To ensure transparency in en-bloc sales, more regulations are introduced into the market to minimise complaints and unfairness. The Land Titles (Strata)(Amendment) Act will take effect from today.
Changes (wef 4 Oct 2007):
1) Voting
Additional voting based on floor area, to address voting rights in a mixed development.
[ Before: Voting only based on share value.
For development <10yrs>=10yrs old, 80% approval is required]
2) Sales Committee
Regulate formation of a Sales Committee and its proceedings, such as updates of the consent level have to be done every 4wks and certified by lawyer.
3) Collective Sales Agreement (CSA)
Regulate the drafting and signing of CSA procedure. A lawyer needs to be present when signing the CSA, and a 5d cool-down period after signing the CSA.
4) Sales by Public Tender or Auction
5) Valuation by Independent Valuer
6) Funds
Management and sinking funds are to return to owners upon legal completion.
* MinLaw-LTA(Strata) , CNA-LTA(Strata) , AsisOne-Enbloc , AsiaOne-En-bloc , Forum-En-bloc *
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Hopefully, these can help to minimise grievances and sellers got to honour their action even if it's gonna be vy heartache ... ... Horizon Tower Case.
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