20.8.08
To all SPs
Call to disband the CSC
We all know that the market has plunged considerably and this is not
a good time to market any property. Did you know that the Agents
themselves have said that the reserve price of $1.4b is not
achievable? The depressed market conditions show no sign of turning
for the better in the foreseeable future. Developers have backed out
of many en bloc deals. We therefore call upon the Collective Sales
Committee (CSC) to disband, and to cease all activities on the
proposed en bloc of our estate. Even if we were for en bloc (which
we are not - not at any price), surely a Collective Sales Committee
should exist when an en bloc sale is actually achievable?
Moreover, the Save Clementi Park Group note:
a) Agents Fees and Lawyers fees have changed considerably since the
market has turned downwards (and therefore the high rates agreed by
the CSC in February 2008 should now be abandoned)
b) Our upgrading continues and our repainting will commence soon,
thanks to the Estate Enhancement Committee
c) In March 2008 before the sub prime effects were realised,
according to the CSC, only 25% of SPs responded positively to the
Survey for Collective Sale. This is a far cry from the required 80%
mandate needed for any sale to succeed.
d) The CSC is far exceeding the timeline for the collective sale
which they themselves provided.
We refer to the circular dated 12 March 2008
from the Collective Sales Committee (CSC) of Clementi Park.
In this circular, the CSC themselves stated that the collective
sales process would proceed as follows:
i) July 2008
EOGM for collective sales reserve price, apportionment method and
CSA (Collective Sales Agreement). This has not taken place.
ii) July to Dec 2008
Signing of Collective Sales Agreement (CSA). In the above circular,
the CSC said "The CSC targets to achieve this by Dec 2008." This has
not even commenced.
iii) January 2009 to June 2010
Seeking buyer etc. Schedule thrown off because a) and b) not
effected.
As it is now the third week of August and we have not seen any
Collective Sales Agreement from the Sales Committee,
nor even any EOGM establishing the collective
sales reserve price, we call upon them to disband and cease
all activities on the Collective Sale. Moreover, some of them have
moved out of the estate since the CSC was formed in November 2007.
This dragging out of the process goes against their own time table,
and is a waste of time, money and effort. It will cause many of us
Stayers to live in a state of prolonged uncertainty, holding up our
home improvements, and robbing us of a sense of security for the
future of our treasured homes.
For those SPs who are Stayers, please do sign
our Pink Form to Save Clementi Park (attached) and return it to us.
We also draw your attention to the growing movement across Singapore
condos (as reported in the press recently) where increasingly owners
are realising that en blocs do not reap benefits previously touted.
Do surf www.hope4stayers.com.
With Best Wishes -
Save Clementi Park Group
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