Greed

THe place where I am currently living in is considering joining the en-bloc fever. While I wasn't around to participate in the discussion, yesterday I found out that the proposed method of disbursing the proceeds from the en-bloc has run into some sticky issues.

Why?

Primarily, in the condo where I live there are units of multiple sizes, ranging from 1800 sq ft to 900+ sq ft. In terms of paying for the maintenance and sinking fund, owners of the 1800 sq ft units pay an equivalent of 4 shares, whereas the rest pay 3 shares worth, each share being worth X amount of dollars.

However, in the event that the sale is successfult, the proposed disbursement will be made based on the land area of the apartment.

THis is where the unhappiness come in. Some unknown person has taken the trouble to calculate the potential gain or loss, by comparing the potential sale value of the condo against the various land area, units of share and a combination of 50-50 land area. Good work.. whoever you are.

Then there are accusations that the en-bloc committee is completely made of owners from the larger units.

Now I have a problem. While I understand that the unhappiness of these smaller units, but:
1) The condo sale has not even gone through yet. Personally, I think this is the best opportunity to realize some gain from the investment. I love the place I am staying in now because I doubt if anyone will ever find such a nice, spacious condo in Singapore anymore. But I am also a realist as I know that the unit prices in the open market will never match the proposed price shoud the en-bloc succeed.

2) I do not think it is fair to accuse the en-bloc committee of any supposed conspiracy to fatten their own pocket. THe invitation was open to ALL owners, regardless of the size of their units. WHY did any of the owners of the smaller block not find it in their interest to join the committee. The committee members volunteered their own time and effort for everyone, and in doing so, I would rather put my trust in them to do the best for everyone than some greedy fella who after seeing the potential $$$ amount decides to find ways and means to fatten his or her own pocket.

3) This person has remained anonymous. I think this is a disgrace. At the very least you should put down who you are and a contact so that people will know that you are not operating by night. If you have put in the effort to do all the calculation, and posted notifiers in people mail-boxes, you should also be brave enough to put down you contact. If for nothing else, it gives owners sharing your view a person to rally with. Plus there is no action item. Come on, you can't be that naive? The best way to catch the committee's attention is to form a group to forward your cause. Since you have not left a number, I would assume that you are just an agent provocateur and nothing more (not a leader)

4) I do not think this agent provocateur has done all his sums. Perhaps it may be better for him to work with the en-bloc committee instead of blowing more smoke to confuse other owners.

In the end, I for one will sign for the en-bloc.

Why? Because if successful, this may represent the only chance for us to upgrade to a bigger home (which we were planning on in any case). But I do emphatize with those that have stayed for many years as the cost of getting such a large flat will not longer come cheap, and most will find that they will have to start a new housing loan again, unless they are willing to move to a smaller flat or to a HDB.