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Thread: City Plaza En Bloc

  1. #51

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    Quote Originally Posted by Tulip09 View Post
    Huttons has been appointed as Marketing Agent for City Plaza. I believe they are working on a two month time frame to call the next EOGM.
    Thanks for sharing Tulip09

  2. #52

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    Quote Originally Posted by bestguitarist View Post
    Thanks for sharing Tulip09
    Anytime. Fortis Law has been appointed as legal consultant. I gather they are doing the ground work now .

  3. #53

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    Quote Originally Posted by Tulip09 View Post
    Anytime. Fortis Law has been appointed as legal consultant. I gather they are doing the ground work now .
    Hi Tulip09, any updates on the progress of City Plaza? I believe they should be in the process of finalizing the collective sales agreement and have it approved in an upcoming EOGM. Recently some more commercial projects trying their lucks in the en bloc market but none is sold so far this year. It is especially hard for strata shop owners to agree on an apportionment methods (the commonly used valuation method is quite subjective unfortunately). Hope City Plaza en bloc can go well.

  4. #54

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    Quote Originally Posted by bestguitarist View Post
    Hi Tulip09, any updates on the progress of City Plaza? I believe they should be in the process of finalizing the collective sales agreement and have it approved in an upcoming EOGM. Recently some more commercial projects trying their lucks in the en bloc market but none is sold so far this year. It is especially hard for strata shop owners to agree on an apportionment methods (the commonly used valuation method is quite subjective unfortunately). Hope City Plaza en bloc can go well.
    Hello, so far no confirmation of the EOGM date. They are working on the valuation of every unit , apportionment , Collective Sale Agreement etc. More and more commercial sites are being launched so I think we will have some idea how this will go once we see how some comparable ones do. But whether CS can get 80% will depend on whether owners are happy with the Apportionment. I gather some feel itís better to wait for the 2020s as the height restriction may be lifted once Paya Lebar airport moves in 2030.Meanwhil I wonder why there is no news of Grandlink Sq as I be
    I heard in January that they had completed all the ground work including Apportionment. Are they still at the signing stage ?

  5. #55

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    I think there should be some update.

  6. #56

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    City Plaza EOGM has been set for 1 Sept. The Valuation report was prepared by Wilson Lim Yen Kia of Asian Assets Allianz Pte Ltd. Was wondering if anyone is familiar with this Appraiser and has he worked on other collective sales? Proposed RP is 950M which in my opinion is a bit Low but letís see if they accept it.

  7. #57
    Join Date
    Jun 2009
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    Southbank
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    Quote Originally Posted by Tulip09 View Post
    City Plaza EOGM has been set for 1 Sept. The Valuation report was prepared by Wilson Lim Yen Kia of Asian Assets Allianz Pte Ltd. Was wondering if anyone is familiar with this Appraiser and has he worked on other collective sales? Proposed RP is 950M which in my opinion is a bit Low but let’s see if they accept it.
    Thanks for sharing.

  8. #58

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    Quote Originally Posted by Tulip09 View Post
    City Plaza EOGM has been set for 1 Sept. The Valuation report was prepared by Wilson Lim Yen Kia of Asian Assets Allianz Pte Ltd. Was wondering if anyone is familiar with this Appraiser and has he worked on other collective sales? Proposed RP is 950M which in my opinion is a bit Low but letís see if they accept it.
    In my humble opinion, the valuation report is merely to satisfy the statutory requirement - the RP has to be above the said valuation. I would imagine it is quite common that the valuation report is created backwards to match whatever RP generally accepted by the majority. I personally think that relative to the RP, the apportionment method is harder to agreed on for mixed developments like City Plaza. Thanks for the update Tulip09. May I know if this is the third EOGM which is to approve the terms in the Collective Sales Agreement? It is interesting that there is one residential unit for sale on propertyguru, asking around $1500psf. Wish this a success and hope you can hugely benefit economically from this opportunity.

  9. #59

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    Any updates Tulip09?

  10. #60

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    Quote Originally Posted by PropVestor View Post
    Any updates Tulip09?
    Hello. The turnout at the EOGM was not great. Less than 40% of share value turned up either in person or by proxy. Of these nearly 70% voted to approve the RP & Apportionment. So they have started collecting signatures. On the day of the EOGM almost 25% off owners signed.
    Those who aren’t supporting largely are in favour of en bloc but feel the RP and valuations for certain units are far too low.

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