Bedok Court Collective Sale Activity Report
(SPs: Subsidiary Proprietors, BCPTM: Bedok Court Pro-tem members, EOGM: Extra Ordinary General Meeting)
(last update: 31/7/2007)
2007.7.29
The SPs No.2 Meeting was attended by 262 pax. Presentations were conducted in English and Chinese. On a voluntary basis, Dennis Wee Realty, Asia Law Corp. & Dominion LLC were present to provide support to the pro-tem sales committee on the collective sale matters.
2007.7.18
The Pro-tem Sales Committee attended the Bedok Court Management Council meeting to observe the Management Council discussion on the EOGM petition.
The Management Council confirmed that the EOGM for collective sale matters will be held on 11 August 2007, start at 10:00am, on the Bedok View Secondary School premises.
2007.7.13
The Pro-tem Sales Committee submitted the EOGM petitions to the Managing Agent (Ms Mary of Jones Lang LaSalle) of Bedok Court.
2007.7.12
- At 8:08 pm, the SPs attendance for the meeting exceeded 140.
- 96 SPs signed on the petitions asking MCST 1130 to hold EOGM to seek SPs consensus to proceed with the Collective Sale of Bedok Court, to elect the Sales Committee, to authorise the Sales Committee to appoints the Marketing Agents and Solicitors for collective sale matters, to allow the Sales Committee access to the facilities, at no charge.
- The prospective Marketing Agents & Solicitors were present to give more information on the collective sale matters.
- 3 pages of handout(En-bloc Sale Sequence of Events, Sale Proceeds Approtionment Schedule & Estimated Time Line) were distributed to more than 140 SPs.
2007.7.12
In the afternoon, the blog comment moderation was turn OFF.
2007.7.7
Meeting notices were put into all letter boxes in Blocks 295, 297, 299
2007.7.6
After much brainstorming and deliberation, BCPTM decided to bring forward the meeting with SPs to 12th July 2007, 8:00pm to 10:00pm, Block 295 Function Room.
The meeting objectives are:
- To keep the SPs posted on the progress of the Collective Sale
- To facilitate direct communication between SPs, prospective Solicitors and prospective Marketing Agents.
- To encourage more SPs to join the Pro-tem Sales Committee and to formalise the Sales Committee
2007.7.6
BCPTM met with Mr. Kenneth Tan of Asia Law Corporation and Mr. Troy Yeo of Dominion LLC. Kenneth gave a very detailed presentation on the following:
- Procedures for a successful en-bloc sale,
- the legal aspect of the Collective Sale Agreement,
- duties of the Sales Committee,
- method of apportionment for the sale proceeds
- the services and conditions of appointment of Solicitors and Marketing Agents.
2007.7.3
Savills Singapore declined to submit bid for Bedok Court Condominium Collective Sale. Savills is working on a few Collective Sale projects now and is unable assist.
2007.7.3
BCPTM booked the Function Room at Blk 295 on 21st July 2007 from 2.00pm to 5.00pm for SP meeting to discuss on Bedok Court Condominium Collective Sale.
2007.7.3
BCPTM sent Collective Sale Bid documents to 6 established marketing agencies. They are: (1)Savills, (2) Credo Real Estate (S) Pte Ltd, (3) Dennis Wee Realty Pte Ltd, (4) Colliers International, (5) CB Richard Ellis (Pte) Ltd, (6) DTZ Property.
2007.7.2
Heng met with David Nar to exchange information on the Collective Sale status. After having better understanding on the Collective Sale progress, David agreed to discuss the details with MCST 1130 Council Members.
2007.7.2
BCPTM have received very supportive comments from more than 20 SP from their personal survey and all BCPTM members agreed to proceed directly to ask 6 established marketing agencies for their best proposal because TIME is of ESSENCE, besides PRICE.
2007.6.30
Heng called Bedok Court Management Council(MCST) David Nar to appeal for the survey collection box to be placed at the Security post or to use the empty letter boxes at the respective blocks. David will check with other MCST council members.
2007.6.28
Bedok Court MCST do not allow BCPTM to place a survey collection box at Security Post
2007.6.24
DW agreed with BCPTM proposal to further increase the Reserved price to $4YY million based on improved market sentiment, newspaper report about the proposal to built Budget Hotel & Mall at UNSW Simei site and future market trend forecast. DW gave more helpful assistance and guidance to BCPTM on the process for the Collective Sale project.
2007.6.23
DW agreed with BCPTM proposal to increase the Reserved price to $4XX million based on improved market sentiment. DW gave more helpful assistance and guidance to BCPTM on the process for the Collective Sale project.
2007.6.11
Wee Sing An of CREDO had a very brief discussion with BCPTM on the feasibility of Collective Sale project for Bedok Court Condo
2007.6.23
DW agreed with BCPTM proposal to increase the Reserved price to $4XX million based on improved market sentiment. DW gave more helpful assistance and guidance to BCPTM on the process for the Collective Sale project.
Heng called Colliers International (CI) and liaised with Miss Lucy of CI and had faxed the Bedok Court Condo details to Tay Liam Hiap for CI assistance for the Bedok Court Condominium Collective sale. No response from CI yet.
2007.6.20
BCPTM discussed with Charles Hoon & Bernard Goh of CB Richard Ellis on the feasibility of Collective Sale project for Bedok Court Condo. Charles stressed that Time is of essence for the Collective Sale project to be successful due to present HOT market for residential properties & impending regulation amendments, also at what price will the Subsidiary Proprietors (SP) be willing to do the Collective Sale.
Numerous attempts were made by Heng to contact Steven Tan of Knight Frank Investment, but to no avail.
Numerous attempts were made by Heng & Tanapalan to request Miss Swee Shou Fern of DTZ for meeting but the timing is not right. Tanapalan & Heng will continue to liaise with Miss Swee Shou Fern.
2007.6.7
At 11.10am, Heng called Mark Yuen-Associate Director of Chesterton International (CHI) . Mark politely declined to discuss with BCPTM Collective Sale project as CHI has too much workload on hand
2007.6.7
At 11.00am, Heng called Steven Ming of Savills. Steven declined to meet with BCPTM for the Collective Sale because Savills prefer to focus in the Prime District.
2007.6.6
First Pro-tem meeting, Bedok Court Collective Sale Pro-tem members (BCPTM) are Allen Walters, Freddie Khoo, Heng Hock Heng, K.Tanapalan. BCPTM members met with Daniel Ong of Dennis Wee Realty (DW). Daniel gave a very detailed explanation on the "Collective Sale" procedure to Pro-tem members & the 1st proposed Reserve Price is $354.1 million
