Picture : Farrer Court En-Bloc SaleParliament has approved changes to the Land Titles (Strata) Bill, which clearly stipulates the proper conduct of en-bloc sales.
Moving the second reading of the bill in Parliament on Thursday, Law Minister Professor S Jayakumar said it aims to provide additional safeguards and greater transparency for all owners involved in en-bloc sales.
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Parliament approves Land Titles (Strata) Bill governing en-bloc sales
It will also ensure that their interests are taken into consideration more adequately.
One of the changes requires the sales committee to call for a general meeting to discuss issues such as the appointment of a lawyer, property consultant and marketing agent.
The measures also seek to improve transparency in the en-bloc sales process by providing regular updates on bids received and how sales proceeds will be divided.
The amended law also helps owners better understand the legal implications of en-bloc sales. - CNA/ac
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