Source : TODAY, Tuesday, September 18, 2007
The average age of all developments that applied for an en bloc sale from January 2005 to August this year was 25.9 years.
The average percentage of owners who signed these sale agreements at the time of application was 89.2 per cent. About half of these developments received a consent level of 90 per cent or more.
Since January 2005, 3,700 private residential units have been issued Strata Titles Board orders for collective sale. After redevelopment, there will be 8,300 new units.
These figures were revealed yesterday in Parliament in written response to questions from Nominated Member of Parliament Siew Kum Hong.
The common reasons for objections by minority owners were that they would suffer a financial loss and that the transaction was not done in good faith.
Just last month, the Law Ministry tabled in Parliament a slew of changes to the rules governing en bloc sales to improve transparency and balance competing interests. The Land Titles (Strata) (Amendment) Bill will be debated this week.
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