Source : The Business Times, 28 Aug 2007
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.
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