Neptune Court, Laguna Park, Mandarin Gardens, Bayshore Park, Lagoon View, Fernwood Towers - all massive estates on the east side and if the discussion on the thread is anything to go by, each of these estates are hoping to go enbloc or going to go en-bloc. Of course, until the news is officially publicised in the newspapers, take such information with a major pinch of salt. Nevertheless, the inevitability of the enbloc craze means that it's only a matter of time before the Easterners start the frenzy there. I won't even imagine how many owners are going to be cash-rich and property-poor if all of them succeed.
In the midst, another en bloc blog has appeared - Bayshore Park - which is proactive and begun obtaining signatures from owners to block the enbloc. They have apparently received over 20% which means that fierce resistance is due upon them.
And there's been a recent furore over a matter of fine print in the Collective Sale Agreement (CSA) - the issue of what happens to the interest gained from the deposits that developers hand over to the lawyers. The Law Society's stand is clear - "As a matter of law, if there is no agreement otherwise amongst buyer, seller and stakeholder, the interest earned on the stake belongs to the stakeholder". Imagine, a deposit of $50 million generates (easily) $500,000 interest which can go to the lawyers if they are unscrupulous enough not to include clauses in the CSA that ensures the interest goes to the owners. The CondoForum contains the newspaper articles on this matter so do read that up but in short - make sure what happens to the interest gained when the sums are placed somewhere, is explicitly mentioned in the CSA.
Just updated the Enbloc list, which is getting longer and longer.
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1 comment:
Dont forget Eastern Lagoon 1 and 2 too!
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