Teresa Ville enbloc

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====== Teresa Ville Enbloc ======

===== Introduction =====

Teresa Ville is a condominium in southern Singapore whose residents have commenced a bid to sell the estate enbloc.

This wiki was started in January 2018 to gather and organise views surrounding this issue.

For residents who do not live here, the mathematics is simple: The offer price is substantially above the prevailing selling price and rental yields cannot support the enbloc offer price.

===== Questions =====

For residents who live in the estate, there are a few relevant questions we have to deal with:

* What alternative replacement private housing is available?
  * How long will the process take?
  * What are the safeguards against over aggressive housing agents?

===== Recent Private Property Transactions Nearby =====

In Teresa Ville, there have been only 2 recent transactions in July and August 2017 priced at $1,010 and $1,050 psf.  Based on the $990m sale price, the psf price is approximately double.  That certainly sounds like a substantial premium over current prices.

===== Timeline =====

Another attempt at enbloc sale was initiated in 2017.  Unlike previous attempts, this one has progress significantly further.  Not only was an Collective Sale Committee formed, we have also appointed a marketing agent (Huttons) and lawyer (Lee & Lee).

On Sunday 21 January 2018, there was an EGM to approve the proceeds apportionment method and terms and conditions of the agreement.  The attendance was very much beyond the usual AGM crowd.

Both resolutions were passed with a simple majority after some discussions.  In total, the votes tallied up over 600 shares, out of a maximum of 1,035.  The number of shares voting against these two resolutions were between 180 and 200 votes.  Interestingly, if the SPs registering these negative votes were to hold their fort, the chance of obtaining 80% approval to proceed with the enbloc is rather slim.  To get 80% majority, the sellers would need to garner over 828 votes, i.e. they were more than 300 shares short yesterday.  Whereas to oppose the sale, only another 20 or so shares more are needed.

===== Feedback =====

Share your thoughts by editing this page and add your views below.  Hope you won't mind if I incorporate some of your thoughts into the write-up above or elsewhere in this wiki.

If the volume of feedback gets long, I might create a new wiki-page and shunt comments there.

===== About me, about this wiki =====

I am a resident of Teresa Ville for over a decade, i.e. from about 2003.  After the lawyer and property agent were appointed and details of an enbloc plan were circulated to the SPs, I started this wiki in mid-January 2018 to collate my thoughts about this not-so-simple issue.

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