Lower consent thresholds for collective sale of ageing developments help, but strata owners may need more sweeteners
[SINGAPORE] Given Singapore’s land scarcity, urban renewal is “not merely desirable, but really imperative”, Minister for Law Edwin Tong told Parliament on Sep 8.
With various changes to the Land Titles (Strata) Act passed in Parliament that day, owners of older property developments face lower consent thresholds for en bloc sales to encourage rebuilds of ageing developments.
Developments aged 40 to 59 years will require 70 per cent consent for a collective sale, while those aged 60 years and up will need 65 per cent.