Teresaville Owner's Blog

Dear Fellow Teresa Ville Owners (who have not signed CSA), As you may have read on the notice boards that few SPs (only partial names without unit numbers) have organized an 'informal meeting' on Sunday May 27.  From the heading of notice, it is clear that some pro enbloc SPs plan to nudge, persuade or push other SPs to sign the CSA, as the CSC is grossly short of additional supporters. In view of very informative posts on this blog titled " Beware of Fake News" part 1 - 3 ; we suggest that if you plan to attend fore-mentioned 'informal meeting', before taking any of their arguments on face value, please reconfirm the validity of same with your fellow neighbors, who have sound expertise and latest insights in subject of property matters in Singapore, including access to independent legal advice. You can contact them per below - Email: teresavilleowners@gmail.com Whatsapp:   9134 5119 PS: You may also wonder, as to how come few SPs can have the privi...

Click on this link or read on below - The article, Going en bloc: The long road (May 6), failed to fully highlight the plight of stayers living with the constant fear of losing the roofs over their heads. They feel helpless against a phalanx of property agents, lawyers and developers with financial muscle, not to mention being treated as pariahs in their communities. I'm a member of an "informal alliance" of stayers, and we hope the Government will set up a committee to explore how the collective sale process can be made fairer, more transparent and less disruptive. For a start, we would like to see a minimum age before estates become eligible to be sold en bloc. The formula to trigger a sale should not be a one-size-fits-all approach, but calibrated based on the percentage of genuine home owners. Those who own multiple units should be limited in their number of votes. Instead of the usual bedlam at extraordinary general meetings, where the voices of mi...

Contributed by a fellow SP...    Continued from last 2 posts There are some people who are pro-enbloc sale, including certain members of the CSC and the marketing consultants, who would spread fake news in order to get more owners to sign the Collective Sale Agreement (CSA). The following are some examples of the fake news. Please see earlier posts for examples 1, 2.. Here is example 3- (3) The minimum price is increased from $990 million to $1.1 billion after the architect engaged by Huttons said that the developer can build 10% bonus Gross Floor Area (GFA) in the future condominium on the Teresa Ville land. This is not true. The real reason why the Collective Sale Committee (CSC) increased the minimum price to $1.1 billion, is to get more owners to sign the Collective Sale Agreement (CSA). After 3 months, less than half the owners signed the CSA. The CSC and Huttons were desperate to do something. Why it is Fake News? Currently in Singapore, any no...

Contributed by a fellow SP..      continued from last Post  (2) Exaggerate the percentage of owners who has signed the CSC There are some pro-enbloc sale people who would exaggerate the percentage of owners who has signed the CSC. Some of these “fake news” are spread by word of mouth, phone calls and phone messages like WhatsApp messages. These people would spread rumours in order to achieve their objective of getting more owners to sign the CSA. For example, the most recent exaggeration (in week of April 23) is that “60% of the owners have signed the CSA and only 18 more households need to sign and we will achieve the 80% level.” Whoever is spreading such rumours does not use or sorely lack any mathematical intelligence. There are a total of 270 units in Teresa Ville (264 apartments and 6 shops units). To get from 60% to 80%, at least 20% of the unit owners would have to sign the CSA. 20% of 270 units = 54 units. Hence, the peopl...

Contributed by a fellow Teresa Ville SP: Dear Teresa Ville owners,  Please take note - There are some people who are pro-enbloc sale, including certain members of the CSC and the marketing consultants, who would spread fake news in order to get more owners to sign the Collective Sale Agreement (CSA). The following are some examples of the fake news. (1) “The Collective Sale Committee (CSC) does not need an EOGM to increase the reserve price. But it needs an EOGM to reduce the Reserve Price.” This is a “half-truth”. It is true that the CSC does not need an EOGM to increase the reserve price from $990 million to $1.1 billion. But it is NOT TRUE that the CSC needs an Extraordinary General Meeting (EOGM) to reduce the Reserve Price from $1.1 billion down to any amount between $990 million and $1.1 billion. In the CSA, Section 1.1.28, paragraph C of the Collective Sale Agreement (CSA) allows the CSC to set the minimum price to “such sum as the Collective Sa...