It has been almost a year since we kickstarted the en bloc process by setting up a group chat for residents, and canvassing for a requisition to begin exploring an official en bloc attempt. We finally held the 2nd EOGM on November 6, 2021, and passed all resolutions to officially commence the en bloc signing.
Most importantly, the Reserve Price was voted and approved on, marketing agent as well as legal representatives were also ratified, and we’re off to the races! Immediately after the EOGM, and over the next week, we held 4 signing sessions of the Collective Sale Agreement (CSA), which is currently the most important objective to achieve.
As of 6 November, we have 12 months to attain 80% signatories on the CSA. Once we attain this figure, we’re able to market Loyang Valley as an estate to developers at the agreed upon Reserve Price.
Collective Sale Agreement Signing Status
As of today, we have comfortably exceeded the 50% mark. I don’t have the exact percentage attained, but we’ll definitely be leaning on the Marketing Agent’s expertise and experience in driving us toward the 80% mark.
We have another 2 signing sessions scheduled for 24 Nov and 28 Nov, and probably at some point, the marketing agent will likely have to do house visits in order to wrap up the remaining stragglers.
Apparently, there are a bunch of landlords who don’t live in Loyang Valley, who still aren’t aware of the en bloc happening.
So, dear readers, if you know of anyone who owns a unit in Loyang Valley, reach out and give them a nudge eh? =)
(Super long shot, but anything is worth giving a try, huh?)
Not everyone wants the en bloc, but everyone should have the right to vote
Of course, in any decision, especially one that concerns your home, there will be some who are for the en bloc, and some who aren’t.
Everyone has their own decisions, and has the right to decide for themselves. The most important thing, is that everyone should be made aware of all of the facts, before making a decision for themselves. It seems like there are some owners who are overseas, and has been thus far uncontactable.
Representatives of those home units have also refrained from informing the rightful owner of these developments, thus robbing them of their right to make their own decisions.
I guess when your home is at stake, integrity falls out the window.
Still, I hope the marketing agent and the legal counsel will be able come up with a strategy to overcome this obstacle, and everyone will have their fair chance to vote Yes or No, in a deeply personal matter.
I personally feel that this is the right time for an en bloc, especially with a looming 10-year major construction happening right outside our estate. As our condo ages, we also face an uphill task in future en bloc attempts, as developers will have to pay more to top up the lease period.
We also run the risk of running down the lease to 99 years, and getting the land reclaimed back by the government with zero compensation.
Hopefully, I will have positive developments to update on the blog over the next few months. Stay tuned!