 "Why
do 80% sign up without thinking of the consequences?”
“Should Singaporeans queue for en bloc the way they queued for Hello
Kitty?”
Ex en blocers have told us that if you sign up for an en bloc today,
that it may take at up to two years or more to get your
money?!
Let's trace our steps from the start of the supposedly magic
"wonderful" en bloc "windfall" and its effect on your finances!
Here's a hypothetical scenario:
a) Collective Sales Committee formed November
2007 ... Suppose they get the dreaded 80% by
November 2008, the marketing agent puts
your property on the market and takes a year to find a buyer... that
brings us to November 2009
b) Some residents contest the sale at the Strata Title Board, High
Court and Courts of Appeal... another six months, twelve or even 18
months to settle... so on average that's +
November 2010
c) the developer pays you perhaps in March
2011
d) the legal fees (Y) and marketing fees (Z) cost more than you
bargained for, so the price you signed for is acutally X minus (Y+Z)
e) So. You re-enter the property market armed with long awaited cash
in maybe April 2011 and look for a
property; with inflation, prices are higher, so you have to move out
of the area of your choice, cannot find the size you want and your
"premium" from the sale has shrunk considerably in your twitching
eyes… aiyoh, perhaps cannot be called a "premium" anymore ….
Continued in next section…
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