October 28 . 2008.
No one knows for sure how many days the hearing will take. The verdict will also take a couple of months to come out.
So who exactly are the present residents of Minton Rise??? The Chinese??? The Indians??? Or the Philipinos??? Are there many genuine residents left???
I just heard our new Mr Chairman also moved.
Subscribe to:
Post Comments (Atom)
14 comments:
As I see it, the outcome of the High Court hearing is almost a foregone conclusion. At this time of a looming global recession, I find it rather difficult to understand why some people are prepared to throw tens of thousand dollars down the drain. Lessons need not be learned the hard way, just look at the guy at Waterfront View.
Ultimately, it is those majority owners who have yet to purchase a replacement unit will become the big winner in this long drawn saga. The sale proceeds of $617K will get them a better deal at the later part of 2009 when the impact of the recession will be at its height and property prices will reach rock bottom.
To argue that Minton Rise completed in 1984 is less than 10 years old by virtue of its privatisation and CSC dated 2002 is akin to saying that a 60 years old woman borned in 1948 is now a blossoming sweetie of sixteen all because she had lost her IC and got it replaced and issued by ICA in 1992.
So much so for the craps concerning the 80/90% issue.
one of the objectors was asked to cough out $30k for legal fees.
Asked why he was willing to pay, he said property prices have dropped by at least $50k during the current downturn. so it's worth paying. Warp reasoning. He forgot he may have to empty his pocket again if he won. Repainting and repairs will cost millions of $ to the estate.
The vice Chairman was heard trying to convince residents during AGM to vote for increase in sinking fund contribution as he foresees substantial upgrading of the estate in 5 years' time. Seems that he is living in a dream land of his own when 85.6% of the people here are living on a month-to-month basis,if not on a day-to-day basis. Perhaps there is a small group of people here like him who will eventually wake up to find that a 5% is discounted from their sale proceeds to settle for legal fees.
I heard that some objectors are worried about the price they may have to pay for the latest hearing. They were supposed to have met recently to discuss the issue. I wonder what happened?
The vice-chairman is in Dreamland. It's not surprising. He is one of the plaintiffs. But the chairman has moved out, leaving his property to his employees. One of the objectors who has since backed out is on the verge of moving out. He has bought another house.
Some of the objectors are first-time buyer or original owners and will make a decent profit from the sale proceeds. They can therefore afford to spend about 5% or 6% of it on this ego trip to the High Court.
All i can say is i hope the case will be closed before the hearing. Everybody saves some money. Do the objectors seriously believe that they can win the case? And if they really do, do they really believe that the other owners will be supportive of upgrading and improving the facilities? Even if many are willing, financially can they really afford to cough out more hard cash? especially as this downturn may cost more jobs or pay cuts at the very least. Sigh. Even if they do win, guess what - so many unhappy owners will make life in minton rise miserable. Objectors, i have nothing against you, but please consider the next steps wisely.
Heard that the hearing at the High Court on 28th Oct will take only half a day. Would it be just going through the formalities as no new issues are argued before the judge? Would the verdict not take 3 months to be out as in the case of Gillman Heights? Would there be surprises? If there is no surprises, would the objectors buy another bigger ticket to the Court of Appeal?
Minton Rise today is quite unlike that of yesteryears. The estate is now in a sorry state and looks sort of mini-United Nation. Wonder why some people are still infatuated to this place and wanting to hang on to it?
As the hearing date draws closer, it seems that there are more questions than answers now. However, one thing is for sure. One year on, the Chairman is getting wiser. Congratulations!
The oct 28 hearing is not the actual high court hearing. it is a preliminary hearing to decide whether there is a case in the first place. If so, then they will decide a proper high court hearing date - if my understanding is correct. What do you mean that the chairman is getting wiser?
yes, the present chairman is getting wiser. He has moved out and rented out his house. He originally signed for the en bloc and then had second thoughts, believing that the price should be 100k more. He is not involved in the court case to scuttle the deal, so whether the deal is on or off, he's okay.
urgent! important! act!
A new problem has cropped up. The present management committee is suing a few guys for $100k for owed management and other fees.
That would mean a delay in the completion date. For each day delayed, the buyer wants each household to pay $160+.
We must impress upon Mr Ken Pereira, Mr Bernard Tee and other members to the minton rise mc that they would be causing us unnecessary delays and money.
Just imagine. $163 a day. $1,630 for 10 days and $163,000 for 100 days.
So whether you are pro and against the en bloc, if you dont want to lose your trousers/pants, go knock on the doors of the mc members and tell them to wake up and stop the case.
we want to get our money on june 4.
it's all over.
en bloc sale completed.
Post a Comment