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How to stop an Enbloc

Posted: Mon, 15 Jan 2018 11:36 am
by PNGMK
Where I own is trying to go enbloc. The committee is formed, CSA approved and they have 62% signatures. The pressure is really on and frankly it's legalized harassment for the next 11.5 months while they try to get to 80%. Unfortunately I am not likely to suffer a financial loss because of an enbloc but I am really not happy to sell - it's too premature and I don't want to find another place.

I put a list of reasons together to put to other residents. Any others I can add? Any advice of scuppering this? (I am a member of the collective sales committee - I know how hard it is to part singaporeans and money)....

REASONS TO SAY NO TO AN EN-BLOC SALE.
1. Do you have a break fee on your mortgage? This is a cost to consider.
2. Do you have an outstanding obligation for Sellers Stamp Duty? This must be paid in cash on the sale date!
3. Do you plan to buy a new condo if the enbloc sale proceeds? You may have ABSD (for PR or none SC) to pay for the new apartment as well as BSD (for SC).
4. Buying a replacement apartment after enbloc will incur a new Sellers Stamp Duty obligation for four years. What if you become jobless or need to sell in a hurry?
5. Do you have a mortgage now? The current MAS rules limit new mortgages both in term and conditions (you can only borrow to 65 and there is a cap on the loan to valuation ratio). You may not be able to get a new mortgage or a mortgage with good terms and conditions or a similar rate (SIBOR is up).
6. Are you coming to 55? If you used OA from CPF for XXX’s Condo it will be refunded to your CPF with interest on sale. You cannot use CPF OA again if you buy a replacement unit after turning 55.
7. There has been a misunderstanding about fees for appeals. There is no $30,000 per owner fee – it would be distributed amongst all owners if applied.
8. Do you have a bankruptcy case or debtors chasing you? They will hear about the sale and may come after you for cash again.
9. Do you have tenants? They may refuse to break lease without compensation when they see the ‘Collective Sale’ sign.
10. There are limited number of units available in this district and school catchment that have the same floor area as XXX’s. The prices appear to be higher than the current resale value or proposed reserve price for XXX’s Condo.
11. Are you a foreigner? The gahment may change rules again about foreign ownership and ABSD or even introduce a new tax in the transition between any enbloc sale and when you purchase again. Also consider the tax situation for your home country – you could be liable to taxes in an enbloc sale on your profits.

YOU CAN CHANGE YOUR MIND AND CANCEL CSA SIGNING! Call [encbloc lawyer numbe] if you wish to do so.
REMOVING THIS NOTICE IS A VIOLATION OF THE RIGHTS OF MINORITY OWNERS TO HAVE THEIR PEACEFUL OPINION HEARD. THIS NOTICE IS AN EXPRESSION OF SPEECH PROTECTED BY ARTICLE 14 OF THE CONSTITUTION OF THE REPUBLIC OF SINGAPORE AND IS NOT INTENDED TO BE LEGAL OR FINANCIAL ADVICE. YOU SHOULD SEEK LEGAL AND FINANCIAL ADVICE FOR YOUR SPECIFIC SITUATION.
HAPPY CHINESE NEW YEAR!

Re: How to stop an Enbloc

Posted: Mon, 15 Jan 2018 4:15 pm
by sundaymorningstaple
^^^^ Nice one. Deserves to be made a sticky! :cool:

Re: How to stop an Enbloc

Posted: Wed, 17 Apr 2019 12:55 pm
by sputnik00
this was useful! several people I know have been stressed out by disruptive en bloc attempts.

Re: How to stop an Enbloc

Posted: Wed, 17 Apr 2019 5:01 pm
by PNGMK
sputnik00 wrote:this was useful! several people I know have been stressed out by disruptive en bloc attempts.
Fortunately ours died out (only one poor bid) but there is a two year window for these retards to try again with 50% signatures in an EGM.

Re: How to stop an Enbloc

Posted: Wed, 17 Feb 2021 9:55 pm
by PNGMK
Well.... they are back just in time w 50% and ready to try again. This time I will not interfere.