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Stories & Articles - Logbook

Letter to The Business Times by Dr. Mak, on 15.04.2008

Article - "Still bullish on Singapore Property"

Article "Letter against collective sale"

Article - My Paper- Mar 26, '08

Article - The Straits Times - Apr 19, '08


Finland Gardens stayers Rejoice!

Article - In "Today"

Letter in Today, 28th April. En Bloc is a social malaise.


CNA news report
om 02.05.2008


ILMG supports
Ken Lee, Air View
Towers - Letter to Today


Monaco of the
East


Letter in Forum-
05.05.08 "En BLoc
laws need to be
revisited"


Disastrous AGM
outcome in
MG & Bayshore
- article in ST,
05.05.08


Uncertainity over lease top-up
June 6, '08


What does "plot ratio" mean?


Developers turn landlords as property
market stays quiet
Other views


Article by Mdm Ong BL against En Bloc mediation published in
Forum section of TST
on 23rd April '08.


In response to the above, a letter written
to TST for publishing
in the Forum.


No Media Contact -
A Lofty Promise


Volte Face !
Media Contact!


Sorry, 'slight'
clarifications to the above

Personal Experience of a Downgrader after a bitter En Bloc

In a few more weeks, my family will be kicked out of our home. Yes. KICKED OUT because of a successful en bloc which we did not agree to.

A home that was renovated not more than a few years ago, from top to bottom including brand new marbled floors, new fixtures, new furniture, everything from scratch. We thought, naively, that it was to be our home for the next few decades.

Barely after we moved in, a pro-tem SC proudly announced the en bloc. Our estate was not old at that time. It now looks run down because EVERY upkeep and updating of the estate was put on hold. This just before they started the en bloc attempt.

My family refused to be subjected to en bloc again. We thought fine, let’s get ourselves a new condo, so that we can have at least 10 years of peace before some IDIOT decides to champion an en bloc at our new home. Because of the property market boom, we had no choice but to buy a property, downgrading from a 1800 sqf perfectly renovated and absolutely spacious home on a quiet road, to a 1200 sqf home near a main road with all sorts of useless corners designed by architects who looked like they have never tried living in an apartment.

Then the nightmare started. Almost all our furniture could not fit the new place. They have to be replaced with smaller versions. We have a tight schedule within which to move home, install new fixtures in the new home, get furniture, get quotations for movers, cancel utilities, transfer utilities, change of addresses, all these amidst our hectic lives.

We will make no profit by the end of our move when we factor in what we’d spent for our old home, and what we need to spend for our new one.

We are frustrated, upset, that this is happening to us. People who say “just move elsewhere” do not realize that it isn’t that convenient, practical nor even realistic to do so. SACRIFICES always have to be made when we move homes, and EVEN BIGGER SACRIFICES when we move from a cherished home.

People who are thinking of signing the Collective Sale Agreement, of that profit and windfall – think carefully, especially after you’ve factored in all the other costs. If you’re not losing your home, then that’s not a problem. But if you have to move, how often are you prepared to do so, and what’s the cost to you, your family, your finances, when you do so?

Those residents who eagerly signed for the en bloc in our estate, and who have to move now, are regretting it. We say to them, TOO LITTLE TOO LATE. They could have kept their homes and not have the hassle and trauma of moving, but they were BLINDED by what they thought was going to be profits.

Are we angry? Yes! For losing our home which we love and built, literally from the bare cement. For policy makers who do not CARE about the consequences of en blocs to people’s lives. For individuals who do not care about people who have valid reasons to STAY in a place they love. For a society that continues to NAIVELY think that en blocs are great.

IT ISN'T. IT NEVER WILL BE. NOT FOR US.

-article courtesy Dr Minority @Enblocinsingapore.blogspot.com


Did you think that you could collect your windfall immediately after an En Bloc? Be prepared for a MINIMUM 2 year wait.

If you sign up for an en bloc today, are you aware that it may take up to TWO YEARS or more to get your money? How will that impact you? We spoke to people who have already en bloced and here’s what they told us..

If Collective Sales Committee formed Nov 2007 ... Let's suppose your condo gets the dreaded 80% by November 2008, the marketing agent puts your property on the market and takes a year to find a buyer...so that brings us to November 2009. 

Some SPs contest the sale at the Strata Title Board, High Court etc... which takes another 12 months to settle... so that's till Dec 2010.

IF it goes thru, the developer pays you perhaps in March 2011 

The legal fees (Y) and other* fees (Z) cost more than you bargained for, so the price you signed for is realistically X minus (Y+Z) 

You go out into the market armed with your cash by April 2011 and look for a property to live in; with inflation, prices are much higher

So here’s the much dreaded reality. You went en bloc. It was supposed to be a WINDFALL. But prices are higher everywhere. After all, it’s at least two years later. To cover the cost of the new home, you find you HAVE to take a mortgage. But, the monthly payments are so high! (Ask any sadder, wiser en blocer who wanted the same space, vicinity and standard of living). (Ask yourself why Horizon Towers and Gillman Heights majority tried to back out of their sales).

Because you are now older, the amount of money you can borrow is of a lesser quantum–and the monthly repayments are higher (older you, shorter payback period)). What, windfall? Better call it SHORTFALL!!! 

*you had to make mortgage payments to your bank account over the past two or so years, and repay interest on CPF, so that's another hit because of the interest that you had not factored in... DOWNFALL! 

if you are past or approaching 60, the only way to get a bank loan is to co-borrow with your adult children - or worse, you are turned down for any and all loans and have to downsize to a HDB... or rent...

Such is the power of the en bloc, a really good way to be forced to START ALL OVER AGAIN after those golden years of being financially secure, low or no mortgage, comfortable... but that's all in the past! - En bloced!

article courtesy www.saveclementipark.com