Friday, December 25, 2015

My experience in a collective sales of a condo

I was actively involved in the collective sale of Thomson View Condo for several years. On the first occasion in 2009, I was the chair of the Sales Committee. We were not able to find a property developer who was willing to submit a bid for the property based on the asking price. I knew the problems that had to be faced by the committee in handling this task.

Two years later (in 2011), another Sales Committee was formed. I opted out as I could not spare the time. The new Sales Committee worked very hard. They were able to get a property developer to submit a bid above the asking price at the very last minute, before the deadline expired.

Unfortunately, a few of the objecting owners brought the case to court. The court decided that the collective sales could not be enforced due to some technical issue. It was a big disappointment to the consenting owners.

A year later, some of the owners approached me to form another Sales Committee. I declined, as it was too much work, and quite unappreciated.

However, I said that if there were enough owners who were willing to register in a website, I may be able to help get another Sales Committee to be formed. We need the consenting owners to give their particulars in the website, and to help to get other owners to support the collective sale.

This website is now ready.

The website can be used by the owners of ANY CONDO in Singapore to register and to get other owners to support the collective sale of their condo.

Although the property market is soft now, it is better to get ready for the next property upturn. When it comes, the condos who are ready will be able to catch the boat.

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