MINORITY OWNERS HALT PROPERTY SALE, GET ABUSED ONLINE

Dear All Singapore Stuff,

Shunfu Ville en-bloc: Pro-sales residents turning ugly online

I thought about whether I should air dirty laundry here ... but some pro-sale residents are starting to make @$$es of themselves abusing the estate email list to b!tch and whine about the objection to the sale, and it looks like more are joining in.

Just for the record, my family did not sign in favour of the sale at the
deadline, which ended at exactly 80.0%. My mother was a fence-sitter on this
... if sale go through she'd accept it, but she won't be 1 of those to pull
the trigger. However, she signed AFTER the deadline when the Collective Sale
Committee was still going around to get more signatures to pretty up the
number and to have more buffer in case any of those who signed backed out
within the cooling-off period - she did so because she felt that since
already hit the 80% should be considered a done deal, so just sign to avoid
making enemies. This artificially inflated the percentage from 80.0% to
82.something %. Not sure about the legality of these additional
after-deadline signings, but if doing this is in breach of terms / proof of
bad faith I'd gladly go on record about it just to give these morons the
finger.

As mentioned in the 1st paragraph, now that the Strata Titles Board issued
the Stop Order for the sale, some pro-sales residents are abusing the estate
email mailing list to bitch and whine about those who filed objection to the
sale. I am sharing them here now:

i) First we have someone who doesn't live in S'pore anymore trying to use
world events as an arguing point:

Quote:

Dear Residents of Shunfu,

I have taken the liberty to write to all of you before the AGM and Owners'
meeting on Friday where we will be getting an update especially in light of
the 5 units who objected to the CS. I don't live in Singapore; hence, won't
be attending the meeting.

This email is to try and persuade the objectors to reconsider and withdraw
their objections, and to allow the CS to go through. I am writing in my
personal capacity with no influence from the CSC. I just wish to share the
following thoughts:

1. Global economic outlook is not very optimistic. I just came back from a
5-week holiday in Europe (Switzerland, France, Italy and United Kingdom) and
I am rather perturbed by the news over there. UK aims to trigger article 50
to leave the EU by March 2017. This is going to be very messy because they
will be undoing what have been done for the past 40 years, and nobody has the
experience at all. Both Germany and France will be having elections next year
or in 2018, and already anti-EU sentiments are building up strongly. The
biggest bank in Germany Deustche is not in good shape, so is Commerz Bank.
Hence, Europe is not as united at all, though the proponents of EU (Germany,
France and Italy) are trying to hold it together.

2. The US will be having its Presidential Election in 3 weeks. Though Hillary
is likely to win, but the US needs a lot of internal healing after the
election. The run-up to the election has polarised the country, and whoever
occupies White House will have a lot on his/her plate. Coupled with dealing
with the Russians and rising China, I reckon a period of uncertainty will
prevail.

3. The news is just out that the Singapore economy is not doing as well too,
and may be in recession soon. Banks are laying off staff. Retail units are
empty. For those who are still working, I am pretty sure they are concerned
over job security and the future, etc.

The above are news we read daily, and it isn't good at all!

4. Shunfu has found a buyer for the estate. I think the price is reasonable,
as majority of us have signed and agreed. There were several hurdles along
the way; and yet, it was overcome. And now, we have this High Court
application because of the 5 objections.

5. I do not know the reasons for the objections although the newspapers
mentioned about wanting a higher price.

6. Given the height constraints by URA, I think the appeal of Shunfu Ville is
not as good as what we would like it to be. And therefore, not many
developers would be keen to bid.

7. What we have is a decent price, and QingJian believes they can make money
from this development. And rightly so, they should make money. As a former
investment banker and fund manager, I always believe in leaving some profits
on the table for others to enjoy. I have never bought a stock at the lowest
price and sell at the highest price. We do not maximise profits, and as long
as I can get 60-70% out of it, I am happy. So it is always good to let
someone make some money!

8. Will Shunfu be able to fetch a higher price in future? Well, Shunfu is
already at the "tipping point" with 70 years of lease left. Going forward,
the Lease Top-up Development Charges will be higher. With the known fact of
height limit, the present price is pretty decent.

9. Even if Shunfu can fetch a higher price, how much higher would it go up?
By $200 - $300K, and in 3-5 years time? I think if the enbloc is successful,
and one buys another apartment, one will also enjoy the rise in price. A
rising tide lifts all boats. So with the proceeds from the enbloc, one can
invest in an apartment, stocks, etc and can still enjoy a rise in asset
price.

10. What if the enbloc is not successful, ALL 358 units will lose out almost
$200 million in "paper" profits or about $500K - $600K each, including the 5
objectors. Is this really what the objectors want?

11. And with the estate being old, it needs more money for maintenance, etc.
and the sinking fund is very low. I am always very thankful and grateful for
the Management Committee for looking after the estate these past few years.
Theirs is a thankless job! So I think we should take every opportunity to
thank them when we meet them. So to Jim and team, thank you very much!

13. I have a challenge for the 5 objectors if the enbloc fails. Would you
consider volunteering in the Management Committee and help to run the estate?
And would you also consider volunteering in the Collective Sale Committee and
to enbloc the estate at a higher price?

The above are just my simple 2-cent worth of thoughts.

All the best, and wishing you all a fruitful and productive meeting on
Friday!

Thank you.

Regards,
D*****

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ii) Next we have someone who thinks the people who object to the sale should
be paying half of the pro-sales folks' legal fees

Quote:

Thanks for your email D*****.

Initially i was rather disturbed by the objections but later on upon
reflection i feel that we should live and let live. Every deal should be
concluded with feelings of all round goodwill just like an election campaign
- win or lose.

My only peeve is that how come majority gets to fork out the bill to go to
court ? Shouldn't the objectors also pay half the share which I feel its only
fair.

Best regards,
D****

iii) And then we have yet another no-longer-living-in-S'pore person who wants
to compare selling house to cheeseburger and Subway footlong

Quote:
Hi fellow Residents of Shunfu Ville,

Like D*****, I too live overseas now. Prior to my departure from Singapore in
Nov 2015, I was involved with the Management Committee.

When the CSC was officially put together, many in the estate knew that they
will have their work cut out. But majority of the residents didn't realize
that there are some selfish individuals who not only made their voluntary
work even harder, but at the expense of all residents in our estate.

Given the situation for Shunfu Ville (i.e aging estate, costly repairs,
replacement parts which are no longer in the market, old operating lifts
.....etc), lady luck seemed to have came upon us when this Developer stepped
forward with their offer. It was a gift from heaven for majority of
residents, hence the ability to garner 80% over agreement to sell.

I relate their selfishness to being given a free Macdonalds Cheeseburger -
instead of taking their free gift, these 5 individuals want to ask for
additional olives, cheese, lettuce, pickles, green peppers, salt & pepper,
olive oil, to turn it into a Subway foot long sandwich. The cheek then to ask
Macdonalds "why can't they have it"?? How ridiculous!

I guess like many residents, we share some extent of their worry, that we
should get as much as we can out of this deal. My impression is that they are
probably gambling addicts, don't know when to roll 'em, don't know when to
fold 'em, don't know when to walk away........always thinking that the next
round they will win more.

And D***** you are right, what if the sale becomes unsuccessful, then what
happens? Every single resident loses out. I really want to see how these 5
face the residents thereafter. I really hope they have deep pockets because I
will want them to buy my unit from me for the same price the developer
offered.

Dragging the sale by incurring more costs to other residents is a real stupid
thing to do, no sense of guilt whatsoever as a human being.

I support the work & effort that the CSC has put in and they deserve to have
this sale closed without any further hitches. If these 5 wishes to continue
with this irresponsible mockery, it should be at their own personal expenses,
not the entire estate's.

You want to 'modify' your cheeseburger.............you pay for the extras
yourself!!

regards.

M***** C***

iv) And here we have someone who wants to name and shame the people who filed
objection to the sale ... but is probably also worried about getting in
trouble with PDPA laws

Quote:
I am totally for D*****, D**** and T*****’s thoughts that the five
objectors for the above should re-consider their proceeds to go to the High
Court.

With the slowing down of economy and the poor property purchases & resale
situation in Singapore, I DON’T THINK the situation will improve very much
in the next one year or so.

With this in mind, I think this duration till maybe, next one year, provided
that the Cooling Measures are not revised, we should take advantage of the
property market to “SELL LOW, BUY LOW” (don’t compare with any other
Enbloc cases recently, for them they will take another one to two years to
materialised). The question here is that if we wait any further, are we able
to “Sell HIGH and Buy LOW” ? (I am sceptical on this !!!).

As we were all informed of the proceeding for the 5 objectors to go to High
Court Pre-Trial Conference (PTC} on the 25 Oct 2016, 0900 hrs that will incur
an expense of “estimated legal cost for the High Court application, as
previously advised, is roughly between S$350,000 to $400,000, including GST
and disbursements”, my questions are these, since our pockets are affected
by this action:

a. Who are these objectors (units & how long had they occupied the Shunfu
unit since purchased; although their names were mentioned)
b. Reasons for their objections (since we are the Majorities paying for the
Court Case).
c. As the Majorities vs Minorities, are we still under the PDPA Ruling of NOT
HAVING their personal data for the case ?
d. What if the Majorities or the Minorities win the case ? (Don’t
understand if we can still claim our legal charges expanded if the Majorities
win the case) …. Maybe it will be briefed in this Friday 21st Oct 2016 AGM.

Just a doubt in my mind.

Thank you.

Regards
J***** L***

More to come as and when I receive more crap in my mail.

CCCustom
A.S.S. Contributor

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