Notice of BCSC Meeting No.5

The meeting date is change to 1st Nov.2007, Thursday, start: 7:00 pm

Meeting Date: 01/11/2007, Thursday
Venue: Bedok Court Blk 295 Function Room
Time: 7:00 pm

Proposed Agenda:

• 7:00 pm to 8:00 pm Meeting with Colin Ng & Partners
• 8:00 pm to 8:30 pm Meeting with Dennis Wee Realty Pte. Ltd
• 8:30 pm CSC meeting:
  

1. Review & Confirm the Minutes of CSC Meeting No.4
2. To Elect Treasurer for Bedok Court CSC
3. Consider and Approve the Fund Collection for CSC Activities
4. Finalize Terms & Conditions for Appointment of Property Consultant
5. Finalize Terms & Conditions for Appointment of Solicitor
6. Any other business
   

From: Heng Hock Heng, 29/10/2007, 04:24 hour

Last update: 29/10/2007, 23:43 hour

EOGM 27/10/2007 Summary Report

The summary for the 27/10/2007 EOGM are as follow:

1. The number of the Bedok Court Collective Sale Committee (CSC) member remains as nine (9)
2. Any CSC member shall deem to have resigned if he/she fails to sign the CSA==For 659 Share Value, Against 63 Share Value, Spoilt Vote 10 Share value. Motion 2.2 Passed
3. Four new CSC members are elected, namely Mr. David Ng-Blk.295 #11-05, Mr. Alan Verghese-Blk.295 #13-07, Ms Audra Foo-Blk.295 #16-04, Mr. George Lim-Blk.297 #06-02.
4. The SPs authorised CSC to finalise the terms & conditions for the appointment of Dennis Wee as the Property Consultant
5. The SPs authorised CSC to finalise the terms & conditions for the appointment of Colin Ng & Partners as the Solicitor
6. The others 2 motions (Co-opt new CSC member, Sale proceed apportionment method) are withdrawal to allow the CSC to seek further consultations with the Solicitor and Property Consultant.

Reported by: Heng Hock Heng, 29/10/2007, 04:10 hour.

Minutes of Collective Sale Meeting No.4

Minutes of CSC Meeting No.4

MINUTES OF MEETING DRAFT COPY

Date of Meeting: 16.10.2007
Venue: Bedok Court Block 295 Function Room

The BCSC Chairman called the meeting to order at 20:05 hour.
Members Present
1. Heng Hock Heng
2. K Tanapalan
3. Cheng Ah Lain
4. Russel D Walklin
5. Paul lim

Agenda

1. To review & confirm the Minutes of BCCSC Meeting No.3
2. Update on activities:
1. Report on Property consultants,
2. Report on Solicitors
3. Land Titles (Strata)(Amendment) Bill No.32 / 2007
3. EOGM Matters (27th Oct.2007)
4. Any other matters (invite comments from SP Observers)

Minutes:

1.0 The minutes of BCSC meeting No.3 were reviewed and confirmed. Proposed by Russel and seconded by Tanapalan

2.1.0 The Chairman announced that Lian, Russel, Robert, Carol, George, Palan and himself made a visit to 2 Marketing Consultants on Tuesday (09/10/2007); Dennis Wee and CB Richard.

2.1.1 Daniel Ong of Dennis Wee presented their proposals to market Bedok Court at the original reserve price of $500mil. This was followed by discussions where most of the answers given were satisfactory. The discussion lasted 2hr 40mins.

2.1.2 Impression given by CB Richard during the short discussion was one of disinterest – not keen on marketing the collective sale of Bedok Court aggressively. The reserve price was still maintained at $322mil. In fact, CB Richard has officially written in to withdraw their proposal.

2.1.3 The chairman highlighted that the terms & conditions of the property consultant’s proposal have not been negotiated.

2.1.4 The Chairman proposed that a summary of Dennis Wee’s proposal & the company’s profile be given to all SPs at the EOGM.

2.1.5 CSC proposed that the appointment of Dennis Wee as marketing agents be put up at the EOGM for SPs to vote on their acceptance.

2.2.0 Paul informed that additional solicitors have submitted their proposals. In summary:
· Infinitus law - Will collect a fee of S$450 if the collective sale does not go through.
· De Souza Tay & Goh - No payment for legal fees and disbursement fees if no collective sale.
· Collin Ng & Partners – most expensive but lowering their fees
· Hilborne law firm – no Pro-enbloc experience (so CSC members decided not to consider their proposal)


2.2.1 According to the Chairman
· Dennis Wee had recommended 3 law firms – 2 of which are busy, and the third, Legal 21 has submitted their proposal.

2.2.2 Paul suggested that since all the law firms have en bloc experience, the only criteria to judge them on is cost.

2.2.3 The Chairman encouraged all CSC members to study the proposals received and shared his criteria when considering a law firm:
· track record on conveyancing
· number of lawyers in the company
· number of lawyers in conveyancing
· number of law clerks and legal assistants (as they do most of the work)
· reputation (top notch, middle or bottom?)
· sales turnover
· professional indemnity insurance
· date of establishment of firm

2.2.4 After much deliberation and debate amongst the CSC members it was voted and agreed upon that each law firm will be given 30 – 45 mins to present their proposals prior to the EOGM. This will be held at the Bedok Court function room. SPs will be given a copy of the law firm’s profile and proposal at this meeting.

2.2.5 Due to time constraints, no law firm or marketing agent will be invited to the EOGM as the meeting has to end by 1 pm sharp. There are already 7 agenda items to be discussed within 3 hrs.

2.3.0 The Chairman reconfirmed that all CSC members were emailed a copy of the new Strata Title Act document. He highlighted the major changes:
· that the appointed law firm will have to explain the CSA to all SPs before signing
· SPs who have signed the CSA are given 5 days to reconsider
· all the SPs who owe Bedok Court MC money are entitled to vote

3.0 Paul voiced those clauses (2.2) and (2.3) on the 27/10/2007 EOGM agenda may be unlawful.

3.1 The Chairman reiterated he had included these clauses ,with the intention of saving the cost of holding an EOGM ($2000~$3000) to vote in new CSC member or to remove uncommitted CSC member.

3.2 It was agreed that the legality of these clauses would brought up to the lawyers during their presentation at Bedok Court prior to the EOGM.

3.3 The Chairman has requested Dennis Wee to do a summary report for all SPs regarding the sales proceeds apportionment.

3.4 The Chairman suggested that both the apportionment method (2.6) and the appointment of the solicitor (2.7) will be decided based on the highest votes received from the SPs.

3.5 At this EOGM, the Chairman plans to prepare the agenda for the next EOGM so that he can obtain SP signatures in advance (i.e. 20% Share Value or 25% apartment units must be obtained before an EOGM can be held)

4.0 George (SP) suggested and it was agreed that Dennis Wee should be present during the law firms presentation at Bedok Court to help explain on the apportionment methods should SPs have any queries.

The next CSC meeting will be held on 20th Nov.2007, 8:00 pm.

The meeting was declared closed at 9.05 pm.

Subsidiary Proprietors Present:
1. Walklin Victor 299#03-07
2. David Ng 295#11-05
3. George Lim 297#06-02
4. David & Cecilia Seow 295#01-04
5. Christine Teo 295#08-03

From: Heng Hock Heng, On behalf of CSC

Date: 26/10/2007, 02:15 hour

BCCSC Meeting No.4:16/10/2007

Notice of Meeting

Bedok Court Collective Sale Committee (BCCSC) Meeting No.4
Meeting date: 16th October 2007, Tuesday
Venue: Bedok Court Block 295 Function Room
Time: Start 8:00 pm

Proposed Meeting Agenda:
1. To review & confirm the Minutes of BCCSC Meeting No.3
2. Update on activities:
(a)Report on Property consultants,
(b)Report on Solicitors
(c) Land Titles (Strata)(Amendment) Bill No.32 / 2007
3. EOGM Matters (27th Oct.2007)
4. Any other matters

From:
Heng Hock Heng
On behalf of BCCSC
Date: 15th October 2007, 03:25am

The Land Titles (Strata) (Amendment) 2007

WITHOUT PREJUDICE

A Summary for Bedok Court Subsidiary Proprietors

FIRST SCHEDULE
(1)This Act may be cited as the LAND TITLES (STRATA) (AMENDMENT) ACT and shall come into operation on 4th October 2007.

(2) The requirement that subsidiary proprietors with at least 80% of the share value and not less than 80% of the total area of all the lots in the strata title plan for developments that are at least 10 years old, must agree to a collective sale before an application for such sale may be made to a Board.

(3)The total sum ordered by the Board for all the objectors shall be paid from the proceeds of sale of all the subsidiary proprietors and shall not exceed the aggregate sum of 0.25% of the proceeds of sale for each lot or $2000 for each lot, whichever is the higher.

(4)A Board shall not invalidate an application to the Board for an order by reason only of non-compliance, if the Board is satisfied that such non-compliance does not prejudice the interest of any person.

(5)The Board shall not approve an application:
5.1 If the Board is satisfied that the transaction is not in good faith after taking into account only the following factors:
(A) the sale price
(B) the method of distributing the proceeds of sale; and
(C) the relationship of the purchaser to any of the subsidiary proprietor
5.2 The sale and purchase agreement would require any subsidiary proprietor who has not agreed in writing to the sale to be a party to any arrangement for the development of the lots and the common property in the strata title plan; or
5.3 If the sale committee does not consent to any order made by the Board

(6) The collective sale agreement shall be signed by the subsidiary proprietor,and , if signed in Singapore, in the presence of an advocate and solicitor who has a valid practising certificate appointed by the collective sale committee.

(7) A subsidiary proprietor may rescind( one time only) his agreement to be a party to the collective sale agreement by serving a notice of rescission within the 5 working days cooling-off period.


SECOND SCHEDULE:
Requirements for general meeting or EOGM on requisition
The council of a management corporation shall, on receipt by the secretary thereof of a requisition for a general meeting signed by :
(a) one or more persons entitled to vote in respect of one or more lots, the share value or the total share value of which is at least 20% of the aggregate share value of all the lots whose subsidiary proprietors comprise the management corporation; or
(b) not less than 25% of the total number of subsidiary proprietors of the lots whose subsidiary proprietors comprise the management corporation,immediately proceed to convene a general meeting of the management corporation to be held as soon as practicable but in any case not later than 6 weeks after the receipt by the secretary of the requisition

Notice of general meetings
(1) A notice of a general meeting of a management corporation shall be served on each subsidiary proprietor at least 14 days before the meeting.
(2) Every notice for a general meeting shall :
(a) specify the place, day and hour for the meeting;
(b) include each proposed resolution to be considered at the meeting;

QUORUM for EOGM
(1) A quorum shall be formed at any general meeting when the number of subsidiary proprietors who own at least 30% of the aggregate share value for all lots comprised in that strata title plan are present at the meeting, either in person or by proxy.


THIRD SCHEDULE

Members of collective sale committee
(1) A collective sale committee shall comprise such number of persons as may be determined in a general meeting convened in accordance with the Second Schedule, but in no case be less than 3 members or more than 14 members who are natural persons

(2)A person standing for election as a member of a collective sale committee who has any direct or indirect interest in any property developer, property consultant, marketing agent or legal firm, being an interest that could conflict with the proper performance of his functions as a member of a collective sale committee (should he be elected) shall, as soon as practicable after the relevant facts have come to his knowledge, disclose the nature of that interest at a general meeting.

(3)The chairperson of the collective sale committee shall be appointed from among its members.

Vacation of office of member of collective sale committee
A person who is a member of a collective sale committee shall vacate his office as such:
(a) if the person was a subsidiary proprietor at the time of his election and he ceases to be a subsidiary proprietor;
(b) if the person was the nominee of a subsidiary proprietor and the subsidiary proprietor who nominated him —(i) ceases to be a subsidiary proprietor; or(ii) notifies the collective sale committee in writing that the person’s office as a member of the collective sale committee is vacated;
(c) upon the receipt by the collective sale committee from the person of a notice in writing of the person's resignation;
(d) if the person is removed from office at a general meeting;
(h) if the person is convicted, by a court in Singapore or elsewhere of an offence involving fraud or dishonesty.

General meetings convened by collective sale committee
(1) The collective sale committee shall convene one or more general meetings of the management corporation in accordance with the Second Schedule for the following purposes:
(a) to consider the appointment of any advocate and solicitor, property consultant or marketing agent;
(b) to consider the apportionment of sale proceeds;
(c) to consider the terms and conditions of the collective sale agreement;
(d) to give an update on the total number of subsidiary proprietors who,immediately before the date of the general meeting, have signed the collective sale agreement;
(e) to provide information of the sale proposal and sale process;
(f) to provide information on the number of offers received for the collective sale and the respective amounts; and
(g) to consider the terms and conditions of the sale and purchase agreement.

Meetings of collective sale committee
(1) At any meeting of a collective sale committee, a quorum shall consist of the majority of the members of the collective sale committee.
(2) A decision of the majority of the members of the collective sale committee present and voting at any meeting of the collective sale committee shall be a decision of the collective sale committee.
(3) A collective sale committee shall cause a record of its decisions and minutes of its meetings to be kept.
(4) The collective sale committee shall keep minutes of its proceedings and shall cause minutes of general meetings convened in accordance with the Second Schedule to be kept.
(5) If the management corporation is required by its by-laws to maintain a notice board, the collective sale committee shall cause a copy of the minutes of a meeting of the collective sale committee to be displayed on the notice board within 7 days after the meeting.
(6) A copy of any minutes shall be kept displayed on the notice board for a period of not less than 14 days.
(7) The collective sale committee shall ensure that proper books of account are kept in respect of all sums of money received and expended for the purposes of a collective sale specifying the matters in relation to which the receipts and expenditure take place

Collective sale by public tender or auction
(1) The collective sale of all lots and common property in a strata title plan shall be launched for sale only by way of public tender or public auction.
(2) A valuation report by an independent valuer on the value of the development as at the date of the close of the public tender or public auction shall be obtained by the collective sale committee on the date of the close of the public tender or public auction.
(3) Notwithstanding sub-paragraph (1), the collective sale committee may, within 10 weeks from the close of the public tender or public auction, enter into a private contract with a purchaser for the sale of all the lots and common property in a strata title plan.


FOURTH SCHEDULE
DEDUCTIONS ALLOWABLE BY BOARD
1. Stamp duty paid on the purchase of the lot or flat.
2. Legal fees paid in relation to the purchase of the lot or flat.
3. Costs incurred pursuant to the collective sale which are to be shared by all subsidiary proprietors or proprietors as provided under the collective sale agreement.

MCST SINKING & MANAGEMENT FUNDS
(1)No moneys in the management fund or sinking fund shall be used for any purpose of a collective sale of the property other than for the purpose of convening any general meeting under the Second Schedule.
(2)The moneys remaining in the management fund and sinking fund as at the date of the legal completion of a collective sale of the property shall be returned as soon as practicable to the subsidiary proprietors of the lots in shares proportional to the contributions levied by the management corporation on the subsidiary proprietors.

Date: 10/10/2007; 04:20am

EOGM 27 Oct.2007, 10 AM

The Extra Ordinary General Meeting is on 27th October 2007, Sat.

Venue: Bedok View Secondary School, 6 Bedok South Ave.3

Start Time: 10:00 hour
(Please be puncture, if the required quorum of 30% Share Value is not met at 10:00, the Meeting may be cancelled by the Managing Agent.)

The Proposed Agenda:

1. To consider and, if approved, resolve to change the number of the Bedok Court Collective Sale Committee member from nine (9) to: The number of collective sale committee members shall in no case be less than 3 members or more than 14 members (note: to be in line with the "Land Titles (Strata) (Amendment) Act 2007)

2. To consider and, if approved, resolve that any aforesaid member of the collective sale committee shall be deemed to have resigned if he /she fails and /or refuses to sign the collective sale agreement within one (1) month from the date of the first signing of the collective sale agreement. (note: collective sale committee members should lead by example and to remove uncommitted member)

3. To consider and, if approved that if for any reason whatsoever, any member of the
collective sale committee shall resign or retire from the collective sale committee, the remaining members may by a simple majority vote and appoint a substituted member who is an owner in place of such owner who has resigned or retired. The substituted member so appointed shall have all the powers of the existing member of the collective sale committee. Such substituted member of the collective sale committee shall be deemed to have resigned if he /she fails and /or refuses to sign the collective sale agreement within one (1) month from the date of being appointed as a member of the collective sale committee (note: to enable committee to co-opted new member when need arises)

4. To consider and, if approved to elect more members for the Collective Sale Committee (note: 4 members resigned, balance 5 members left, committee need more support from PRO ENBLOC Subsidiary Proprietors)

5. To consider and, if approved to authorise the Collective Sale Committee to appoint Dennis Wee Realty Pte. Ltd as the Property Consultant for the collective sale of Bedok Court Condominium. To empower and to authorise the Collective Sale Committee to fix the fees, terms and conditions of the appointment (note: Mr. Daniel Ong of Dennis Wee Realty has been providing valuable supports to the Pro-tem sale team and the elected Collective Sale Committee since June 2007)

6. To consider and, if approved to agree to the method of the apportionment of sale proceeds for the Collective Sale Agreement. The methods for consideration are: (A)based purely on Share Value, (B)based purely on Strata Area, (c)based purely on Valuation, (D)based on Average of Share Value and Strata Area. (note: to collectively decide how to apportion the MONEY)

7. To consider and, if approved to the Collective Sale Committee to appoint a Solicitor for the
collective sale of Bedok Court Condominium. To empower and to authorise the Collective Sale Committee to fix the fees, terms and conditions of the appointment.

Date: 07.10.2007 ; 02:25 hour

Minutes of CSC Meeting No.3

MINUTES OF MEETING DRAFT COPY

Collective Sale Committee Meeting No.3
Date of Meeting: 25.09.2007
Venue: Bedok Court Block 295 Function Room

• The BCSC Chairman called the meeting to order at 20:00 hour.
• Members Present
• 1. Heng Hock Heng
• 2. K Tanapalan
• 3. Laurence Pang
• 4. Ghalid Awang
• 5. Cheng Ah Lain
• 6. Russel D Walklin
• 7. Paul Lim

Agenda

• A.Review & Confirm Minutes of Meeting No. 2
• B. Co-opt new Sale Committee Member(s)
• C. Report from Task Force on Sales Proceeds Apportionment Meeting – Lain
• D. Open Bids from Marketing Consultants - Lawrence
• E. Organize Marketing Task Force from SCSC & SPs to evaluate the Marketing Bids
• F. Organize Solicitor Task Force from BCSC & SPs to evaluate the Solicitor Bids
• G. EOGM 27.10 2007 Matters
• H. Any other business (invite comments from SP Observers)

Mintues:

• A1.0 The minutes of BCSC meeting No.2 were reviewed and confirmed .Proposed by Ghalid and seconded by Russel.
• B1.0 The Chairman announced that 3 sale committee members had resigned, namely Freddie Khoo, Allen Walters and Ghalid Awang . He proposed to co-opt 2 new committee members, namely- George Lim (297 #06-02)- David Ng (295 #11-05)
• B1.1 Paul expressed his concern that co-opting of new members should be in accordance with the new Strata Titles Act, which will be enacted on 1st October 2007.It was agreed that their names would be proposed at the EOGM so that they can be officially elected by the SPs into the Sale Committee. The Chairman extended his invitation for more volunteers to join the Sale Committee.
• C1.0 Report from Task Force on Sales Proceed Apportionment 4 members of the sale committee met on the 19th Sept.2007.
• Chairman presented various methods of apportionmenti) Strata Floor Area (SFA)ii) Share Value (SV)iii) Valuation onlyiv) 1/3 SV + 1/3 SFA + 1/3 Valuationv) Valuation & Share Value (SV)vi) ½ SFA + ½ SV
• In answer to Russell’s question, the Chairman stated that (based on feedback received) the most common practice is ½ SFA + ½ SV.
• C1.1 Paul proposed that given the diverse apartment sizes at Bedok Court, perhaps the valuation method is the fairest method of apportionment. He proposed to engage (at least) 3 reputable independent Valuers to get a fair average valuation. The cost of an independent valuation is between $250-500 per unit/per valuation. If this is the preferred choice, the cost will be borne by the 80% (or more) of SPs, who voted in favor of the collective sale and to perform the valuation only after 80% SP have signed on the CSA.
• C1.2 The Chairman invited SPs to join the Sales Proceeds Apportionment Task Force to help research and have a better understanding of the various options. He also hopes that the task force will be able to shortlist 4 apportionment methods and to present these at the EOGM. The SPs will then vote on their preferred method.
• D1.0 Marketing Consultants2 official proposals were received from: i)Dennis Wee (min. reserve price S$??? M) ii) CB Richard Ellis (min. reserve price S$??? M – subject to negotiation)
• Declines were received from:
  i) Credoii) DTZiii) Knight Frankiv) Savills
  v) Chesterton
• Colliers is still undecided.
• D1.1 The Chairman encouraged volunteers to join the Marketing Task Force to research,explain and advise SPs on the criteria for the selection of the Marketing Consultant during the 27th Oct.2007 EOGM.
• E1.0 Law Firms
  One official proposal was received from Collin Ng & Partners. Khattar Wong has expressed their interest and will be submitting their proposal soon.
• Declines were received from:
  i) Lee & Leeii) Rodyk & Davidsoniii) Rajah & Tann
  iv) Wong Partnership
• Asia Law – no response
• Drew & Napier does not do collective sales.
• E1.1 Paul suggested, and the committee agreed, that another 5 good and reputable law firms be invited to submit their proposals to be considered
• E1.2 The Chairman encouraged volunteers to join the Solicitor Task Force to help in the analysis, understanding and evaluation of the bids received. This is to ensure that SPs will make an informed choice when voting to appoint a law firm at the EOGM.
• F1.0 Organisation of Task ForceThe Chairman reiterated that volunteers do not need to be in the SC to be in the Task Force.
  The following committee members have volunteered to be in the:
  Marketing Consultant Task Force- Lawrence- Russell- George
  Law Firm Task Force- Paul- Palan
  Both the Task Forces will present their findings to the SC at the next BCSC meeting to be held on 16th October 2007.
• G1.0 The Chairman highlighted that there is a clause in the CSA stipulating that the STB requires a maximum of 3 members from the SC to be representatives of Bedok Court (as signatories), in the enbloc sale. Committee members will nominate and vote amongst themselves.
• G1.1 The MCST has released the minutes of the 1st EOGM on the collective sale of Bedok Court. It was stated that there should be 9 members in the SC. However, the new law states there should be a minimum of 3 and maximum of 14 members. The Chairman proposed and the committee accepted that this should be brought up at the 27th October 2007 EOGM and rectified, to comply fully with the new law.
• G1.2 The committee agreed, that the CSA should not be discussed at the next EOGM, as it is a lengthy issue and needs to be explained in detail to every SP by the appointed law firm, both in English and Mandarin. This will be discussed at a later EOGM, after the one held on 27th Oct
• H1.0 Any Other Business
  The Chairman stressed that Bedok Court should be in “Sales ready” mode by February of 2008, to capitalize on the new Master Plan, which might be announced in March 2008.
• The meeting was declared closed at 9.20 pm.
• Subsidiary Proprietor Present:
  1. N.Kumarasamy 295#10-02
  2. Walklin Victor 299#03-07
  3. David Ng 295#11-05
  4. Steven Chan 295#17-04
  5. Steven Teo 299#02-03
  6. George Lim 297#06-02
  7. Alan Verghese 295#13-07
  8. Christine Teo 295#08-03
  9. David & Connie Sim 295#05-04
  10. David & Cecilia Seow 295#01-04
  11. Lee Fook Kee 295#08-02

Date: 05/10/2007, 16:30 hour