31 Jul '13, 7am

Gilstead Court en bloc sale faces objections: The en bloc sale of Gilste... property market

However, the STB is yet to approve the sale. If the board can't find a solution to clear it within 60 days, a 'stop order' may be issued to block the transaction. The five minority owners have not signed the collective sale agreement (CSA) as there were clauses that would penalise them financially. It states that sellers who consented will have to put S$2,000 into a common fund to be used in the sale effort. But those who fail to consent by the tender's closing date will have to contribute twice the amount, to be withheld from the net proceeds of the sale and shared equally among all consenting sellers. They were also against a clause that requires all other costs related to approval proceedings before the board to be withheld from their share of the net sale proceeds. It was reported that each non-consenting owner would need to pay S$27,000 accounting for all the extra ch...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

Comments

  1. 28 Jul '14, 1pm

    We may also question the validity of the 80% votes for enbloc. Doesn't it seem like the clauses were written to push the Owners to agree to the enbloc, because if they object, they faced financial loss (penalty) and have to pay double contribution. If this is the future of enbloc in Singapore, all hell will break loose, ie, any guy can set up a sale committee and force me to sell my condo too, and if I object, I have to pay a penalty and be punished with double contribution.

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  2. 28 Jul '14, 1pm

    This is disgusting news. If this GIlstead Court sales goes ahead, that means in the future all Sales Committee can use the same penalty clause to intimidate owners to agree to the enbloc sale. The court should examine, was the Sale Committee able to reach the 80% owners approval before they added the penalty clause? Was the 80% reached because at least some Owners felt intimidated and wanted to avoid the penalty and financial loss of $27,000? If they were unable to reach 80% before the penalty clause, that means the penalty clause has achieved it's purpose - ie. to intimidate people to sell! It is totally wrong for the objectors to be penalized $27,000 for voicing their objection. What has Singapore come to? In the future, any Tom Dick and Harry can use the same penalty clause to threaten people to agree to enbloc. If you don't agree, then you pay $27,000 or whatever sum I name right???? What is the penalty for? For punishing objectors or to go into Sale Committee's pocket?

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