The Ministry of Law (MinLaw) has proposed lower thresholds for older developments to clinch an en bloc sale. Under the Land Titles (Strata) (Amendment) Bill, developments aged 40 to 59 will only need 70% consent while those aged 60 years and above will only require 65% consent. MinLaw said that the proposed changes will “better support the renewal of ageing developments and optimise land use in Singapore”. At the same time, the Bill also includes safeguards for non-consenting owners in collective sales. Under the proposed changes, a greater share of owners are required to convene a general meeting in order to form a collective sale committeeā35%, measured either in terms of share value or number of units. The committee will also have less time to secure signatures for a collective sale agreementā6 months instead of the current 12 months. “This addresses concerns about prolonged pressure faced by non-consenting owners while still providing sufficient time for signature collection,” said the law ministry. #mothershipparliament
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