Bayshore Park holds EOGM to elect en bloc sales committee

Bayshore Park condominium, a 21-year-old estate with over 1,000 apartments, is exploring the possibility of an en bloc sale.

It took a formal step on Saturday by holding an extraordinary general meeting to elect an en bloc sales committee.

With changes to the Land Titles Strata Act expected to kick in next month, what happens to potential en bloc sale properties that are caught in-between these changes?

After the two-hour meeting, an 11-member en bloc sales committee was confirmed by residents at the development.

But will such processes hold when the amended Act is enforced?

Lee Liat Yeang, Partner, Rodyk & Davidson, says: “I think it is advisable for an estate which is contemplating an en bloc sale to wait till the new legislation is fully enforced before they proceed, because it is necessary for them to understand the intricate processes that the government has prescribed in the new legislation.”

But according the law firm Khatter Wong, the formation of the en bloc sales committee on Saturday by the residents is lawful and will comply with the amended act.

The changes to the act, which are aimed at providing more safeguards and transparency for all owners, will come into effect next month.

And there is a reason why residential properties like Bayshore Park are not waiting until the amended act is enforced.

Mr Lee says: “They are rushing for it. It could be because from a commercial point of view, they’re concerned there could be many other projects in the vicinity who may also be thinking of going for en bloc sale. And perhaps they want to kick-start the process quickly.”

And its newly-formed en bloc sales committee will no doubt be busy getting the necessary 80 percent support it needs for the en bloc sales process to move forward. – CNA/ch

Source : Channel NewsAsia – 29 Sept 2007

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