He also helped all 20 owners of Paterson Lodge in the Orchard Road area work out such an exchange deal last year, according to a Straits Times report in February.

Dennis Wee Realty’s investment sales director Jimmy Teng said they’ve so far garnered about 15 per cent of the votes.

They placed an advertisement in the Business Times on 8May, requesting responses from developers on the hybrid proposal.

Said Mr Teng: ‘The estate has tried going en-bloc a few times before but has never been successful because some of the owners didn’t want to sell.

‘One reason is because the replacement units are expensive due to rising property prices.

‘Hence, our suggestion of a replacement unit from the developer.’

Dr Phang said they have recently received a notification of interest from a developer offering to enter into a ‘hybrid’ deal with the owners.

A 3,057sqft unit in a development nearby was sold for $2.7 million just last month.

There is currently no legislation which governs the formation of sales committees, said the Strata Titles Board. Estates can have as many as they want.

But when there’s more than one sales committee, residents can only sign the CSA with one party, said CB Richard Ellis’ executive director (investment properties) Jeremy Lake.

He said it’s unusual to have two different camps trying to market one project and he has not encountered such a situation before.

He added: ‘It’s hard enough to get 80per cent to agree, let alone two different camps. I suppose each camp will try to get their own signatures but this is distracting for the owners.

‘Already, expectations are hard to manage in this market.’

Source: The Newpaper, 19 May 2007