If you have been following my updates on the en bloc process, thank you for doing so. I hope this series sheds some light on the ups and downs, and sometimes long drawn process that is the collective sale attempt of a condo estate in Singapore.
The timeline so far
So this particular adventure started back in Dec 2020, when, after a few chats with some residents, we decided to try and rally the troops to see if we can front run a new en bloc cycle, after the last cycle of 2016 fizzled out by 2018.
As developers run out of land banks, many property consultants have theorized that 2021 may signal the start of another En Bloc fever.
After galvanizing the residents for a couple of months, we finally gathered enough signatures to officiate an EOGM.
Appointment of Marketing Agent
In a new update from the Collective Sale Committee (CSC), they have announced the three marketing agents in consideration, and that they have met up with them to listen to their respective presentations.
After deliberating on the presentations, the CSC has unanimously decided on appointing Huttons Asia Pte Ltd as the marketing agent for this collective sale process.
Cool, what happens next?
Well, this is where the really fun part starts. With Huttons being appointed as our marketing agent, we’ll be expecting a call for the next EOGM, where during the meeting, we will get more information from the CSC, as well as the marketing agent, with regard to the reserve price.
The reserve price is the bottom layer of the price at which we are willing to sell the entire estate at.
This will also give us an indication of how much we will each stand to receive, if the sale goes through.
Following the announcement of the reserve price, there will be another round of signing of either approval or non-approval of the sale. Each owner of the estate will have to make their own decision on this.
If and when we hit an 80% approval of the sale, based on the reserve price, it is considered a go, and this bid officially goes out to the market, and we’ll see if any developers will bid for the land.
All very exciting stuff, that could still take quite a while to play out. But I’m really happy with the current pace of events. Will hope for the best!
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