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Thread: Some Gillman Heights owners fight on for their homes

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    Default Some Gillman Heights owners fight on for their homes

    March 13, 2008

    Some Gillman Heights owners fight on for their homes

    By Joyce Teo


    PROPERTY market sentiment may be souring but a group of owners at Gillman Heights Condominium is still fighting hard to stop the $548 million sale of their property.

    The deal was struck when the market was in full flight in February last year - but now en bloc deals have dried up.

    Their stated reason? They love their homes.

    The owners opposing the sale of the Alexandra Road estate turned up to day one of a High Court appeal on Thursday wearing specially-made T-shirts with the condo's name emblazoned on them.

    Said one: 'We made it for the appeal to show our unity and our love for our home.'

    The group of 22 minority owners is trying to overturn the collective sale of their estate to CapitaLand, Hotel Properties (HPL) and two private funds.

    They are appealing on various grounds, including the way the sale process was conducted, how the ex-HUDC estate's age was calculated, and how its price was achieved.

    Three other groups representing 18 owners are also in court opposing the appeal.

    One is made up of eight owners from four units who want to know if a supplementary deal to extend the original collective sale agreement is valid. They face legal action from the buyers for alleged breach of contract.

    The Strata Titles Board (STB) approved the sale of the 607-unit 99-year leasehold estate late last year. The sale was inked in February lsat year at $363 per sq ft (psf) of potential gross floor area.

    Apartment owners stand to reap about $870,000 to $950,000 per unit, which was then about 40 to 55 per cent above the levels they would got in an individual sale.

    Still, some owners never wanted to sell.

    Read the full report in Friday's edition of The Straits Times.

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    Default Re: Some Gillman Heights owners fight on for their homes

    March 14, 2008

    Some Gillman Heights owners fight on for their homes

    22 minority owners in bid to overturn sale; they simply don't want to move

    By Joyce Teo, Property Correspondent


    UNITED FRONT: These owners of homes at Gillman Heights showed up in court proudly sporting T-shirts emblazoned with their condo's name as they remained bent on overturning the collective sale inked last year. -- ST PHOTO: SHAHRIYA YAHAYA

    A GROUP of owners at Gillman Heights Condominium is fighting hard to stop the $548 million sale of the property, despite reports that hint at a market slowdown.

    The deal was struck when the market was in full flight in February last year - but now, such deals to sell en bloc have dried up.

    The group's stated reason for opposing the sale? They love their homes.

    The owners opposing the sale of the Alexandra Road estate turned up on day one of a High Court appeal yesterday wearing specially-made T-shirts with the condo's name emblazoned on them.

    Said one: 'We made it for the appeal to show our unity and our love for our home.'

    The 22 minority owners are trying to overturn the collective sale of their estate to CapitaLand, Hotel Properties (HPL) and two private funds.

    They are appealing on various grounds, including the way the sale process was conducted, how the former HUDC estate's age was calculated and how the price was achieved.

    Three other groups, representing 18 owners, are also in court. One is made up of eight owners from four units who want to know if a supplementary deal to extend the original collective sale agreement is valid. They face legal action from the buyers for alleged breach of contract.

    The Strata Titles Board (STB) approved the sale of the 607-unit, 99-year leasehold estate late last year. The sale was inked in February last year at $363 per sq ft (psf) of potential gross floor area.

    Owners stand to reap $870,000 to $950,000 per unit - then 40 to 55 per cent above the levels they would have got in an individual sale.

    Still, some never wanted to sell. 'We had no intention to sell,' said one of the 22 minority owners. 'The price was never our problem... You can't find another place like this in Singapore.'

    The 46-year-old, who declined to give his name, lives in a 1,880 sq ft unit with his family.

    Mr Pang Tee Lian, one of eight owners to sign the first agreement, but not the supplementary one, said: 'A collective sale means you can get decent proceeds. But it appears to us we would have no choice but to downgrade. And that means moving to a smaller place farther away.'

    The 59-year-old did not agree to the supplementary deal as he felt the sale process had not been done properly.

    'The market has quietened down but we don't just swing with the tide,' said the general manager of a building facade firm, who also declined to be named. 'It's not so much about the money anymore. After this experience, I just want to stay away from collective sales.'

    To minority owners, a collective sale is akin to a compulsory acquisition, said Senior Counsel Michael Hwang yesterday. He has been engaged by Tan Chin Hoe & Co to act for the 22 owners.

    He argued that before amendments last year to laws governing collective sales, former HUDC estates had not been intended by Parliament to be covered by these laws.

    Outside court, a property consultant said the owners may have trouble finding comparable replacement homes, even with the weaker market.

    'Demand for land has weakened, but if you look at individual deals, prices have yet to fall. Owners would be looking at the price they can get and not the price of the land their estate sits on.'

    If they sold individually, they would still 'be able to get the same price or more'.

    The hearing continues today.

    [email protected]

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    Default Re: Some Gillman Heights owners fight on for their homes

    Thanks to Joyce Teo of SPH for the report.

    We rarely heard anything from the Sales Committee. As a matter of fact, we found out more about Gillman Heights enbloc from the press rather than from the SC.

    It seems to me the enbloc thing is the matter of the SC members not the majority owners' business???

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    Default Re: Some Gillman Heights owners fight on for their homes

    A STONE named JAGGER went to make a complain about the enbloc. JAGGER

    complained that during the whole ENBLOC period, he was blindfolded and he

    just kept ROLLING. ' Why should we take your complain seriously, you're only

    a STONE?' # My old man is MICK JAGGER, the ROLLING STONES' #

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    Default Re: Some Gillman Heights owners fight on for their homes

    The wonders of enbloc are disguised behind a facade which conceals the secrets of .......................................?

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    Default Re: Some Gillman Heights owners fight on for their homes

    The authorities should make it compulsory for all developments in the midst of en-bloc proceedings to place signage at the main entrance to this effect; thus preventing the genuine home buyers from their wasting their valuable time when looking for a new family home - the geniune home buyer does not want the en-bloc fiasco. There are significant differences between enbloc homes and family homes.

    As newly built homes are fitted with bomb shelters, it would be logical that the old ones be retrofitted with en-bloc shelters!!!

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    Default Re: Some Gillman Heights owners fight on for their homes

    Quote Originally Posted by Unregistered
    The authorities should make it compulsory for all developments in the midst of en-bloc proceedings to place signage at the main entrance to this effect; thus preventing the genuine home buyers from their wasting their valuable time when looking for a new family home - the geniune home buyer does not want the en-bloc fiasco. There are significant differences between enbloc homes and family homes.

    As newly built homes are fitted with bomb shelters, it would be logical that the old ones be retrofitted with en-bloc shelters!!!
    The authorities don't give a rats posterior about the concept of home. They don't care about emotional issues that may arise from enblocs (and have specifically said so in its legislation). Whatever private apartment you buy will be enbloced sometime in the future. There can be no stability, no assurance of home, and there's no point in trying. Buy the 4 walls, don't become attached to the place, expect to stay a few years before being pushed out again and only expect your buy price back (again, that is all that legislation guarantees).
    Alternativly, if you are young and gung ho enough - move to Australia.

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    Default Re: Some Gillman Heights owners fight on for their homes

    Wonder why NUS buy into Enkerite? Is this not bad faith in not disclosing such interest to STB?? Any crime committed??

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    Default Re: Some Gillman Heights owners fight on for their homes

    WHY DO WE NEED OPPOSITION PARTIES IN SINGAPORE?

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    Thumbs down Re: Some Gillman Heights owners fight on for their homes

    New Twist to Saga..............NUS link in Gillman Heights Sale under review.....Slowly but surely the truth will eventually revealed. Shocking NUS as corporate citizen should resort to this.

    Quickly look for a scape goat???

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