Source : The Business Times, August 27, 2007
SINGAPORE - Singapore 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. -- REUTERS
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