Friday, August 04, 2006
[RealEdge] TodayOnline Forum : The great en-bloc sale divide
 This story was printed from TODAYonline | |
 | |
| The great en-bloc sale divide It's old, but a perfect home with a seaview to retire in Don't let crass materialism win over sentimental value Look again at the ethics, legality of collective sales Home is where the heart, not the house, is Maximising land use for the good of the country Lower consent majority to 60%, penalise selfish few Friday August 4, 2006 Letter from Rose Tan Letter from Ivy Soh Letter from Dai Qiu-jin Letter from Yeo Suan Wei Letter from Tan Toon Wei Letter from Irene Cheng I refer to the ongoing debate about en-bloc sales. Last Sunday, I finally found the perfect home for my retirement. It has a superb seaview and was renovated for about $200,000 only two years ago. The owner has migrated and was willing to part with everything that came with the house, and I was very happy to be able to walk into my new home with just my luggage. While leaving the place after signing the option, I met my new neighbour-to- I gently told him that I'd bought the apartment after a long search and had no intention to vote in favour of an en-bloc sale. Imagine my shock when he turned hostile and shouted: "One million dollars, you don't want ah. You are mad or what?" Then he slammed his door on me. The apartment may be an old, former HUDC estate. But it has superb sea view from the living room and all three bedrooms. Why should I give up my right to a perfect retirement home, just because my neighbour who bought his flat 30 years ago wants to cash out? I know I, too, stand to gain some $300,000 from going en-bloc, but not everything can be measured in terms of money. Why must I be forced to side with them or face hostility? My friends told me that if I do not agree to the sale, I will be subjecting myself to a lot of pain and trauma. I told her I would not succumb, no matter what happens. I think it is time for the Government to put an end to all en-bloc sales. I am an elderly homeowner who feels traumatised by the threat of an en-bloc sale by those in my neighbourhood who can only think in terms of dollars and cents. About a year ago, after living for 40 years in a semi-detached bungalow, I finally found my present apartment to settle in. This had been preceded by much heart-wrenching to leave my old house, time and effort spent in house-hunting, the stress and labour of packing and unpacking, the difficulty of obtaining bank loans, and so on. Please sympathise with the plight of the elderly with no home of family or friends to fall back on. As the years go by, there will be more of such elderly folk in Singapore. Must we lose the rights of private homeowners and be bullied into selling against our wishes? Why should crass materialism win the fight over those who value their homes, their sentimental attachments, the comfort and ease of familiarity of environment, the convenience of location and so on? As the fever of en-bloc sales increases, more competition will be created for new abodes. And when a new home is finally located, what is there to prevent yet another en-bloc sale arising? I wish those who intend to make money out of their properties well. But I call on them to do this without dragging others along as well. I believe the practice of residential en-bloc sales is unique to Singapore. This begs the question: Why do authorities in other countries not permit the implementation of such a scheme? Could the question of morality and ethics including the legality for the application of such a rule be the reason? At the same time , is home ownership in Singapore nothing more than just a means to make money, at the expense of more desirable intangible values such as a sense of happiness and peace of mind? Should the authority continue to condone and encourage such cold mercenary mentality? Perhaps it is time for the authority to restudy the overall desirability of such en bloc sales, and to ensure that the rights of the minority are respected and protected. Given that Singaporeans are pragmatic people, I find it strange that the recent letters by readers cite an emotional attachment to an inanimate structure, and indirectly argue for a waste of resources in their call for the minimum consent level to be raised. When it comes to cars the second-biggest ticket items for Singaporeans we do not see a lot of "emotional attachment" as there are hardly any vintage cars here. People also have no qualms in "wasting resources" by scrapping a relatively new car and using the proceeds to buy a new one. Home is where the heart is. Does it matter that your home is in a different neighbourhood? Would not the memories of the good times you had with your family be more important? Yes, residents who buy these houses, intend to make them their permanent abode to live through their golden years. En-bloc sales have inadvertently ruined their plans. Yes, after some time, residents will have gotten used to their surroundings and it will be difficult for them to re-adapt. Yes, successful en-bloc sales mostly favour the majority. But Singapore is a land-scarce country where resources are limited and every square foot of land has to be maximised. It is only through efficient and meticulous planning that we have achieved a first-class MRT system, a thriving Central Business District and well-planned housing estates. As Singapore progresses and prospers, more land is needed to sustain her economic growth. Can we expect to advance and prosper without more space for urban development? If a plot of land is under-utilised or its land usage is not ideal, it is inevitable that we should earmark it for development for the benefit of the country's progress. Increasing the minimum percentage of owners required for en-bloc sale agreements would impede Singapore's growth in the long run. The voting percentage in en-bloc sales should be lowered to 60 per cent to protect the modernisation and value of Singapore's real estate. The selfishness and narrow-mindedness of residents who refuse to sell 20-year-old apartments, which are badly in need of repairs and expensive maintenance, is incomprehensible. Potential developers offer fair prices. Most of the recent en-bloc sales have given owners 70 per cent or more in profit on the original purchase price. For example, a former HUDC property in the eastern area, previously bought at around $250,000, is now valued at up to $400,000. Owners are being offered almost $700,000 by the prospective developers. Besides getting Singapore to look more advanced, en-bloc sales also give the owners the highest return possible on their original property investment. And they can purchase new condominiums with all the facilities that HDUC homeowners could previously only dream about. Alternatively, they could move into lower-cost HDB apartments in same area, buy a new car, save for old age or invest in their children's education. The opportunities are enormous. The few owners who are unwilling to seize them act on emotion, without logic or reasoning. As Singapore moves forward and upgrades herself, we cannot sit in our apartment thinking: "I'm okay where I am." So let's impose penalties on the few owners that impede or delay such en-bloc sales. | |
| Copyright MediaCorp Press Ltd. All rights reserved. | |
Real Estate News Provided Freely
You are receiving Individual Emails Change Delivery Settings
Visit Your Group | Yahoo! Groups Terms of Use | Unsubscribe
SPONSORED LINKS
.
__,_._,___
// posted by Shajahan @ 10:17 AM 