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hmmmm...

Most of you would know that we've purchased an apartment not long ago and plan to move there sometime mid of this year. I'm only just started thinking abt how we should renovate the place. Both hubby and I were intending to do it up in a 'modern' resort style and I've been perusing through magazines to get some inspiration. Am actually quite excited about it..I fell in love with the aptment on first sight..the place itself was very well maintained and just renovated a few years back..The locale was great especially it's proximity to Holland Village and good schools and the development had fab amenities and huge wide spaces and beautiful landscaping!

Today, I heard something that may throw a spanner in the works..It's not exactly bad news. My boss, who's currently staying in that estate casually asked me when I will be moving in and whether I've started renovation works. When I told him, he said "I think you shouldn't spend too much on your reno first!". He told me that all the residents there had received a flyer. Apparently, the management commitee had received an enbloc offer but they felt it was too low and rejected it. BUT, in view of the recent enbloc fever going on, they are deciding to pitch the entire development to the big players and are somewhat optimistic that they could receive a decent offer for it. The site is marked as both a commercial and residential so there's huge potential. There will be a meeting sometime in July to update the residents on the status of the enbloc negotiations..

Hmm..i'm not exactly over the moon when I heard this..Yeah, there's potential for us to make some quick buck out of this and we would be considered quite fortunate to do so because we only signed the letter of offer in Dec last year. But I had been so looking forward to moving there. Well, it's not a guarantee that an enbloc will take place, especially since this is a huge estate with over 600 units and over 75% 80% of the residents need to give their go ahead. Apparently, many of the residents may not be willing to move out of the place due to sentimental reason..Also, where else could one find such a spacious place at that amount in such a great location so I can understand why some prefers to stay put. Enblocs are tough to negotiate and it can take years to complete so by then, the craze would have passed.

Oh well, not sure what to do now. I guess we probably will wait for more info before we officially move over. Actually, even if the enbloc doesn't work out, I'll be really fine with it 'coz I really do love the place and it fits well with our future plans (a good school nearby for Aidan)..


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(Deleted comment)
angeliatay
Mar. 27th, 2006 12:45 pm (UTC)
i thought it was 80% too but heard from my hubby it was less than that. Well, it really depends..some people can actually upgrade as a result of this exercise. Many of the residents had stayed there for very long..some bought it for as low as $80k so imagine the amt of profit they would have made.

im not exactly that against the enbloc plans..but im sure some other residents there may be very agst it..

u ah..so vicious!
(no subject) - bbhome - Mar. 27th, 2006 01:05 pm (UTC) - Expand
(no subject) - angeliatay - Mar. 27th, 2006 01:12 pm (UTC) - Expand
unpolished_gem
Mar. 27th, 2006 12:41 pm (UTC)
i just saw your previous entry you linked. you bought a place at pandan valley? it's a really nice estate to stay in. i stayed there for about a year when i was about aidan's age with my uncle.

but i can see why you are in a dilemma... the pains of house-hunting is something not many people enjoy...
angeliatay
Mar. 27th, 2006 01:11 pm (UTC)
yeah..it is a great estate right..i thought it was a nice place to grow up in especially for the li'one with lotsa wide spaces to run abt..
(no subject) - unpolished_gem - Mar. 27th, 2006 01:15 pm (UTC) - Expand
(no subject) - angeliatay - Mar. 27th, 2006 01:56 pm (UTC) - Expand
missustay
Mar. 27th, 2006 01:02 pm (UTC)
wah, tough choice. what would you vote for?
angeliatay
Mar. 27th, 2006 01:04 pm (UTC)
honestly, i dont want to think abt it yet till we receive some concrete info.it's just that for the time being, im not exactly sure what to do..like planning the reno!
(Anonymous)
Mar. 27th, 2006 01:42 pm (UTC)
It's true. My co. has been approached by the mgt committee of the devt to help with the collective sales. Like what you said, it may or may not come to fruition.

As to whether it is 75% or 80% - In 1999, the enactment of a legislation required only 90% of the owners to agree to the sale if the development is 10 years old or less and 80% if it is more than 10 years old. And unless it is 100% agreement, the Strata Titles Board (STB) will make the final approval.
angeliatay
Mar. 27th, 2006 01:55 pm (UTC)
heh..and i would have been kept in the dark & merrily planning my reno if my boss hadn't told me..No worries for me..i'm kinda neutral. Even if it doesnt go tru, i'll still have a nice apartment to stay in :)

some enbloc negotiation takes years i heard..and even if there's enough pple agreeing to the sale, the size of the development may be a hindrance i think..
rollybolly
Mar. 27th, 2006 02:05 pm (UTC)
I'm curious how much did u get the apartment for? is it possible to 'earn' after adding in reno cost? :p

we would be neighbours if you really move in, pine grove is just literally a stone's throw away. My estate might be getting enbloc too and my parents are getting overly excited about it.

angeliatay
Mar. 27th, 2006 02:18 pm (UTC)
Don't really wanna reveal the price here but i think it was a decent price especially for a aptment that's 1770 sq feet and freehold. Just to give u a gauge, a 2000 sq feet aptment was going for 1 mil which amts to $500 per sq feet and we paid less than that. i was initially planning to spend abt 40k on reno + some furnishing..we really don't need to do much because the apt was renovated just 5 years ago...

I considered Pine Grove too but because it was 99 years, i decided against it. And yes, that place has huge enbloc potential too especially due to it's location. Hope it works out but am sure u'll miss the place if u do..! So prime!
mmnchua
Mar. 27th, 2006 02:20 pm (UTC)
Either way its a win win situation for you. En bloc you get the cash, staying put you get to live in a nice environment!
angeliatay
Mar. 27th, 2006 02:23 pm (UTC)
Yup i totally concur with you! That's exactly how i feel!
(no subject) - cowie - Mar. 27th, 2006 03:48 pm (UTC) - Expand
(no subject) - angeliatay - Mar. 27th, 2006 03:57 pm (UTC) - Expand
(no subject) - cowie - Mar. 27th, 2006 04:23 pm (UTC) - Expand
(no subject) - angeliatay - Mar. 28th, 2006 01:48 pm (UTC) - Expand
(no subject) - cowie - Mar. 28th, 2006 04:24 pm (UTC) - Expand
rollybolly
Mar. 27th, 2006 02:24 pm (UTC)
From your gauge, looks like you got your apartment at a good deal. I'm no enbloc expert but from the size and location of your new apartment (and also other enbloc stories), you probably can look forward to 20-30% earnings at least!

Yes i'll def miss pine grove and to be honest, it's hard to find a 1700-1800 sized apartment in Singapore in similar location without getting our throats cut :[

Oh ya, i think some SPH folkies live around panda valley/pine grove too!
angeliatay
Mar. 27th, 2006 03:04 pm (UTC)
yeah loads of them staying ard this area. You know Eugene Leow? He was my ex uni-mate & now my colleague. i think he's staying at Pine Grove too.
(no subject) - rollybolly - Mar. 28th, 2006 03:54 am (UTC) - Expand
(no subject) - angeliatay - Mar. 28th, 2006 04:10 am (UTC) - Expand
smallbully
Mar. 27th, 2006 02:37 pm (UTC)
u have no intentions to sell your current apartment?

anyway guess u have to put ur renos on hold first? better wait for more news :)
angeliatay
Mar. 27th, 2006 02:52 pm (UTC)
eh i do. I have lotsa people coming over to beo my apartment but no takers yet :(

yup..will probably do just that!
alisonrae
Mar. 27th, 2006 02:41 pm (UTC)
That's why I say move to Marsiling! Heh heh. :P
angeliatay
Mar. 27th, 2006 02:53 pm (UTC)
err unless i wanna place Aidan in Marsiling Primary School (heh dun even know whether such a school exist).....
(no subject) - (Anonymous) - Mar. 28th, 2006 12:59 am (UTC) - Expand
valska
Mar. 27th, 2006 02:47 pm (UTC)
You are so right about getting a good school for Aidan. But then again, the extra cash that you can make from it would come in handy! :) Can get a swankier place in the area too. Heehee.
angeliatay
Mar. 27th, 2006 02:55 pm (UTC)
see first lah..may not even come to fruition so better not count chickens before they hatch..

i guess one of the problem is that property prices are going up so it's unlikely that one can get a good deal on aptments now especially in prime location..! I'm still quite adamant that we shouldnt pay too much..with extra cash or not :P
musomuse
Mar. 27th, 2006 02:55 pm (UTC)
The school you're thinking of is Henry Park?

Both my brothers were from there. Little brats they are...I hated Henry Park boys! =p Pandan Valley means you are staying quite near me!
angeliatay
Mar. 27th, 2006 02:59 pm (UTC)
LOL..u're the first person who spoke badly abt Henry Park (or rather the boys :P)..We could also try ACS because of our church affiliation but that's probably harder to get in..(anything bad abt ACS boys too *grin*)

u're staying in Bukit Timah right?
(no subject) - musomuse - Mar. 27th, 2006 03:01 pm (UTC) - Expand
(no subject) - angeliatay - Mar. 27th, 2006 03:03 pm (UTC) - Expand
buzz_cut
Mar. 27th, 2006 04:07 pm (UTC)
It's not too bad news actually as you stand to gain either way ... although I can understand your "disappointment" since you guys are kinda psyched up to move in liao. I agree, Pandan Valley is a nice area ... and I like the "good school" nearby. Heheh! ;)

Anyway, there quite a few new condo projects coming up around Holland Road & Farrer Road area (not to mention the numerous existing ones). Did you check them out too? Or how about Heritage View or Dover Parkview which is even nearer to the "good school" you mentioned methinks? ;)

Heh, as for current renovations, howzabout a hip minimalist look for the time being? Can be pretty cool leh! :)
angeliatay
Mar. 27th, 2006 04:14 pm (UTC)
well, not exactly disappointed because everything isnt certain yet. it may not happen right :)

eh dont tell me you were from that "good school "? We did look at some of the condos at those area u mentioned when during our aptment hunt. The newer condos in Holland Rd that are freehold are really pricey and aren't as spacious.I think Heritage View & Dover Parkview are leasehold right?

Anyway, am not thinking of any new place yet..Just gonna wait & see how we should proceed..Probably wont spend that much..maybe abt 20-30k instead now..Trust me, with a kid ard, the minimalist looking aptment wouldnt stay that way for long!
(no subject) - buzz_cut - Mar. 27th, 2006 04:35 pm (UTC) - Expand
(no subject) - genetonic - Mar. 27th, 2006 04:51 pm (UTC) - Expand
(no subject) - angeliatay - Mar. 27th, 2006 05:18 pm (UTC) - Expand
rijac
Mar. 27th, 2006 04:27 pm (UTC)
hmmm... if the enbloc does happen and the place goes for a premium the previous owner will be kicking himself for selling it off!

LOL.
angeliatay
Mar. 27th, 2006 05:17 pm (UTC)
yeah, but the enbloc may take years to happen if it ever and the reason why they were selling was coz the place wasn't big enough for them (with 3 kids). They prob thought that they should have sold it to us for more ;P
genetonic
Mar. 27th, 2006 04:47 pm (UTC)
Hmmmmm......PV is a target for collective sale because of its location, the huge plot of land it's sitting on and its under-utilised plot ratio. Think you guys can probably earn a neat sum if the enbloc sale materialises. But need to get the approval of the owners of at least 499 units (PV has 623 units), so it could drag on for years and years. But either way...you win mah! So nevermind lor.

Enbloc sales is now the most "happening" stuff in real estate. kleo78 and I have been approached by the residents of a D10 development to pitch their place to developers.

Btw, I think you called me about 2 weeks back? I couldn't answer the call then...but when I called you back, you didn't pick up. What's up?
angeliatay
Mar. 27th, 2006 04:53 pm (UTC)
Yeah..so typical eh. A few successful enbloc sales and everyone's jumping on the bandwagon!

Hubby was saying that he was keen with PV because he thought of the enbloc potential and I was thinking when we made the decision to buy the plac that I wanted to stay there for as long as we can..shows how different we are hor! typical banker!

I wanted to ask u to view my aptment n help market it. when u called back, i think i was napping. Call me tomm!
zeited
Mar. 27th, 2006 10:41 pm (UTC)
hi ya..just dropping by..en-bloc can really be a double-edged sword i guess..depends on how u view it..:)
as for PV, my family was initially interested, but we heard from a reliable source abt termite infestations? not too sure abt it..but do take note..:) all the best in any case!
angeliatay
Mar. 28th, 2006 05:41 am (UTC)
oh man, didn't know abt any termite infestations. i'd always thought that this only happens in landed property.

thanks anyway!
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