Followers of my blog will know that we’ve been working really hard on the loyang valley en bloc project for a long, long time. But not many of you may know exactly how long this took. So, as I take some time out to celebrate the huge milestone of being able to call for a public tender, let’s take a trip down memory lane, and see how it all began.
Phase I – The dreams of a few (Dec 2020 – May 2021)
Creation of WhatsApp Group
I think I will peg Phase I as the start of our chat group. The chat group on whatsapp was started by a few of us owners, looking to kickstart this process. I was the starter and admin of the group, and it was created back in 9 Dec, 2020.
It started growing as we spoke with other owners, and soon it grew to a sizeable number that we felt was possible to formalise a call for EOGM.
Calling for an EOGM
To successfully call for an EOGM, we needed 20% of owners to sign a document signaling an intent to explore a collective sale.
With Christmas, New Year’s and Lunar New Year in the way, we only managed to call for the EOGM in May of 2021.
Phase II – Committee Assemble! (May 2021 – Nov 2021)
Formation of the CSC (Collective Sale Committee)
The EOGM had a fairly straightforward agenda, with 3 resolutions to vote for:
- To consider a collective sale of Loyang Valley (Yes/No)
- To appoint members of the CSC
- To resolve that the powers, duties and functions be vested in the CSC
We had a positive result on all 3, and it was now up to the newly appointed CSC members to put on their thinking hats, evaluate and appoint the marketing agent (Real Estate Aagent) as well as the legal counsel for the En Bloc project.
Appointment of the Marketing Agent and Law Firm
The CSC team spent the next few months, speaking and meeting with several marketing agents, looking through their proposals, and mulling over which marketing agent will have our best interests at heart, and not only that, but be willing to see us through every step of the way, no matter how difficult the road to 80% may be.
Eventually, on 30 July 2021, the CSC formally announced the appointment of Huttons as the marketing agent representing Loyang Valley, taking into account the firm’s experience in successfully driving large plot collective sale, as well as the expertise of the team members.
Circular Law was subsequently announced as the law firm representing us in this endeavor.
2nd EOGM to present Reserve Price and Apportionment
6 November 2021, the 2nd EOGM was held, with Huttons presenting the RP and method of apportionment to the respective owners and units. This day also marked the end of Phase II, and the beginning of the 1 year timeline in the race to 80%.
Phase III – The Road to 80% (Nov 2021 – Oct 2022)
This phase had one, and only one, mission. To get to 80% signatures for the collective sale to officially be put up for public tender. Everything else up to this stage, in comparison, was relatively easy.
I have to admit, there were many doubts going into this phase, especially with the failure of the previous attempt lurking in my mind. There were times where I was convinced we were never going to get 80%, maybe not even 70%, but the Huttons team kept going, not giving up, and spurring both the CSC, as well as a super dedicated group of volunteers to keep talking to the neighbours.
Communication is key, and that was a major lesson learned from the previous attempt.
With that in mind, from a volunteer setup perspective, we really wanted to keep our neighbours informed every step of the way, giving them timely information, without anxiety giving way to frustration.
Which brings us to today.
We achieved the 80% mandate late September, and on the 19th October, something I’ve dreamt about for so long finally happened.
Phase IV – Now we wait (Oct 2022 – Dec 2022)
We were finally featured in Straits Times and Business Times, announcing the public tender for Loyang Valley En Bloc, priced at $980M.
Not even a billy! What a steal!
And here’s an idea of what the future of Loyang Valley can look like, a tranquil idyllic setting, next to nature, and our bustling airport.
As owners, we have done all we can, and now we wait.
I would like to once again express my immense gratitude to the entire Huttons team. This has been a herculean effort that everyone in the CSC and volunteer teams can tell, in the amount of work you guys have put in, to bring us up to this point.
Looking forward to providing you with more updates in December!