%. Yesterday was the 3rd session, what is your guess? if the CSC cannot garner 50%, then your wish will come true, i.e. Collective Sale will NOT go thru
ReplyDeleteThere will be people disappointed with the signing figures, and that is not our wish. We wish for fairness so owners will not be forced to split into majority and minority groups.
ReplyDeleteIt should be the sellers/owners against the buyer/developer, not the majority against the minority. There shouldn’t even be majority/minority groups if the en bloc was transparent and just to everyone.
The latest is 25% signed, and it’s only one month. We are not, and should not be complacent. The reasons being:
1) The 25% may not reflect the true sentiment; a high number of units are rented out. Owners may be unable to make signings.
2) There are people who want to wait till more have signed or they do not want to sign so early.
3) Agents are calling up individual owners to discuss signings.
Owners can object to signings other then at a public place and at an appointed time. Agents should not be allowed to make individual visits to persuade/coerce vulnerable/ignorant owners to sell. What kind of sales pitches will be made during these calls?
A comment was deleted because a subsidiary proprietor was named. Please note: SPs have a right to share information among themselves.
ReplyDeleteSo when should the agents or committees meet with owners and discuss signings? Only during General Meetings?
ReplyDeleteWhat about the 'non-sellers'? When and where can we meet to hear the other side of the story?
Personally I am not convinced to sell yet, but my ultimate decision will be made based on the whole picture.
ReplyDeleteIf people are not willing to discuss things openly then obviously they have things to hide;
I am disappointed that certain proceedings in the EOGMs are not reflected fully by the committee earlier e.g. omissions of objections raised in minutes.
Is it fair to say, and is it too cynical of me, to say this is to be expected of any CSC? If so, then all the more reason we should decide ourselves!
So, at the same time we should be undestanding of them, follow proceedings closely and demand honesty and open-ness.
I know this blog is trying to raise awareness, especially when it comes to challenging the CSA. Similarly, honesty and open-ness.
I would be critical of anything told to me, especially in private, regardless of agenda, and make my own decisions based on facts. I am sure we owners are intelligent and will do the same.
Eventually all this thought and talk will become action. For now my action is not to sell.
When we decide to take atria, it's to be our "HOME" till we decide to leave. We chose it because of location..location..location. It's totally unfair to be evicted just because of some people's profit-earning sake?
ReplyDeleteAnd to demolish a perfectly sound structure just for profit is vanity and a waste of resources. Anyone ever think of 'going green'?
The agents or CSC should only meet to discuss signings at an appointed time and public place. They may send reminders and put up announcements on the notice board prior to the meeting.
ReplyDeleteIn the case of The Atria, ‘non-sellers’ may not use the notice board for announcements or to notify like-minded owners of meetings. They also have to pay for the use of the function room, even when the matter pertains to the en bloc. The CSC has free use of all these amenities.