Monday, January 21, 2008

Why Not Now?

For the Ocean Park Owners: The main concern is not just the plot ratio that matters. Property prices will never return to its previous low level. It can only go up, just look at the historical pricing. So, even if you do an en bloc say, 5 to 7 years later, we cannot be worse off.

Prices of properties have shot up so much. Even for those who bought Ocean Park from the original developer will now find it impossible to get similar replacement. If you wish to cash out, one way is to let it go now or hope to get a better deal with en bloc. However, waiting for the en bloc to go through, you will have to wait for the next 18 months or so to get your money, if enbloc goes through. By then, if you are lucky, the properties dip, otherwise, you will have to downgrade. At the end of the day, you need to make your own choice. To ensure that you are not making a wrong decision, you must be well informed and attend meetings to raise your concern and have your questions answered.

43 comments:

itshometome said...

Actually, it could be a lot longer than 18 months. Let's take Tampines Court as an example:

Enbloc informal valuation: Dec 2005
Date of first signing: 5 May 2006
Date of sale: 25 March 2007
Application to STB: 27 Dec 2007
Minority mediation : Feb 2008
STB Hearing: perhaps May 2008
STB decision: perhaps Aug 2008
Appeals to High Court? maybe ...2009

So, from where are you calculating the 18 months? Our Sales and Purchase agreement gave the SC 1 year from RPA to get STB approval. That's 16 months after the sale! (most enblocs put a cap of 6 months)

Read your CSA carefully - don't let the SC change the terms of the sale you have agreed to in the CSA; do not give them a blank cheque to do as they please, believe me, it will work against you.
My blog:
http://tampinescourt.blogspot.com/

yachtman said...

We are now only at ~35% approval for the enbloc. Are we safe for now, or are we going to keep seeing these ads for meetings???

Ocean Park Anti-enbloc said...

We can't stop the CSC and Agent from putting up the posters, they have the mandate from the EOGM. The Agent will try very hard to get 80%, it's their mission, otherwise they have been working for nothing.

We just hope that even if they get the 80% no developer will bid at this price level.

We hope you can write to us directly at our email address so that we can get in touch with you.

Look forward to your support.

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