Source : The Straits Times, 16 Aug 2007
They get a financial footprint in the door of the contented condominium apartment owner by buying low-cost no-view units, and they don’t move in and often don’t bother to rent out.
Then they quickly ingratiate themselves with the bored management committee, touting fantastic sale prices that are mostly unsupported to push people into an en-bloc sale so that their personal financial goals can be achieved - at the expense of people who want to live and retire in peace.
They are the condo raiders.
They are an increasing band of people who make it their part- or full-time job to push the en-bloc bandwagon through the leafy glades of relatively new condominiums, some barely past their 10th birthday. Their agenda is selfish and, worse, they are proud of it: ‘This will be my third en-bloc sale this year,’ brags one condo raider in District 15.
Hold on to your floor tiles, everyone. Don’t let these condo raiders bully you into an unwanted en-bloc deal. Nine months later, you may regret it.
Many of the en-bloc sales are haphazard processes, incompletely documented and driven by a group whose agenda is to pull off the sale before new en-bloc legislation takes effect in October.
They overlook the fact that your condo may in fact be worth more as individual units three to four years down the road. This is particularly so for owners in Tanjong Rhu and Keppel/Pasir Panjang as the integrated resort unfolds.
These en-bloc junkies don’t talk about the upheaval, the displacement and the potential downgrading of your home - it is unlikely you will be able to replace what you have.
Make sure you:
-Understand every step of the process and challenge any departures from it.
-Question the agendas of the en-bloc pushers and newly formed sales committees and look for conflicts of interest. Demand complete transparency: What are the family or business links that may impact integrity?
-Check the sale figures they quote at the first meeting; they are usually inflated to produce excitement.
-Do not allow the management committee to use the condo sinking funds to finance the en-bloc costs (property consultant, lawyer, etc). They need voted permission to use them for anything except property enhancement and standard services.
-If in doubt, say ‘no’. There is likely to be another opportunity downstream.
Alison Taylor (Ms)
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