DAIRY FARM CONDO

Dear all,

It was no too long ago that we were all elated to find out that a MRT station would be built in front of our condo.

It currently has a working name of “HILLVIEW” station.

Sometime ago, there was a call by LTA to get nominations for alternative names that better reflect the area around the station.  ”Dairy Farm” has made it into the shortlist for public polling.  We now have an opportunity to rename it the “DAIRY FARM STATION”. 

If you want the station to be named “Dairy Farm” instead of Hillview, please go to :

http://talk2lta.lta.gov.sg

Look for the “survey” tab and vote away.

Cheers all.

Kevin Ng

The Dairy Farm Forum is now open!

You can post items to buy or sell, or if you are looking for a jogging partner or advising of an outing.

Visit the Dairy Farm Forum info page for more information

I just moved to Dairy Farm Estate in April. After having lived here for several months, I can understand why so many are keen to save Dairy Farm from being Enbloc. The spacious grounds, low rise apt blocks, the beautiful landscaping and good size swimming pool really sets it apart from most condos in Singapore. Now it looks even better as the repainting job progressed, turning all the units gleaming white again.

Now that the Enbloc fiasco has died down, i notice there seems to be very little activity here. Would it be possible to turn this into a Community Blog/ Forum for Dairy Farm Estate residense?

Immediately off my head, I can think of many topics that  would foster a community spirit.

- Good places to eat and shop around the area

- Sports and Recreation meets ..eg: looking for tennis partner, gym/ jog buddy

- Hobbies Discussion and meets

- Services to offer …eg: swimming or tennis lessons, child day care, massage, Dog Training

- Transport : Car or Taxi pooling

- Suggestions and feedbacks to property management

- Children play time meets

So if the Administrator here is agreeable, lets get the ball rolling.

However, is it possible to make this webpage a little more user friendly? I am no expert in this kinda things but for example after I have read a comment in one of the topics, i find it difficult to get back to the initial starting page. Should there be a “Home” tab somewhere?

Bill aims to protect interest of minority and majority owners through step-by-step policy.

TODAY NEWSPAPER ARTICLE: Tuesday, August 28, 2007

Derrick A Paulo
derrick@mediacorp.com.sg

THE law on en bloc sales looks set to be beefed up, on the back of lessons learnt from the many tussles of the past year.
.
When the Bill to amend the Land Titles (Strata) Act was introduced yesterday in Parliament, it contained far more rules than the Ministry of Law (MinLaw) had proposed five months ago.
.
This, on the back of over 400 suggestions it received during public consultation in April and May. Then, the ministry called for a further round of focus group discussions with stakeholders.
.
The result? Not only a new balance between the interests of minority owners objecting to a sale and that of their majority neighbours — MinLaw’s stated intention from the start — but also, a step-by-step policy to govern en-bloc sale proceedings.
.
The current lack of regulations has led to growing complaints by residents about the conduct and validity of collective sale agreements. At Gillman Heights in Telok Blangah, for example, objections have been filed to the Strata Titles Board about how the sale is being apportioned, among others.
.
The new rules attempt to address this by involving owners in the important decisions of an en-bloc sale — from the formation and composition of the sale committee, to the governance of the committee’s proceedings.
.
One of the new “main purposes” of the 42-page Bill is to enable any subsidiary proprietor who has signed a collective sale agreement to retract his agreement to sell.
.
This can be done within a cooling-off period, similar to provisions for timeshare and direct sales here and property transactions elsewhere, such as in Australia.
.
For future en-bloc sales, owners have five days and can exercise this right only after signing the agreement the first time. In theory, this would address complaints that owners are forced to sign agreements. For example, Today has reported on such complaints at Minton Rise in Hougang.
.
Another requirement, devised to tackle allegations of duress or misrepresentation, is to ensure a lawyer is present when an owner signs an agreement, if done in Singapore — so that the legal terms and liabilities are explained and the latter’s doubts addressed.
.
Even so, the en-bloc sale committee must now list all the important elements of the agreement to owners: The reserve price, the apportionment method, the fees payable to lawyers and marketing agents, and so on.
.
Bernard & Rada Law Corporation associate director M Kumaran, who oversees his firm’s en-bloc cases, believes lawyers will welcome the new Act because of the clarity of the procedures.
.
“When you have greater room for judgment calls, there’s a greater risk all round,” said Mr Kumaran, who cited two other areas where there is greater transparency under the Act.
.
The first is as simple as publicising the minutes of the sale committee meetings within a certain period, while the other is as significant as regulating the mode of sale.
.
MinLaw has revised the Bill so that every sale launch must be by public tender or auction. While the sale committee can engage in follow-up negotiations with any bidder, a sale by private treaty must be concluded within 10 weeks of the close of the tender/auction. Otherwise, the committee must go back to the tender results or launch again.
.
This helps owners to know better if they are getting the best sale price, said Mr Kumaran.
.
In his experience, buyers prefer private treaties because it gives them more control of the bidding process. While popular developments are more competitively sold through tender, it is also not uncommon for these to be concluded via private treaty before the end of the tender, he said.
.
Research director Nicholas Mak of property consultancy Knight Frank believes the en-bloc process “may be lengthened” with the additional requirements to be met and with greater involvement of owners.
.
For example, the decision to form a sale committee and the election of its members can only be done at a general meeting of the management corporation, not on an ad-hoc basis.
.
The committee must bring up the appointments of the property consultant and the lawyer at a general meeting before it makes its decision. Owners can even decide to take away these decision-making powers.
.
MinLaw has also specified the eligibility criteria for election to the sale committee, and made clear it cannot use the funds of the management corporation for its activities.
.
Other feedback MinLaw has considered includes the additional consent requirement by owners. It had proposed, in addition to the threshold of 80-per-cent consent based on share value, that 80-per-cent consent by number of units also be required.
.
It has now amended this second requirement to 80 per cent by area, and 90 per cent if the development is less than 10 years old. This will largely apply to mixed developments with residences, offices and shops, mitigating the shift in interests from commercial owners’ to those of residents.

Fellow Subsidiary Proprietors,

• First Tree’s $975 million is a shortfall, not a windfall.

• Dairy Farm Estate is worth $2.1 billion or more.

Question: What do you mean $2.1 billion?

Answer: Yes. Dairy Farm Estate will be worth at least $2.1 billion by completion. That is based on the present property market increases of 20% per annum and a present independent valuation of at least $1.4 billion (not $975 million).
Don’t be ripped off
46 cents on the dollar is NOT a viable price

Question: What do you mean 46 cents on the dollar?

The ratio of 975 million to 2.1 billion is 0.46. Therefore, the present offer is only 46 cents on the dollar for what your apartment will be worth by completion of the sale. In other words, you are being paid less than half its true value.
Don’t be made homeless
Two years is a long time to wait to get paid for your home

Question: Why might I be homeless?

You won’t get paid for your apartment until completion two years down the road. In the meantime, you would either have to buy a new apartment – without access to the capital from your present one – or rent an apartment. The first is not possible for many, since they will not be able to raise a new deposit and afford a higher mortgage on a higher-priced new apartment. Prices have risen a lot since most people bought their DFE apartments, and another condo will be unaffordable for many, without access to the capital tied up in their DFE apartment. Furthermore, renting is a sheer waste of money that could be used to pay off a mortgage. Don’t forget that rents are now very high too.
Don’t suffer a hidden loss
The land that First Tree “forgot”
DFE is bigger than they state

Question: What land? How is DFE bigger?

There is a large land parcel next to DFE that was made into a road. Historically it is part of DFE and it can be so again for a small fee or perhaps even for free. We are entitled to this land. We just have to ask LTA. This land considerably increases the true area of DFE. First Tree should have known about this since it is part of the history of the plot but they haven’t mentioned it. Is this an oversight or deliberate policy? The extra land makes DFE worth much more. Don’t be undersold.

Question: When do we have to get this land?

At any time before a sale is agreed. This recovery of land can only occur under MCST 1040 – the original and strata owner of the DFE plot. Once the sale goes through, all of us on the DFE estate lose this opportunity forever. The new owner will not be entitled to this land parcel and would have to pay the market rate, thus depriving us all of the true value of our land. Don’t lose out on the true value of your home.

Question: Has this kind of thing ever been done before?

Yes. Think of those little Peranakan shops along Geylang Lorong 6 to 20. They used to be small, single land parcels, but they have been merged to form larger parcels that now hold Fragrance Hotel, Hotel 81, Century Hotel, etc. They did it. So can we. We even have some developers living in DFE who are experienced in doing this. We know what to do.
DFE will be worth much more in the future
The trend is up, up and away

Question: How much more?

There is a lot of pricing relevant information to consider when making an estimate. Presently, prices are rising at 20% a year. This is likely to continue for the foreseeable future. But it won’t stop there. Don’t forget that Singapore’s population is projected at a desired 6.5 to 10 million people, up from the present 4.5 million. The question is: where are all these people going to live? There will be huge upward price pressure on all property, particularly any property with redevelopment value and extra space, such as DFE.
Then there is the coming MRT nearby, the new shopping centre, and the nature park. Prices for DFE are going to rocket in the years ahead.
Don’t be suckered
The real value of DFE will always be higher than offered

Question: Why do you doubt First Tree’s price analysis presentation?

Their approach is clear: first, offer as little as possible, then increase the offer, by increments until enough people agree to the sale to allow it to go through. The purpose is obvious - to secure DFE for as little as possible. First they offered $500+, then $600+, now they offer $975 million, in a “shock rise” tactic designed to win the estate. All these changes in less than 3 months. (At this rate, in 9 months, they will have surpassed SC Global’s $5,000 psf price!) This all looks a lot like another Horizon Towers deal here, in DFE, in which everyone will lose out.
There is a lot of value in DFE – don’t be hoodwinked.
ou have the right to decide
Don’t let First Tree decide for you

Question: What is wrong with First Tree’s Collective Sales Agreement?

A lot. Firstly, you have been denied the right to decide on areas of great importance to you and to the estate.
If you sign their CSA, you lose the right to decide on the following key issues:
1. Who the property consultant for the en bloc exercise should be and at what commission.
First Tree never asked us what we thought. They just decided what was best for them.
2. Who the conveyancing law firm should be and their fee.
First Tree never asked us what we thought. They just decided what was best for them.
3. Who gets the interest from the money held in trust by the law firm. This will be a very significant sum, considering the monies involved.
First Tree never asked us what we thought. They just decided what was best for them.
4. Who should be in the en bloc sales committee representing the DFE owners.
Presently we have no voice representing the REAL owners of DFE on the sales committee. Who does this benefit? First Tree.
First Tree never asked us what we thought. They just decided what was best for them.
Reserve Price? What Reserve Price?
5. Their CSA gives them the right to sell below the Reserve Price and you have no way to reject it. This means that the Reserve Price is really to entice you to agree – it has no validity. There is no true Reserve Price in this deal.
First Tree never asked us, what we thought. They just decided what was best for them.

Question: Are we familiar with en bloc collective sales?

We have been doing our research. There is a lot of information out there, available from other collective sales and we have been gathering it. The other more established property consultants offer a more objective and realistic analysis of estate potential. This information allows us to make a good comparison to First Tree’s price analysis – and we don’t like what we see.
If you have access to other en bloc sales material, please mail us a copy (at dfe-enbloc@googlesgroup.com) so as to add to our growing databank of comparative situations. The more we know, the better we can advise you all, so that no one in DFE loses out.
Resist the hard sales tactics
Don’t be rushed into a decision
There is plenty of time

Question: How much time?

You have until 19 May 2008 to consider the First Tree offer. You need not make a decision until then. Weigh your options. Consider carefully – don’t sign away the roof over your head, for what may turn out to be a pittance in the real market of two years time. Make good use of that time to find out as much as you can about the en bloc exercise. In the meantime, we will provide you with a DFE perspective on collective sales – and not just a First Tree “Give me the money” perspective. You need to know the full picture. Take the time to understand it.
Don’t forget the CPF sting in the tail

Question: What is this about CPF?

If you are below 55 and bought your apartment with CPF funds, you will have to repay the money to the CPF account – plus 4% interest – from the monies received from the sale of your apartment. That could seriously impinge on your cashflow. Don’t overlook it; factor it into your decision making.
Do you want to be forced out of your home by intruders?

Question: Who is forcing me from my home?

The Pro Tem Sales Committee (PTC) are not TRUE residents of Dairy Farm. They are intruders in a very real sense. Of the seven in the PTC, at least four are non-resident and one is not even listed as a Subsidiary Proprietor in Schedule 1 of the CSA. They have bought apartments here to get the right to vote you out of your home. In short, the PTC members are speculators trying to force a collective sale. This looks a lot like piracy. Outsiders who have no real stake in DFE are trying to force its sale to make money for themselves, at the expense of everyone who actually lives in DFE. Is that right? We don’t think so. Just as in the old days, with pirates, you don’t have to give up without a fight. Resist and think about what YOU actually want, not what the PTC wants.
Would you pay $3.5 million dollars to the First Tree agent?

Question: Why so much?

Good question. We don’t know either. The agent is receiving 0.35 % for doing what appears to be very little. That works out at $3.5 million on the present price of $975 million. That could rise, of course, and probably will.
Why is the CSA filled with flaws?

Question: What flaws?

This is a very one-sided CSA which only thinks of what is good for the PTC and First Tree - it utterly forgets about the rights of DFE residents (the real ones, that is).
Some of the flaws:
1. This CSA allows for a private treaty. This should not be. Only open tenders can be allowed, for where there is secrecy, there will always be unfairness. A private treaty means we will be left out of what is going on. Only open tender will give DFE residents a chance of a fair deal.
2. The liability of the Sales Committee is burdened on the sellers. Err…wait a minute: you mean a group of outsiders, who are trying to force a sale of the estate, have the cheek to shift their personal liability onto us, the ones whose houses are being sold from under their feet? Enough said.
3. There has been no disclosure of any relationship between the PTC and First Tree, possibly to avoid revealing a conflict of interest.
4. A tender committee needs to be formed separate from the sales committee.
There are more flaws. Some of them have been addressed elsewhere in this document. The point is that a CSA shouldn’t be filled with inherent unfairness. If it is, then it is to your disadvantage. Anyone who writes an unfair contract has only himself in mind. Don’t become a victim of this.
You may not have enough money to buy a new house at the price offered.

Question: How is this possible?

The price you are being offered ignores the rapid rise in property prices. $2 million – a typical DFE offer under the present offering – may look like a lot but it may not be able to buy you a replacement property of similar quality and size in the same location. Prices are rising at 20 % per annum. At that rate, prices will increase by 50 % by the time the sale is finalized. You could be left without enough money to buy a new house of similar standing.
Unless the rising prices are factored in, every Dairy Farm resident will be worse off, in real terms. You may have money on paper but it just won’t buy you an equivalent home. So, what is the net effect of this deal? You will be forced to move out of your house. You will be paid less than it is worth. Then, you will be unable to buy a similar property (if there are any left) and you will be forced to downgrade. In short, the offer, as it stands, robs you of your homes and doesn’t truly compensate you for them. Don’t be fooled.
You have the right to choose, so exercise it

Question: What choice do we have?

Rightfully, every DFE resident should have a say in what happens to the estate. These rights are being denied us. All the key decisions and appointments concerning the en bloc situation have been made by OUTSIDERS. They are not DFE residents – and yet they are deciding the future of DFE. This is not right. The true choice is yours.

Question: Who are you? How do I receive information from you?

We are the SAVE DAIRY FARM ESTATE ACTION GROUP. We love DFE and do not want to see it demolished and replaced by a forest of concrete towers. However, if we eventually have to sell, we would like to do so in a more regulated en bloc environment. What is happening now was not initiated by DFE residents. It is also not what many DFE residents want. We all share a common desire to protect DFE residents from being taken advantage of. Only TRUE residents should decide on en bloc matters – and not a cabal of speculators who do not even reside in DFE.

You are all urged to access our forum for further information at http://groups.google.com/group/dfe-enbloc?hl=en

Thank you for taking the time to read this.

WHEN BANKS SAY ‘NO’ – THE EN BLOC OWNER’S DILEMMA

Those banking on term loans to purchase new properties could be sorely disappointed

by RICHARD HARTUNG

For those who need a new place to live after their properties have been sold en bloc, there are three options available.

First, they could choose to rent. With rising sale prices, it may be better to wait until supply increases — when a large number of properties are completed in 2009 or later — before making a purchase.

Second, they could buy another property with the cash from the sale.

The third option would be to buy a property immediately using a term loan from a bank. A purchase now rather than later would enable the owner to beat any further rise in sale prices.

In a surprising twist, however, banks have given a resounding “No!” to the third option.

WHY BUY NOW
The case for buying soon is compelling.

“Overall prices of private residential properties rose 4.8 per cent in the first quarter (this year)”, according to the Urban Redevelopment Authority, and the flash estimate for the second quarter showed prices rising 7.9 per cent.

If property prices rose about 12.7 per cent so far this year and they’re expected to rise by 20 per cent year-end, then prices could rise another 7.3 per cent during the remainder of the year.

If an en bloc sale brings $1.5 million and the owner wants to use the full amount to buy a new property, then he would need to pay over $100,000 more if he waits until the end of the year. Buying now could save him a tremendous amount.

BANK’S RESPONSES
The best way to make an immediate purchase would be to obtain a 12- to 18-month term loan from a bank, as many property-rich, cash-poor owners simply do not have the money to pay for the new property before receiving proceeds of the en bloc sale.

A term loan would seem to be a great opportunity for banks as well, since they could make loans with relatively little risk. The banks’ answer, though, is clearly and collectively “No”.

In a recent case, an owner of a property sold en bloc asked four banks for a one-year term loan. Two local banks and two foreign banks said they could only make a term loan for a maximum of six months, and most said they would not even be able to make a term loan at all until every aspect of the sale was confirmed.

One foreign bank said they couldn’t even consider the request. The other banks offered to consider a standard mortgage loan for the new property purchase — assuming, of course, that the owner had enough money to make monthly payments for both the existing loan on the property sold en bloc and the loan for the new property.

In the example above, the collective sale price of $2.4 million, current property loan of $500,000 and the owner’s request for a term loan for the full amount of a new $2-million property, means the bank would just be loaning about 52 per cent of the $3.9-million net value of the total collateral.

In rejecting the request for a term loan, banks said that there was always a chance that the Strata Titles Board (STB) could reject the application for approval, or something else could derail the collective sale. Yes, the risk is there — but it seems quite low.

RISKS IN THE EN BLOC PROCESS
While en bloc sales vary, the overall process seems relatively similar in most cases.

Once the required percentage of owners agree, the property is offered for sale. If there is a sufficiently high offer, the property is sold and owners are informed. If 100 per cent of the owners agree, the sale proceeds. If 100 per cent do not agree, then the STB must approve the sale. If not all owners sign but none object to the sale, the approval can be completed within three more months. If one or more owners object, then STB approval could take about six more months.

After STB approval, it still takes about another three months for owners to receive the money, and then they’re given some time to move out. This means that it could easily take six to nine months for owners to be paid.

There is always a risk that STB could reject the application for approval of the sale. This rejection is possible if any owner would receive less money than what they had paid for the property.

However, the STB has so far approved all but one sale. So, the actual risk seems quite low.
WHAT SHOULD HAPPEN When asked why a term loan could not be approved, most bankers gave the standard response of “bank policy”. Mid-level bank staff were not aware of any Monetary Authority of Singapore restrictions on longer term loans.

Yet every bank had exactly the same policy of not making term loans for more than six months, and every bank had the same response for rejecting a request.
The banks seem to face an opportunity cost from this policy, and the cost to owners of properties sold en bloc is also high.

While banks and regulatory authorities do need to be prudent lenders, the old maxim seems more true than ever — if you don’t need a loan it’s easy to get one, and when you do need money, it’s extremely difficult to get a loan.

TODAY NEWSPAPER July 14-15, 2007

the today story in pdf

Doing something in the Function room that’s open to all? Selling odds and ends? This page can be for anything - just keep it On Topic about DFE & must be OK for all residents. Include relevant info especially your start & finish dates.

DAIRY FARM ESTATE - A UNIQUE ENVIRONMENT

With all due respect to those individuals promoting an en-bloc sale and a quick decision to proceed in that direction, consider the following:

* Preserving the Estate as a ‘local heritage’ site. Such trends overseas create properties which become highly valued and, in turn, sell at top prices. Rather than a hasty en-bloc sale, would it be more financially wise to hold on to DFE and continue to maintain it?

When I first moved to Singapore in 1999, Chinatown and Little India – as well as other areas on the island - had not yet undergone renovations. In fact, many ‘older’ areas were being torn down and new buildings erected in their place. Having lived in different parts of the world, I wondered why there was not an attempt to preserve some of these areas and remarket them in a different way. Much to my pleasant surprise, over time, many decisions were made to follow that direction. I have since seen the preservation and/or upgrading of local heritage and of unique Singaporean sites, with facelifts to Chinatown, Little India, Holland Village, TanglinVillage, rows of shop houses and many black and white houses, to name only some of them. Not everything needs to be ‘old’ to be considered unique, including our nearby Rail Mall. What is the potential for Dairy Farm?

* Setting a positive example for the rest of Singapore on living spaces which promote the conservation of our natural environment and do not increase the impact on it.

Every visitor to my home, whether from overseas or living on the island, comments on the spaciousness of the Estate and the beautiful physical surroundings. It is not just the proximity to the Nature Reserve, but also the mature trees on the property and plenty of green space for us to stroll or children to play. As quoted on Singaporeexpats.com, “Lush greenery in Dairy Farm’s large compound.” My friends often comment on the space in the unit and how ‘quiet’ it is – far more appealing than the smaller spaces of the newer condominiums or the noise created in more densely populated areas. One colleague of mine who stopped by recently (having lived in Singapore for 30 years and currently residing in a Woodlands terraced unit) could not say enough in favor of what he saw and mentioned how lucky I was to live here. DAIRY FARM is truly unique and can only become more unique with the island-wide development of concrete towers.

download the doc

Photo courtesy GoogleEarth

14 May 2007

Dear Fellow Subsidiary Proprietors

We, the undersigned, owner-occupiers in Dairy Farm Estate (DFE), are not in favour of the en bloc sale proposed by Mr CS Lim and his Pro Tem Committee (PTC).

2. Our estate is quite a unique and peaceful one and if, like us, you like your apartments and are happy living here, it would be prudent to carefully consider all the negative implications of an en bloc sale, and decide to reject it by not putting your signature to the Collective Sale Agreement (CSA) proposed by the PTC.

Pro-Tem Sales Committee

3. This seven-member PTC appears to have appointed itself (hence the term pro tem) and, on its own, made vital key decisions such as fixing of the Reserve Price, apportionment of the sales proceeds, appointment of the property agent and lawyers, and the quantum of fees and commissions payable. We question the PTC’s authority to act without first consulting all the subsidiary proprietors (SPs) of DFE on such matters. Furthermore, we question the composition of the committee. Of the seven named, four appear to be non- resident and one is not even listed as a SP in Schedule 1 of the CSA.

4. For these reasons, we are not confident that the best decisions will be made for us in matters that affect our most valuable asset. As selling owners, it is our prerogative and right to set the asking price and tender conditions after considering the costs as well as the difficulties in finding a suitable replacement property to live in. We feel that the CSA is heavily skewed in favour of the PTC and developers. For instance, the CSA gives the PTC total indemnity which means that if we are dissatisfied with the sale process, they cannot be sued for redress. The CSA also gives some rights to the PTC under certain conditions to sell DFE below the Reserve Price (see clause 9.5 of the CSA).

Getting less money than stated

5. Besides the many positive aspects that DFE has to offer, please consider the sums carefully. The property agent initially gave a six-digit Reserve Price of $570,000,000, since raised to $650,000,000. This translates to between $350,000 (for the shophouse units) to $1,800,000 for each owner. This may seem a magnificent sum, but do not forget that we will have to deduct 1.5% from this figure for legal fees as well as a commission to the sales agent and other expenses (refer to Appendix for some figures). After such deductions, we will be receiving much less than the amounts stated.

6. Remember also that the sales process can take as long as two years to conclude and that we will not receive all our money until the Date of Vacant Possession. In the meantime, we will have to fork out upfront substantial money of our own or take out a hefty loan to buy a replacement home, and in doing so, incur agents’ fees, stamp duty, removal and renovation costs and, in all likelihood, higher conservancy charges in new condos. After all these payments and the rising price paid for a new home, the end result is that we may have very little, if any, left from the money received from selling our DFE apartment. We should therefore not be taken in by the six-digit payout figures.

Downgrading and downsizing

7. Unless we already own another apartment elsewhere to which we can move, almost all owner-occupiers who sell will have to compromise significantly in terms of cost, size and location of a replacement unit they can buy with the reduced amount of money they will receive eventually. In fact, we will be worse off, notwithstanding our “windfall” from the en bloc sale. First of all, for an equivalent sized unit — assuming that we can even find one since they no longer build apartments as spacious as those in DFE — we would have to pay substantially more, given rising property prices. For the money we get, we would in all likelihood have to look for a smaller property further away from town and in a less attractive location, or be forced to downgrade to an HDB apartment. The media is now reporting more frequently of people regretting having rushed into an en bloc sale because of the difficulty in getting a suitable replacement, and of the acrimony, unpleasantness and legal disputes that have arisen to bedevil quite a few such sales.

8. For those of us looking for a new home where we can plant our roots, we will be hard put to look for a property which is not considering en bloc now or in the near future. Unfortunately, the en bloc fever has so strongly swept through the island that there is no long-term security anymore in buying a home. The en bloc list of developments sold, tendering, ongoing or failed is staggering – about 150 in all!

DFE is worth preserving

9. It is true that DFE is an old estate (23-24 years) but it is also true, to our knowledge, that there is also no other private estate as unique as DFE. Consider this:

– We have a plot ratio of 1:4, a spaciousness that is a rarity in land-scarce Singapore. Most newer condos are densely packed with smaller units where you can practically shake hands with your neighbour across in the next block.

– Location-wise, we have easy access to taxis, buses and the expressways. And when the proposed MRT line is built here by 2015, DFE’s market value will be further enhanced. We also have easy access to schools, supermarkets, shops, banks, restaurants and clinics. Moreover, DFE is situated in a part of Singapore the URA is projecting as a prime residential area.

– We are also optimally set away from the main road so that exposure to street noise and traffic dust is minimal. At DFE, children can play in relative safety, old folk walk about without having to dodge traffic, and joggers work out in a garden setting.

– We have a resort-like ambience. DFE is a sanctuary set in beautiful greenery with tropical and mature landscaping.

– Most importantly, the structural integrity of the buildings in DFE is not in question in the least.

10. We must say we are not against en bloc sales per se. For some very old, poorly maintained or decaying estates, it may make sense to tear down and rebuild. But DFE is well-maintained and is in quite pristine condition, so it would be a crying shame for it to go under the wrecker’s ball. Instead, we should upgrade our estate and so increase its market value. Upgrading is in fact already ongoing as our Sinking Fund, which is financially sound, has been used to improve our lifts, the swimming pool and the landscape. In fact, given the rate at which good, fine estates are vanishing under the en bloc hammer to be replaced by smaller apartments in a cramped estate, DFE, if preserved and upgraded well, will most certainly be in great demand by people, some of whom may have lost their spacious homes to the en bloc mania elsewhere. The demand for units in DFE, as one of the last bastions of its generation, would surely contribute to its increased value.

Home-owners Vs Home-investors

11. This en bloc fever is disturbing to those of us who are resident home-owners. We have lived many years in DFE and seen it flourish over the decades into a community. Our units are more than a financial investment; we have a social stake here as well, having formed close relationships with friends whom we see spending time together with in DFE in our twilight years. Money cannot buy this. For those of us with elderly folk or retired parents who hope to live out their remaining years in their present homes in DFE, any prospective relocation is physically and mentally distressing.

12. We should therefore not allow our homes to be taken away from us by people who may not care beyond the dollar value and who want to go en bloc only because they want to make a little more than if they had sold individually in the property market. As it is, the extra premium is relatively small. With the bullish property market, prices will surely rise. Therefore, those who want to can always sell their units individually without forcing others who do not wish to sell to take part in a collective sale.

Notion of freehold

13. DFE is a freehold property which legally means you can hold it for life. This is why we choose to buy freehold so that it gives you home ownership in perpetuity. If we allow this en bloc sale to go through, we ridicule the notion of freehold.

Schedule for moving out

14. If the en bloc sale of DFE goes through, we will have only three to six short months from the Completion Date of the sale to the Date of Vacant Possession to find a new home and move out. Legally, from the Completion Date, the estate belongs to the developer. This means they are then within their rights to enter the estate to begin drilling and working the grounds, to keep only a minimal cleaning and security crew, and to ignore even necessary and urgent repairs. Since the Management Committee would by then have been dissolved, there will be no one to deal with any problems that may arise.

Stressful interim period

15. From the signing of the CSA to its proposed lapse on 19 May 2008 (or earlier if the 80% majority is reached), our life will, so to speak, be on hold as we wait for the outcome of the sale. We will not be allowed to tenant our apartment except under certain strict conditions set by the CSA, and those now thinking of doing so can find themselves in a quandary; also those in the process of making renovations. We will all suffer emotional stress and anxiety, the sum of which is not quantifiable but will certainly be harmful to our health.

Say No to enbloc

16. For all of the above reasons, we urge you to consider with care and not to sign the CSA. If you do want to sign, it is of course your right. But please remember that the CSA is a legally binding document and irrevocable (remember Horizon Towers!). Sign it and you will be legally empowering the PTC to go ahead with en bloc based on terms unilaterally laid out by it in the CSA, and the sale can then proceed and be concluded without any further consultation with you or the other SPs.

17. But you are also NOT obliged to sign the CSA if you don’t wish to for any reason. This too is your right and no one can force you to sign.

18. If you do not fully understand the details of the CSA or have concerns and reservations, DO NOT SIGN IT or give away your proxy. Signing without understanding the contents may bring about regrets later, especially if any of your concerns or reservations are not met, and you realize later that you are not getting the best deal.

19. If you are against en bloc, we urge you not to attend the 19 May meeting and thus send a strong message to the PTC. You can also email us at savedairyfarm@gmail.com to let us know if you also feel strongly against the en bloc proposal. Alternatively, you can fill in the attached feedback form and drop it in any of the mailboxes in the blocks listed below.

20. Thank you for taking the time to read this.

Yours sincerely

 DFAG

SUPPORTING OWNER NAMES ONLY in this section.