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DEVELOPMENT
S'pore
to tighten property redevelopment rules
S ingapore said on Monday it would
tighten rules on collective home sales - a move that is likely to further
cool Singapore's frenzied redevelopment.
Under Singapore law, private housing
estates can be sold collectively with the approval of owners representing at
least 90 per cent of the value of buildings less than a decade old and those
with 80 per cent of the value of buildings over 10 years old.
S. Jayakumar, Singapore's Minister of
Law, told parliament that rules on future collective property sales would be
amended to require additional owner consent.
The new rules will require that sales in
addition have approval from owners of at least 90 per cent of a
development's area space for buildings under 10 years old and 80 per cent
for older buildings. Also individual owners will be able rescind on
agreement to sell their homes within five days of signing.
The proposals come a month after
Singapore raised a re-zoning tax on developers.
'The government has also accepted a
number of additional changes that will further enhance transparency and
procedural clarity as well as offer better protection to the owners of
affected developments,' he said.
A consortium of developers led by Hotel
Properties is suing some 250 home owners for $4 million (US$2.6 million)
each after a botched collective sale of their housing estate. --
2007 August 27 REUTERS
Amendment
to Land Titles (Strata) Act
It
will extend en bloc sale by majority consent to five more developments
A proposed amendment to the Land Titles (Strata) Act will
extend en bloc sale by majority consent to five developments not covered
by current legislation - Goldhill Plaza, Goldhill Shopping Centre, Katong
Plaza, Roxy Square Shopping Centre and Bukit Timah Shopping Centre.
Strata title certificates were issued for the projects but the original
landowner/developer retained the title certificates and instead gave long
leases - at least 850 years - to buyers of units.
Owners of such units can only do an en bloc sale with unanimous consent
- and the approval of the original developer, who owns the reversionary
interest in the property.
But the ministry of law proposes to allow them to proceed with an en
bloc sale by majority consent.
And the original developer's consent will not be required, because if
the Strata Titles Board approves an en bloc sale, he will lose all rights
to the land. -
2007 August 28
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