A view of Tampines Court, a 99-year leasehold development completed in 1984 and is close to Changi General Hospital and Tampines Park.
While this year’s collective sale fever has yielded $5.2 billion worth of deals, experts warn that en bloc sales could also prove to be a stressful experience for owners, reported the New Paper.
“There can be disagreements and different camps,” said PropNex Realty associate division director Aaron Wan.
A resident of Tampines Court, who tracked the estate’s collective sale in a blog, posted pictures of anonymously-written fliers he received in June that urged residents to write to the sales committee for an increase in the reserve price.
“I can hardly keep up with all the letters flying about under doors, in letterboxes and surreptitiously passed from hand to hand.”
62-year old resident Alfred Chong, on the other hand, felt it was unfair that the 80 percent requirement meant he would have to move out even if he did not consent to the sale.
Estates not less than 10 years need the support of 90 percent of the owners for it to go through an en bloc sale, while estates older than 10 years only require 80 percent.
Blocking an en bloc sale, however, could result in strained relationship with other residents. In fact, R. Jayakumar – who launched a legal fight to prevent Shunfu Ville’s sale – believes that some residents may be bitter towards him for delaying the sale.
Meanwhile, those rooting for a successful sale may suffer an emotional roller coaster while waiting for the sale to push through.
Two Tampines Court residents revealed that they had been worried when their previous attempt at a collective sale in 2008 and 2011 fell through.
“This place is very run-down. I was stressed out as it would be hard to sell on the market if there was no en bloc,” said a 60-year-old private tutor, who wanted to be identified only as Mrs Tan.
This article was edited by Keshia Faculin.
