En Bloc Fizzles

En Bloc Attempt Fizzles

Agents Not Confident even after reducing price by $200m

CSC decides futile to continue, owners do not want en bloc

CSC resigns en masse

After being formed in November 2007, the Collective Sales Committee of Clementi Park - which never reached anywhere near the signing of the Collective Sales Agreement has fizzled out. They only reached the stage of the EOGM for appointment of the lawyer and agent. After that, they seemed unable to move forward. For 2 1/2 years.

Many owners called for the resignation of the committee but it was only due to recent legislation that the committee probably realised it could not keep going indefinitely.

The Agents from Knight Frank asked to withdraw from the sale and the committee decided to throw in the towel too; here are verbatim quotes from their last and final minutes of the CSC dated 8 June 2010:

1. "there are a good number of owners who do not wish to sell their apartments"
2. Knight Frank the agents said even after two years of efforts they did not think it was possible to get 80% consensus for a collective sale and wished to withdraw as marketing agents as en blocking Clementi Park was too "challenging".
3. Also, "because of the diversity of share value and strata area, it is difficult to get owners to agree to one method of apportionment".
4. "As a result of the withdrawal of Knight Frank, the CSC discussed the alternative of appointing another marketing agent. Most members of the CSC were of the view that based on the current market conditions and current ownership profile, the result is likely to be the same and as such, it would be futile to appoint another marketing agent and that the collective sale exercise should be aborted."

Knight Frank led by Nicholas Wong rang round to 382 owners of Clementi Park in April and May of this year (2010) in an attempt to test the waters. They could not achieve support from the SPs of the condo.

The general consensus was that an overwhelming majority want to stay put in the green condo famous for its hilly landscape, privacy of the units and utterly green environment. The condo with its 494 units is about 28 years old and has undergone recent upgrading. Its residents (Stayers) have formed this website three years ago when the third enbloc attempt was made despite two earlier failed tries. SPs include local doctors and lecturers from nearby tertiary institutions as well as foreigners working at Biopolis and industries from Shenton Way up to Jurong. Clementi Park is next to Brookvale condo, another CDL project from the 1980's which has failed to enbloc more than 3 times.

"Owners here know that what we have is irreplaceable. We do not want to live in condos where the rooms are shoe boxes and where the blocks look into one another. There is so much space and greenery here, we even have our own natural hill in the heart of Clementi Park. And the privacy? You can shut your door and really forget about the world out there," said Patrick Lim, a Stayer.

All the members of the CSC have resigned with effect from June 2010.