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
