Held On 14/04/2008 @ 295 Bedok Court Function Room
Members Present:
Mr. Heng Hock Heng (Chairman)
Mr. Alan Verghese
Mr. David Ng
Member absent with apologies: Ms Audra Foo
Meeting commenced @ 7: 40 pm
As a majority of CSC members were present, the quorum was complete.
Minutes:
1.0 The minutes of BCCSC Meeting No 6 with the proposed amendment by Mr. Paul Lim were reviewed and confirmed. Proposed by David Ng and seconded by Alan Verghese
2.0 The minutes of BCCSC Meeting No 7 were reviewed and confirmed. Proposed by David Ng and seconded by Alan Verghese
3.0 Update on Activities
3.1 Resignations:
The house was informed of the written resignations (by email) of Cheng Ah Lain, George Lim, and Karuppiah Tanapalan. The resignations were acknowledged and accepted by the CSC
3.2 Deemed to have resigned:
The house was informed that Paul Lim Hock Huat and Walklin Russell Douglas were deemed to have resigned vide motion 2.2 of General Meeting dated 27th October 2007. The resignations were acknowledged and accepted by the CSC
3.3 Plot ratio:
The CSC has been monitoring the URA website and there is no announcement till to-date on the plot ratio.
3.4 Stakeholder bank interest:
After several meetings with the Solicitors, it is mutually agreed that the stakeholders’ bank interest will be equally shared between the Solicitors and the Subsidiary proprietors.
3.5 Abortive fee $1000:
The Chairman informed the SPs present of the following:
The S1000.00 Abortive fee is applicable in two cases:
(3.5.1) if aborted by the SP/CSC after 80% reached,
(3.5.2) If aborted by the Purchaser and the SPs are entitled to forfeit the Purchaser’s deposit,
(3.5.3) No other abortive fees are applicable other than the two above.
(3.5.4) The CSC cannot abort the collective sale without the approval from the majority of the SPs in a General Meeting.
3.6 Sign-on fee $100.00:
The Property consultant (DWG) has agreed to provide assistance to the remaining SPs who face constraints to make the $100 sign-on fee.
3.7 Present property market condition:
The Property consultant (DWG) had advised the CSC that the present market condition is affected by the US Sub-Prime crisis.
In March 2008, DWG has reviewed the S$500 million reserve price and confirmed that DWG is still confident to secure a buyer at this reserve price.
4.0 General Meeting:
The house requested that the General Meeting to be held at the Theatrette Room of Bedok View Secondary School.
The meeting ended at 10:30 pm
14 recorded Subsidiary Proprietors were present as observers:
Recorded by: David Seow, 295 #01-04
Confirmed by: Heng Hock Heng
Post date: 2008.04.30 Last update: 2008.04.30
