The Land Titles (Strata) (Amendment) Act, enacted by Parliament on May 18, will take effect from 15 July 2010. The key provisions of the new Act include: * Refinement of the Strata Titles Board's role to focus on mediation for en bloc sale applications. * Imposition of a two-year restriction period, from the date of the initial failed en bloc attempt. The first retry requires approval from 50 per cent...
Enbloc Rules
New rules come into effect today The rush to complete the process of a couple of en bloc sales this month have probably paid off for the owners. This is because if there had been any delay, their properties would be subject to new en bloc rules which will come into effect today. Two recent en bloc sales sealed this month are the People's Mansion at Lorong 31 Geylang sold for $42.68 million, and Meng...
Changes to the Land Strata Titles Act will be effective from Thursday, 15 July, after the Amendment Act was enacted in Parliament on 18 May. The amendments seek to provide more clarity to the en bloc sales process and balance the interest of property owners. Among them, a two-year restriction period will be imposed starting from the date an initial collective sale attempt failed. The objective is to...
Changes to the Land Titles (Strata) Act were passed in Parliament yesterday, providing more clarity to the en bloc sales process. But some Members of Parliament said the amendments may not fully take into consideration the interest of property owners. Expected to take effect next month, the amendments are intended to provide greater transparency and streamline procedures for collective sales, after the...
Market watchers have welcomed proposed changes to the en bloc sale regulations tabled in Parliament on Monday. They said the move is timely and could help stabilise property prices. Farrer Court was among 111 estates sold at the peak of the en bloc market in 2007. This year, there are only four deals so far and analysts expect the market to pick up as developers replenish their land bank. The four en...
The government has proposed several changes to provide more clarity to the en bloc sales process. An amendment bill to the Land Titles (Strata) Act was tabled in Parliament on Monday. It seeks to address the role of the Strata Titles Board, balance the interest of property owners and streamline the collective sale process. The changes are expected to take effect in June. A key revision that's been...
I REFER to “Landmark ruling” (July 18). The judge has ruled that the fact that a higher offer was received for the en bloc sale of Horizon Towers is not within the purview of the Strata Title Board (STB); neither are any allegations of less-than-stellar conduct among the parties. And that if the STB has to hear such matters, it would never get its job done. So, if I get an offer for my home of say,...
Market watchers and analysts are still studying the impact of proposed changes to rules governing en bloc sales unveiled in Parliament on Monday. Some say the revision will benefit property developers as it means greater clarity and certainty to their initial investment. Owners of Neptune Court at Marine Parade are exploring an en bloc sale. And insiders tell Channel NewsAsia, that so far, only about 40...