Jul 15, 2010
New rules kick in today
NEW rules aimed at creating more clarity over collective sales kick in today.
A key change centres on when an attempt to sell an estate en bloc fails to garner enough backing from owners.
To discourage repeated attempts when there is insufficient interest, a two-year restriction period will be imposed after a failed collective sale attempt.
During this period, the first retry to convene an extraordinary general meeting to reappoint a sale committee will require the agreement of 50per cent by share value, or of the total number, of owners.
This is up from the current level of 20per cent by share value or 25per cent of the total number of owners.
For the second and subsequent retries, approval from 80per cent is needed.
To speed up the sale process, the Strata Titles Board (STB) will focus on its role as a mediator, instead of also trying to make rulings in disputed cases.
Some recent attempted collective sales, such as Horizon Towers, have become bogged down in disputes that have dragged on for two years or more.
The new rules and other amendments to the Land Titles (Strata) Act were passed by Parliament on May18.
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To know more how this is really work for you and your clients....
Please contact me Terence Tay @ (+65) 9387-5896 or email : terencetay.kh@gmail.com
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