Teresaville Owner's Blog

Dear Teresa Ville resident owners, who have rightly not signed the CSA yet.... Please do more research if you think you can get an equivalent replacement home ... very unlikely... Click on the link below .. Surge in Singapore's Home Prices Even Bigger Than First Reported

Dear Fellow Teresa Ville Owners who have not signed CSA, For benefit of all of us, we sought an independent opinion from a reputed legal firm on recent move by CSC to raise Reserve Price. It confirms our advice on the post dated April 4 "New Reserve Price not Guaranteed without amending CSA in EOGM..". Here is the legal opinion - "The CSA stipulates a Minimum Price for the sale. The Minimum Price must be the highest of                     (a) $990m;                     (b) the market valuation as at the date of the close of the public tender and                    (c) such amount as the CSC may determine upon the advice of Huttons.   The CSC has determined a Minimum Price of S$1.1b. So, until it is adjusted, the Minimum Price will be S$1.1b unless the market valuation as at the date of the close of the public...

Dear fellow owners at Teresa Ville, We have good news and bad news. The good news is that after much indirect pressure from our group, the Collective Sale Committee (CSC) has finally agreed to raise the Reserve Price. The bad news is that they are only raising it slightly in the hope to entice more owners to sign the Collect Sale Agreement (CSA) but they did not raise it to reflect the real financial value of the Teresa Ville site. In as early as the start of this year, Huttons agents had already told the CSC that the reserve price could be set above $1 billion. But they also advised the CSC to set it lower than $1 billion, so they can have space to maneuver if the CSA signing slows down. How can a property agency and a committee that is elected by the owners to represent the best interest of all owners even agree to set the reserve price at an amount that is lower than the property’s true redevelopment market value? The answer is that certain owners are more...

Attention: Dear Fellow Teresa Ville Owners, who have not signed CSA. On the evening of 4 April 2018, agents from Huttons distributed a letter dated  5 April 2018 , claiming that the collective sale reserve price has been revised to $1.1 billion.   We wish to advise all Teresa Ville owners to be cautious about this letter.  Firstly, for the Reserve Price to be binding, it must be voted by a majority of owners present in an Extraordinary General Meeting (EOGM). In the previous EOGM that was held, a majority of the owners who voted to pass the Collective Sale Agreement (CSA) also set the reserve price to be $990 million. This $990 million is still the minimum price until it is changed in another EOGM. Secondly, although the Collective Sale Committee (CSC) could increase the reserve price without holding an EOGM,  they could also lower the reserve price later  as long as the final reserve price is  at or above the minimum price  determ...