DRAFT COPY
Held On 20/11/2007 @ 295 Bedok Court Function Room
Members Present:
Mr. Heng Hock Heng (Chairperson)
Mr. Paul Lim
Mr. Walklin Russell
Mr. Karuppiah Tanapalan
Mr. Alan Verghese
Ms Audra Foo
Mr. George Lim
Mr. David Ng
Absent: Ms Cheng Ah Lain
As a majority of members are present, the quorum is complete.
Representatives from Colin Ng & Partners (CNP): Mr. Chan Wai Mun and Mr. Vikram Singh
Meeting commenced @ 8: 00 pm
Minutes:
1.0 The minutes of BCCSC Meeting No 5 were reviewed and confirmed. Proposed by Russell and seconded by Audra.
2.0 Update on Activities
2.1 Report on Property Consultant – On 16/11/2007, the Marketing sub-committee has a meeting with Daniel Ong from Dennis Wee Realty Pte Ltd. Topics of discussion included the reserve price of $500 million, development baseline and plot ratio and various methods of apportionment. Daniel expressed his appreciation to all Subsidiary Proprietors for the Appointment of Dennis Wee Realty Pte. Ltd as the Property Consultants for Bedok Court En bloc Sale.
2.2 Report on Solicitor – The Legal sub-committee had two meetings (15/11/2007 & 20/11/2007) with CNP to discuss and to finalize the Terms and Conditions of the Collective Sale Agreement (CSA). A copy of the CSA will be attached to General Meeting Notice to be given to all SPs prior to the General Meeting on 15/12/2007.
3.0 To consider and to agree on the Power, Duties & Functions of the Collective Sale Committee
3.1 Heng explained that the Solicitors advised that the Duties, Functions and Powers of the Collective Sale Committee must be considered and approved by the SPs in a General Meeting.
3.2 The details are listed in Appendix 3A, which was prepared by the Solicitors, a copy was given to all CSC members for discussion.
3.3 Paul Lim requested that item 4 on Appendix 3A to be removed. He objected to the empowerment on determination of apportionment method be given to the Sale Committee members.
3.4 The CSC voted whether to accept the Appendix 3A without amendment. 7 members voted to Accept and Paul Lim voted Against. On the basis of the majority vote Appendix 3A is accepted without amendment by the CSC.
4.0 To consider and to agree on the Power, Duties & Functions of the Representatives
4.1 A copy of Appendix 3B stating the Power, Duties & Functions of the Representative was given to all members for review and confirmation.
4.2 Paul Lim objected to item 2 on Appendix 3B.which spells out the facilitative power given to the Representatives on matters pertaining to appointment of valuers, surveyors, consultants and architects and other professional persons or entities for the purposes of the collective sale whenever required and be authorized to pay Professional Costs to such persons or entities
4.3 With approval from the CSC to address the meeting, Mr. Chan Wai Man explained that the Strata Title Board (STB) is empower to instruct the Representatives to perform any of the above requirements, thus, the Representative should be empower by the SPs to perform the requirement from the STB for the purpose of collective sale application.
4.4 The CSC voted whether to accept the Appendix 3B without amendment. 7 members voted to Accept and Paul Lim voted Against. On the basis of the majority vote Appendix 3B is accepted without amendment by the CSC.
5.0 To elect the Representatives
5.1 Paul Lim suggested 3 Representatives
5.2 Mr. Chan Wai Mun, explained that the Representatives appointed must act jointly on all
issues required by the STB and 2 Representatives are recommended by the Solicitor.
5.3 David proposed and Palan seconded that there shall be 2 Representatives. 7 members voted to Accept and Paul Lim voted Against. The number of Representatives for Bedok Court En bloc Sale is 2
5.3 George Lim proposed, Russell seconded that Heng Hock Heng and K. Tanapalan be elected as the 2 Representatives. All members agreed and on the basis of the unanimous vote Heng Hock Heng and K. Tanapalan are elected as the 2 Representatives
6.0 To consider and to agree on the Method of Apportionment of Sale Proceed
6.1 Based on the recommendation from the Property Consultant, Daniel Ong of Dennis Wee Realty Pte Ltd and after checking with the Solicitors from Colin Ng & Partners Solicitor on the legal consideration, Heng proposed that the CSC accept the 50% share value + 50% strata floor area as the method on the sale proceeds apportionment for Bedok Court En bloc sale.
6.2 Paul Lim suggested that partial valuation method be considered. He also stated that Penthouses at block 299 should not be paid the same amount as Penthouses at block 295, considering the fact like the view from 19th floor. Paul also mentioned that he does not represent the Penthouse on the 19th Floor.
6.3 Russell mentioned that he is willing to forego $140,000.00 (base on the 50/50 Method compare to Share Value Method) to ensure that the enbloc is successful.
6.4 David proposed, Alan seconded that the 50% Share value + 50% Strata Floor Area Method shall be the Sale Proceeds Apportionment Method for the Bedok Court En bloc Sale. 7 members voted to Accept and Paul Lim voted Against. On the basis of the majority vote 50% Share value + 50% Strata Floor Area Method is accepted as the Sale Proceeds Apportionment Method for the Bedok Court Collective Sale.
7.0 EOGM (GM) no. 3 Matters (15th December 2007)
7.1 To confirm minutes of first EOGM
7.2 To confirm minutes of second EOGM
7.3 To consider and to agree on the Power, Duties and Functions of the Collective Sale Committee
7.4 To consider and to agree on the Power, Duties and functions of the Representatives
7.5 To consider the Sale Proceed Apportionment Method to be presented by Dennis Wee Realty Pte. Ltd.
7.6 To consider the Terms and Conditions in the Collective Sale Agreement, to be presented by Colin Ng & Partners.
8.0 Any other matters
8.1 Paul proposed that a reputable architect to be appointed for the determination of development baseline and application for increase in plot ratio.
8.2 Paul suggested that partial valuation method be considered for the Sale Proceeds Apportionment.
8.3 Mr. Loh (297#11-03) said that Valuation method is costly, subjective and chaotic, hence, the CSC should be mindful of it.
8.4 Heng informed all members and SPs present that the next and forthcoming CSC meetings will be held at CNP office at 36 Carpenter Street S(059915).
Subsidiary Proprietors Present (15 members) as observers:
1.Tan Hong Siang-299#03-15, 2.M. Verghese-295#13-07, 3.Walklin Victor-299#03-07, 4.Dirk-295#17-05, 5.Freddie Khoo-299#04-01, 6.Jaafar-297#03-06, 7.Lee Fook Kee-295#08-02, 8.Goh Puay Hua-295#04-01, 9.David Seow-295#01-04,.10.Kang Hian Hwee-295#08-08, 11.Kwek Eng Noy-297#01-05, 12.Teo Kwee Kee-295#02-03, 13.Christine Teo-295#08-03, 14.Loh Ah Soh-297#11-03, 15.Low Yew Khen-295#07-08.
Meeting ended at 9.30pm.
Recorded by: Audra Foo
Confirmed by: Heng Hock Heng
Post date: 27/11/2007, 02:00 hour
Last update: 27/11/2007
