Who dares, is 516 M u kno?? 50% portion also around 1/4 billion.....all developer talking cover already. Last heard quite many developers having problem themselve.... unless sales of new house improving... we see more problems.Originally Posted by Unregistered
I think we shld proceed to sue for non-performance because we want to know that they really cannot perform and not because they want to get out of the situation by forfeiting 5%. Although 5% IS STILL A LOT OF MONEY FOR THEM. And for us too! 170K for retaining our home! Think of the poor guys in Horizon and Gillman!!! and Casa Rosita!!!!
My suggestion, allow them to complete the purchase by Aug08 or later but make them pay the other 5% by 7 Apr08. This way we know whether they are for real. if they can't even fork out 5% what chance is there for them to find 500mln?
Don't let emotion take control! Be rationale and we can get the best outcome.
Good News Bad News who Knows?
CORRECT........ see 170k 1st. or think watever sum still can also consider. money in our pocket safer.
No point screaming from your roof tops. What will be will be. It is not the end of the world. Carry on with your normal lives. Dont let high blood pressure kill you. Just relax. We atleast have a home.
Agree should insist they pay next 5% before we consider request to extend completion. How to know we are not taken for a ride and that this 3rd extension is sincere if no additional 5% on 7Apr08?
Wonder they able to pay the additional 5% by 7th. not to say completion.
Heard they were the same people who bought a few sites at record prices. Pender Court one of them. Wonder if those guys there got paid.
i suppose lawyer will alrdy chek and let us know at aogm.
I remenber those bought are all under different company name.
This is really crazy. How can they afford to throw away $26m just like that?
Else they would lose much more with falling price.
What happened to the survey work? Has it been completed?
Can consider these alternatives:
1) come 7th April, no extension but pay next 5%. If they back off, collect the 5% and find new buyer
2) Consider extension but developer to pay the next 5% in installments of 2% on 7th April, 2% on 7th May, 1% on 7th June. That way, it will be a win-win situation for all. If the developer genuinely need time to find money, the 2%, 2% and 1% will ensure hat if they are unable to raise the money, the owners get to keep a bit more money. This may be more complicated but lawyers should be able to handle it.
3) Sell it to a reputable developer for the same price of $516M but offer them a discount of 5% (since 5% collected from Bravo) so no loss to all owners
For finding new buyer may have to go through the whole process again due to change in laws. And if they are planning to back off, why would they pay anything more?
Dun think got developer buying big land now. all waiting for fresh directions, even so might not get our px again.
We now have a new law minister, who apparently has experience with the many quirks of the enbloc process. Lets us hope he will introduce some new owner friendly' legislation; i.e. Reduce the overall duration of the process (Possibly by making it six months to attain the required 80% majority - or 90% as the case may be), One house one 'whole' vote and one Apportionment method.
You are right. Uncertainty rules the markets now. Todays housing numbers would be interesting to see the direction.
U mean Magician Minister?????
We also need Magician Agent....................................
Anyone knows whether Pender Court owners have received their money?
I think Pender Court is much smaller.
Yea, but the price paid in comparison to neighboring sites is quite high.
Hi, anybody here got news?? i quite exicited to know the outcome. thks
What outcome?
Coming 5% payment n completion. thks
Its coming. But don't know when. We will get it when it comes and if it comes. Thks.
Is no news good or bad?
NO news is alway good news. good nite
Re: Tulip Garden sold for $516 million
STRANGEST ACT!!! WHAT ARE THEY UP TO ????????????????????
they think owners desperate to sell and will agree to all their terms. no money to pay addl 5% but can start survey work as if prep for devt continues. any1 know if surveyor paid?
FORGET THIS DEAL IF DON'T C NEXT 5% BY 7TH AND MOVE ON. LET'S NOT GET BULLIED !!!
dON'T let them continue with survey or other work if next 5% not paid. no such thing as free lunch.
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