Petition to CSC, as agreed by SPs in Tea & Info Session ..



Dear Fellow SPs,                                                                                            Feb 28,  2018

Gong Xi Fa Cai and best wishes for a joyful and prosperous New Year of the Dog.

·     Post the "Tea & Info" session organized by fellow Teresa Ville owners on Feb 10, the attending SPs expressed deep concern as to why CSC and the sales agent Huttons are pushing for such a low land Reserve Price ($1350 psf ppr) for a rare piece of large freehold land in the central region. Recent land sales (government land sales and enbloc sales) indicate a higher price. In addition, critical facts that impact land price such as the higher baseline plot ratio and adjacent state land have not been addressed.

·     In view that the CSC and their advisors have a fiduciary duty to the SPs to act in good faith, the attending SPs agreed to sign a petition to be submitted to the CSC and its advisors, stating that they will not sign the CSA unless all key concerns related to the low Reserve Price are satisfactorily addressed. This Petition is sent on post mail, so please look for same in your mail box. Copy of the Petition is also pasted below this cover note for your reference.

·     If SPs with a collective share value of more than 20% of the total SP shares of Teresa Ville sign the Petition, this will give a stronger collective voice to get the CSC and its Advisors to properly address the depressed Reserve Price and run a fair and transparent enbloc process in the interest of ALL SPs. After all, the CSC Is just an elected committee representing the SPs and must be held accountable.

·     There is already good support from the concerned SPs in signing the attached petition. We are close to crossing the target 20% share value threshold and will need your support to get us across the line. Every signature counts in strengthening our collective voice!

·     For the good of all SPs in Teresa Ville, to push for a fair price of their share in this precious freehold land and a more transparent enbloc process, please print and sign the attached petition and either WhatsApp its picture at 9134 5119 or send scanned copy to teresavilleowners@gmail.com at your earliest convenience.

·     We are most mindful of your privacy. Your identity shall not be disclosed and remain anonymized through lawyers, to prevent any potential harassment.

 PS: You can find key takeaways of valuable insights shared in the coverage of the Tea & Info session at the owners' blog     www.teresavilleowners.com.  
Thank you and Warm regards,
on behalf of your fellow owners

WhatsApp contact : 9134 5119; Email: teresavilleowners@gmail.com

_________________________________________________________________________


To:       The Collective Sales Committee, Teresa Ville                                           

                                                                       

We the undersigned are SPs of Teresa Ville and would like to request the following changes to the Collective Sales Agreement. Unless these conditions are met, we will not sign the CSA.
1.     The Reserve Price for the collective sale of Teresa Ville must be set at $1.2 Billion or more.
2.     The Marketing Agent’s fees should be set at 0.35% of the final Reserve Price (RP), and not at S$990 million, plus at 2% only for the difference between final RP and Sale Price.
3.     The Developer and/or Marketing Agent should pay for any Pre-Application Feasibility Study.
4.     The Developer and/or Marketing Agent should take into consideration the Seller Stamp Duty burden to be incurred by any new SPs on the sale of their Teresa Ville unit due to the en-bloc and also review the apportionments to the shop units.
5.     SPs will stand to share in at least 50% of the incremental value if the plot ratio of the land parcel of Teresa Ville (excluding 10% bonus GFA) that is achieved by the Developer, exceeds the Master Plan 2014 plot ratio of 2.5. The incremental value will be quantified by the final collective sale land rate of Teresa Ville in terms of S$ per square foot per plot ratio (S$ psf ppr) multiplied by the incremental Gross Floor Area (GFA) achieved (Less any development charge incurred in realizing the higher plot ratio)
6.     SPs will stand to share in at least 50% of the savings in land costs to the Developer arising from the Developer acquiring and amalgamating the State Land located north to and adjacent to Teresa Ville into its redevelopment of Teresa Ville. The legal descriptions of the State Land are MK01-04137K and MK01-04136A.
The savings in land costs is the difference between the final collective sale land rate for Teresa Ville in terms of S$ per ppr and the land rate paid to acquire the said State Land multiplied by the maximum potential GFA that could be developed on the said State Land.
7.     If the collective sale of Teresa Ville proceeds to the stage of negotiating a private treaty with a potential buyer, a re-election of the CSC must be held, with inclusion of at least 2 subject matter experts, with relevant competencies and experience, in the CSC. These subject matter experts shall lead the negotiations of the private treaty with the developer.
 Thank you,

Name of owner:                                                          Block No.:
IC No.:                                                                         Unit No.:
Tel No:                                                                         Email:                              
Signature:                                                                  Date:


(List of names and addresses will be anonymized through lawyers to prevent any potential harassment.)


Note:    Please print this petition, fill up your details and sign the same. Then –
o   Take a picture of signed petition and WhatsApp at 9134 5119 (teresavilleowners.com blog’s admin number) OR
o   Scan the signed petition and email at teresavilleowners@gmail.com
o   Please regularly check the blog www.teresavilleowners.com for important updates and insights.




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