Welcome!

This website provides information about the latest collective sale effort by subsidiary proprietors of Vista Park, a 99-year-leasehold condominium in South Buona Vista Road.

Scroll down for latest updates from the Collective Sale Committee. Read Media Articles and Information on the enbloc sales process in Singapore.

For enquiries, please contact Mr Sieow Teak Hwa of Teakhwa Real Estate at 9858 0900 or refer to the Location and Contact section of this website.

Please note that no information on this site constitutes any form of legal or financial advice. Everything on this site, including links to third-party sites, is provided for informational purposes only and is neither an endorsement nor a recommendation from any subsidiary proprietor of Vista Park.

Updates from the Collective Sale Committee

10 January 2018

Happy New Year Vista Park residents!

Dear Residents,

We had our second owner’s meeting on the evening of 8th January 2018.

Our agent TRE share a little on the whole tender process, leading to the award of tender to winning bidder, Oxley Holdings.

Next, our lawyers shared on the next steps in the enbloc process. They also took alot of Q&A pertaining to matters such as SSD, completion date, hand over etc.

As we are unable to get all Vista Park owners to sign the Collective Sales Agreement, the next step is for majority owners to submit application to the Strata Titles Board for a Sale Order.  Our lawyers are preparing documentation for submission within 4 weeks. An information pack will be sent by lawyers to you in time.

Please note that there are costs for filing an application to STB, amounting to S$700.00. The instructions for collection of this fee will be given by our lawyers.

The rough timeline for completion is estimated to be September 2018.

For further questions, please contact:

Legal Solutions LLC, 6671 7400

The Collective Sales Committee 2017/18

Vista Park

 

15 December 2017

Congratulations Vista Park residents!

Dear Residents and enbloc supporters,

Please see a letter from the marketing agent on the successful conclusion of the tender for the collective sale of the estate. The CSC has confirmed the sale of Vista Park to the highest bidder, Oxley Spinel Pte Ltd, at the sales price of S$418 million.

An owners’ meeting to issue more details will take place on 8th January 2018 7.30pm at the Vista Park clubhouse.

The Business Times also reported on the deal here


7 November 2017

A piece of really good news

Dear Residents and enbloc supporters,

Thank you so much for your support in this enbloc initiative. We would never have gone this far without you.

Today, our lawyer has confirmed that Vista Park has crossed the requisite 80% level to launch a public tender.

We expect the time line to be as follows:

8 Nov: Issue notice to call for owner’s meeting

16 Nov: Owner’s meeting

17 Nov: Launch public tender

13 Dec: Tender to close at 3pm

Thank you once again for your support!

The Collective Sales Committee 2017

Vista Park


30 October 2017

Read this Business Times article from 30 October 2017 that talks about how developers favour large leasehold sites, in this current collective sale market:

Leasehold favoured over freehold properties in current en bloc fever

DEVELOPERS’ love for freehold property in residential en bloc sales in the past appears to have given way to a preference for leasehold assets in the current en bloc cycle.

A Cushman & Wakefield study finds that the proportion of leasehold property sold in residential en bloc deals – by number of units sold – has risen to 92 per cent in 2016 and 83 per cent in 2017 year-to-date.

Read more


 
22 October 2017

An update from the agent — please contact us to complete the signing process


17 October 2017

An update from the Chairman of the CSC — we are at 74.6%

Dear residents,

Here’s an update of the status of support for the enbloc.

– Signing of Collective Sale Agreement (CSA) completed: 67.5%
– Partial signing of CSA: 3.3% (pending co-owner’s signature)
– Owners engaging with committee & agent to sign: 3.8%
Total: 74.6%

The committee and agent are locating “missing” owners who have rented out their units (landlords as well as new owners). It is through this process that we also found out that one owner has unfortunately passed on recently.

The agent has been resourceful in locating some of these “missing owners” who are foreigners back in their home country and whom we are currently communicating with to sign the Collective Sale Agreement.

Together with the agent, we also continue to patiently engage with owners who are unsure of the process.

I understand that residents supporting the enbloc are anxious to garner 80% soonest. The committee and agent are working hard to achieve this as soon as practicable.

We believe that as a collective group (that is, including you as owners), we can achieve this whilst the enbloc market remains bullish.

We look forward to your continued support.

Martin Tang

Chairman, Collective Sales Committee 2017

Vista Park


7 October 2017

News on Vista Park in today’s BT

Vista Park’s potential collective sale is mentioned in today’s Business Times. Read the article here or at the BT website http://bit.ly/2xZlbvk


6 October 2017

Let’s act fast

News of the sale of Normanton Park for $830.1 million has made headlines (see here)

According to the Normanton Park sales committee, more than 80 per cent of the owners consented to the sale within just 11 days of the first signature. At Vista Park, we should act quickly as well to secure the maximum amount of support for our enbloc bid. Please get your neighbours in the estate to come to the third signing session on Sunday 8 October (3-430pm at the Vista Park Clubhouse). If any subsidiary proprietor requires alternative arrangements, please contact Mr Ray, Estate Manager, 6475-6871 or the Committee at enbloc@vistapark.sg

Time is of the essence!


 
4 October 2017

A note from the Chairman of the CSC and details of the next signing session on 8 October, 3-40pm

On 3 October 2017, Mr Ray and I worked the phones to reach out to Vista Park subsidiary proprietors. We had a very productive day and would like to share revised stats. These stats are based on signatures collected since the close of our EOGM on 28 September 2017.

Total signed: 42.11% by strata area, 42.53% by share value (We had supportive residents heading straight to lawyer’s office to sign!)
Partial sign: 5.74% by strata area, 6.39% by share value
​Will sign: 21.05% by strata area, 20.03% by share value (Two groups of residents here: Due to sign on 8 Oct or overseas residents — Many of these have stepped up and are in the process of sending their notarised CSA by DHL!)​

If we convert all those who have said they “Will sign”, we will achieve signatures totalling 68.90% by strata area and 68.94% by share value. This means we have just under 12% to go!

We had a convert — one who said they would not sign the CSA but is now expected to sign it at our third signing session on Sunday 8 October (3-430pm at the Vista Park Clubhouse)!

Subsidiary Proprietors who are supportive of this en-bloc bid — we ask that you help spread the word to neighbours, especially those who may not be keen due to a variety of reasons. The committee is available to answer any questions/concerns they may have. Do contact Mr Ray, Estate Manager, 6475-6871 or the Committee at enbloc@vistapark.sg

We need you fellow residents to be the 6th person in the CSC. Nothing stands in our way!​

Martin Tang

Chairman, Collective Sales Committee 2017

Vista Park


2 October 2017

EOGM outcome and signing dates for the Collective Sales Agreement

We had a fantastic turn out for the EOGM on 28 September. We had a quorum by 7pm.

Resolutions were passed unanimously to appoint Teak Hwa Real Estate and Legal Solutions LLC to assist Vista Park on the enbloc process.

On that night, a total of 31.5% residents signed the Collective Sales Agreement (CSA). We are gaining strong traction and by this week, we expect to cross the 50% mark.

The following are the CSA signing sessions:

1. Monday 2 Oct 2017, 7-830pm
2. Sunday 8 Oct 2017, 3-430pm

Please bring your co owners and identification along!

If you are unable to make it for the above dates, please contact Mr Ray, Estate Manager, 6475-6871 or the Collective Sale Committee at enbloc@vistapark.sg to arrange for an alternative.


9 September 2017

Mark your calendar: Vista Park EOGM on Thursday, 28 September 2017, 7pm

Below are the details of the second EOGM regarding the collective sale of Vista Park.

Date: Thursday, 28 September 2017

Time: 7pm

Venue: Vista Park Clubhouse, 54 South Buona Vista Road

Contact: Mr Ray, Estate Manager, 6475-6871 or Collective Sale Committee at enbloc@vistapark.sg

Subsidiary proprietors (SPs) will be ratifying and confirming the appointment of the marketing agent and lawyer, reserve price for the sale of the Vista Park development, the apportionment of sales proceeds and the terms of the Collective Sales Agreement (CSA).  If there is majority agreement on the terms of the CSA, SPs can sign the CSA immediately at the close of the meeting.

This is an important milestone for the Vista Park development to be put up for sale by tender. Do try your best to attend this meeting as your support and vote is crucial. Time is of the essence given the number of collective sales of private estates which are reportedly in the pipeline. We hope to achieve 80% support for the collective sale as soon as possible.

If you cannot make it on 28 September 2017 at 7pm

SPs will receive the EOGM circular and proxy forms by post in the week of 11 September 2017. If you are unable to attend the EOGM, please assign your proxy to anyone you know (it can be a Vista Park resident or someone else), sign the form and send it back by post (faxed or scanned copies won’t be accepted) to the Managing Agent at:

The Management Corporation Strata Title Plan No. 1279

℅ Propmag Management Services Pte Ltd

865 Mountbatten Road

#05-34 Katong Shopping Centre

Singapore 437844

If you are not sure of who to assign your proxy to, please contact Mr Ray or the CSC at the details above. A quorum is needed for this meeting to proceed. This means that SPs whose shares form at least 30% of the estate’s share value must be at the meeting, either in person or by proxy.

The resolutions to be passed at this EOGM are as follows:

1. That further to the Resolution passed at the last Extraordinary General Meeting (EOGM) of 25 July 2017, it is hereby resolved, confirmed and ratified that the following persons shall remain as members of the Collective Sale Committee of the Development (“Sale Committee”):

No. Sale​ ​Committee​ ​Member Designation Blk​ ​/​ ​Unit
1 Martin Tang Chairman 64, #02-08
2 Selina Newton Secretary 50, #01-01
3 Seah Liang Chiang Treasurer 60, #03-04
4 Edwin Ong Member 62, #03-05
5 Lynn Lee Member 64, #04-13

 

2. That the subsidiary proprietors elect any other person(s) entitled to be elected to be members of the Sale Committee up to the maximum permissible number of 14 persons (inclusive of those earlier elected and remaining in the Sale Committee), if the subsidiary proprietors so deem fit and necessary.

3. To approve and ratify that the powers, duties and functions (as stated in the annexure to the Requisition that will be mailed out to all SPs) shall be vested in and given to the Sale Committee.

4. To approve and ratify the appointment of Teakhwa Real Estate Pte Ltd as the Property Consultant for the proposed Collective Sale of the Development.

5. To approve and ratify the appointment of Legal Solutions LLC as the Solicitors for the proposed Collective Sale of the Development.

6. To approve the apportionment of sale proceeds.

7. To approve the terms and conditions of the collective sale agreement (including but not limited to the reserve price).

8. To consider any other business related to the Collective Sale.

If you have any questions, please e-mail the committee at enbloc@vistapark.sg


16 August 2017

Summary of Minutes of the 5th Sales Committee meeting held on 15 Aug 2017 at 8pm at the MCST Management Office

PRESENT:

  1. Mr Martin Tang
  2. Ms Selina Newton
  3. Mr Edwin Ong
  4. Mr Seah Liang Chiang

ABSENT WITH APOLOGIES:

  1. Ms Lynn Lee

AGENDA:

  1. Interview of sales agent in relation to current enbloc exercise

JLL was invited to make a presentation to members of the CSC. Ms Yong Choon Fah, National Director of JLL made the presentation. Topics covered include:

  1. Introduction of JLL
  2. Past enbloc track record
  3. Views on Vista Park and indicative valuation
  4. Current projects
  5. Process timeline and considerations
  6. Fees

JLL initially deliberated on whether they have resources to take on Vista Park enbloc process and had been late in coming back to the CSC on making a presentation.

The CSC has made notes and scored the agent on various aspects such as track record, knowledge of market and process, resourcing available to commit to Vista Park etc.

This meeting wraps up the last of all agent interviews that the CSC is conducting. The CSC has reached out to seven marketing agents and conducted five interviews. The remaining two agencies declined to present due to resource constraints. The CSC has also been in touch with a few law firms and will collate information from these agents and lawyers and update the SPs at the next EOGM, which is tentatively being planned for the third week of September.


14 August 2017
Summary of minutes of the 4th Sale Committee meeting held on 13 August 2017 at 830pm at the MCST Management Office

PRESENT:

  1. Mr Martin Tang, Chairman
  2. Ms Selina Newton, Secretary
  3. Mr Seah Liang Chiang, Treasurer
  4. Mr Edwin Ong, Member
  5. Ms Lynn Lee, Member

AGENDA:

1.To discuss and deliberate presentations by marketing agents

Chairman listed the meetings that had taken place in the last two weekends. Committee had met with Edmund Tie & Co, Strata AMC/TEHO, Huttons and Teakhwa Real Estate (TRE). OrangeTee and Colliers had been invited to present to the committee but had turned down the opportunity.

2. Summary of agent’s presentations

The CSC discussed the key points of each presentation, noting the valuation range and commission proposed by each agent, the number of other collective sale projects they were currently handling, their track record and their interest in representing Vista Park. There was also discussion on the accuracy of the figures that were presented to the committee, as well as how realistic the valuation range was. The CSC deliberated on the positives and negatives of each agent based on their presentation and follow-up with the committee after the meeting. The scores of the agents on various aspects such as track record, knowledge of market and process, resourcing available to commit to Vista Park etc, were also discussed.

3. Lawyers

Chairman noted that Rodyk had declined to present to the CSC; Kennedy Legal Solutions had made a pitch. They are very familiar with the en-bloc process. The CSC agreed that they would speak to other lawyers to ask them to pitch their services for the en-bloc process

4. Calling for the next EOGM

As time is of the essence given the buoyancy of the collective sales market now, the CSC agreed that at the next EOGM, the agenda would be to get SP’s to endorse the appointment of a marketing agent/lawyer, agree on reserve price/apportionment and begin the process of signing the collective sales agreement. Based on the scoring and discussion in Section 2 above, the CSC agreed that their choice of agent would be Teak Wah; however they would request for him to confirm a) whether or not there would likely be a Development Charge levied on the land Vista Park is on, and b) whether or not he would agree to the CSC’s proposal of a compensation mechanism for a lower success fee if the price meets a minimum threshold, with a higher success fee percentage if a higher selling price is reached.


13 August 2017
Summary of minutes of the 3rd Sale Committee meeting held on 12 August 2017 at 130pm at the MCST Management Office

AGENDA:

  1. Interview of sales agent in relation to current enbloc exercise

The following sales agents and legal counsel were invited to make a presentation to members of the CSC

  1. Strata AMC/TEHO
  2. Huttons Asia Pte Ltd
  3. Teakhwa Real Estate Pte Ltd (TRE)

MATTERS ARISING

Presentation 1: Strata AMC/TEHO

PRESENT:

  1. Mr Martin Tang
  2. Ms Selina Newton
  3. Mr Edwin Ong
  4. Ms Lynn Lee

ABSENT WITH APOLOGIES:

  1. Mr Seah Liang Chiang

Mr Bern Chen, Director of Strata and Mr Dave Chee, Associate Director from TEHO made opening remarks to the Collective Sales Committee (“CSC”). Mr Steve Liu, Agency Director, TEHO then took over. Topics covered include:

  1. Introduction of Strata and TEHO
  2. Past enbloc track record
  3. Views on Vista Park and indicative valuation
  4. Current projects
  5. Process timeline and considerations
  6. Fees

Presentation 2: Huttons Asia

PRESENT:

  1. Mr Martin Tang
  2. Ms Selina Newton
  3. Mr Edwin Ong
  4. Ms Lynn Lee

ABSENT WITH APOLOGIES:

  1. Mr Seah Liang Chiang

The team, led by Stephen Lim, Head of Enbloc team at Huttons Asia Pte Ltd. Mr Stephen Lim made the presentation which covered:

  1. Introduction of Huttons
  2. Past enbloc track record
  3. Views on Vista Park and indicative valuation
  4. Current projects
  5. Process timeline and considerations
  6. Fees

Presentation 3: Teakhwa Real Estate (TRE)

  1. Mr Martin Tang
  2. Ms Selina Newton
  3. Mr Edwin Ong
  4. Ms Lynn Lee

ABSENT WITH APOLOGIES:

  1. Mr Seah Liang Chiang

Mr Sieow Teak Hwa, CEO of TRE, made the presentation which covered:

  1. Introduction of TRE
  2. Past enbloc track record
  3. Views on Vista Park and indicative valuation
  4. Current projects and available resources
  5. Process timeline and considerations
  6. Fees

Presentation 4: Kennedys Legal Solutions

  1. Mr Martin Tang
  2. Ms Selina Newton
  3. Mr Edwin Ong

ABSENT WITH APOLOGIES:

  1. Ms Lynn Lee
  2. Mr Seah Liang Chiang

Partner, Mr Patrick Ee, shared on the following:

  1. Process considerations
  2. Relevant experience in conveyancing and dealing with STB
  3. Manpower
  4. Fees

 

The CSC has made notes and scored the agent on various aspects such as track record, knowledge of market and process, resourcing available to commit to Vista Park etc. The findings will be collated once interviews with all shortlisted agents have been completed.


6 August 2017
Summary of minutes of the 2nd Sale Committee meeting held on 5 August 2017 at 230pm at the MCST Management Office

PRESENT:

  1. Mr Martin Tang
  2. Ms Selina Newton
  3. Mr Edwin Ong
  4. Ms Lynn Lee

ABSENT WITH APOLOGIES:

  1. Mr Seah Liang Chiang

AGENDA:

  1. Interview of sales agent in relation to current enbloc exercise

Edmund Tie & Company were invited to make a presentation

MATTERS ARISING

Mr Tan Chun Ming, Director of Investment Advisory, made presentation to the Collective Sales Committee (“CSC”). He was accompanied by a team of sales agents led by Senior Vice President Mr Jeffrey Sim. Topics covered include:

  1. Introduction of Edmund Tie & Company
  2. Past enbloc track record
  3. Views on Vista Park and indicative valuation
  4. Current projects
  5. Process timeline and considerations
  6. Fees

The CSC has made notes and scored the agent on various aspects such as track record, knowledge of market and process, resourcing available to commit to Vista Park etc. The findings will be collated once interviews with all shortlisted agents have been completed.


2 August 2017
Summary of minutes of the 1st Sale Committee meeting held on 30 Jul 2017 at 830pm at the MCST Management Office

PRESENT:

  1. Mr Martin Tang
  2. Mr Seah Liang Chiang
  3. Mr Edwin Ong
  4. Ms Lynn Lee

ABSENT WITH APOLOGIES:

  1. Selina Newton

AGENDA:

  1. Appointment of Office Bearers

The following members were appointed office bearers

  1. Mr Martin Tang: Chairman
  2. Ms Selina Newton: Secretary
  3. Mr Seah Liang Chiang: Treasurer

MATTERS ARISING

The Sales Committee has agreed on the following:

  1. The appointment of marketing agents and lawyers to be carried out in a transparent and professional manner
  2. To start a website: https://vistapark.sg/enbloc and have an email address: enbloc@vistapark.sg. The aim of this is to inform subsidiary proprietors of the progress of the enbloc.
  3. To seek approval from MCST management to allocate one part of notice board for pending enbloc matters

1 August 2017
Who’s Who on the Collective Sale Committee
A quorum of at least 30% of subsidiary proprietors attended the EOGM held on 26 July 2017. The chairman of the Management Committee, Dr Lim Lee Hooi, called the meeting to order. Five subsidiary proprietors were elected to the Collective Sale Committee. They are:

Chairman: Martin Tang
Martin owns an apartment in Vista Park and has lived here for six years. He works in investment banking.

Treasurer: Seah Liang Chiang (Seah)
Seah has owned an apartment in Vista Park for 22 years. He is currently co-founder and group chairman of ALL ID group of companies.

Secretary: Selina Newton
Selina owns a townhouse unit in Vista Park and has lived here for five years. Her work experience spans more than 30 years in the private and hospitality sectors.

Committee member: Edwin Ong
Edwin owns an apartment in Vista Park and has lived here for three years. He works in the wearable technology sector.

Committee member: Lynn Lee
Lynn has owned an apartment in Vista Park for four years. She has a background in media and communications.

To get in touch with the Collective Sale Committee, please e-mail enbloc@vistapark.sg or contact Mr Ray, whose details are available here.


30 July 2017
The En-Bloc Process
For information on the en-bloc process, do check out the articles in this section of the website