Singapore En Bloc 2021: Loyang Valley 1st EOGM

In April last month, I wrote of a renewed attempt of a Loyang Valley En Bloc, and that things were still in its early days yet. Well, I have some positive news today. Over the weekend, we held our 1st EOGM via iCondo (due to the ongoing covid situation), and have unanimously voted for a motion to officially call for an en bloc!

There were a few questions surrounding right time, right price. But, without the resolution being passed, there will be no way to know.

EOGM agenda

Now, we can finally get past that, and with the Collective Sale Committee formed, we can go ahead to have dialogues with marketing agents and legal teams, and start the due process of an en bloc. It is going to be a long ride, but hey, everything great starts with small, tentative steps.

We had 3 simple resolutions to vote on the agenda:

1. To consider a collective sale of Loyang Valley (Yes/No)
2. To appoint members of the CSC
3. To resolve that the powers, duties and functions be vested in the CSC

I’m happy to announce a positive result on all 3 motions.

But wait, what is an En Bloc?

For the readers who don’t live in Singapore, an en bloc is essentially a collective sale of an estate, where residents come together to collectively put up their apartments for sale. This way, they are offering the entire plot of land up for sale to developers, who will typically re-develop the plot of land and build a new condominium or block of apartments.

For most property owners, this is also known as the holy grail of property investment in Singapore. You know you’ve struck gold when your estate is up for en bloc and developers are lining up around the block bidding for your land.

Next steps

Next steps will be for the newly appointed CSC to come in, and work on a strategy and to explore our options with regard to a marketing agent, no doubt one of the most important decisions to make. A good marketing agent will help to compute the best possible reserve price that will work in favour of getting the residents to sign off on the en bloc decision.

Looking at the en bloc process, from here on out, it could be as quick as 6 months to a little under 2 years, depending on how quickly the CSC moves, and how well received the reserve price is.

I can only hope for the best.

I’m just glad the EOGM went well and as expected, and that the CSC appointed will do a great job in working with the appointed marketing agent.

Till the next update!

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