Average age of developments in collective sale is 25.9 years

The average age of all developments which applied for collective sale from January 2005 to end-August 2007 was 25.9 years.

This was revealed by Deputy Prime Minister and Law Minister Professor S Jayakumar in a written answer to questions from Nominated Member of Parliament Mr Siew Kum Hong.

Professor Jayakumar said the average percentage of owners who had signed the collective sales agreement at the time of application was 89.2 percent.

He pointed out that about half of these developments received a consent level of 90 percent and above.

But the minister added that the common reasons for objections raised by minority owners to the Strata Titles Boards were that they would suffer financial loss and that the transaction was not done in good faith.

In another update, since 1 January 2005, a total of 3,700 private residential units have been issued Strata Titles Board orders for collective sale.

The orders also grant the purchasers permission to start developing the units.

This is according to National Development Minister Mah Bow Tan, who also gave a written answer.

Just last month, the Ministry of National Development tabled a slew of changes in Parliament to the rules governing en bloc sales to improve transparency and protect owners’ interest.

The Land Titles Strata Amendment Bill is slated to be debated in Parliament this week.

Source : Channel NewsAsia – 17 Sept 2007

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