Proposed en bloc changes welcomed by owners, agents; some say 6 months to get mandate too short
Older projects are set to have the en bloc consent threshold lowered from the current 80 per cent.
Singapore's collective sale regime is set to undergo proposed changes, aimed at facilitating the renewal of aging estates, according to market players. The changes, announced in Parliament on August 4, lower the consent threshold for older developments being sold en bloc, with projects between 40 and 59 years old needing 70% approval and those 60 years or older requiring 65%.
However, some stakeholders have raised concerns about the shortened timeline for obtaining signatures, which will be six months instead of the current 12 months. This shorter period, according to Kevin Liang, former CSC chair for the 56-year-old International Plaza, is not feasible and will still require 12 months for significant developments.
Despite this, the proposed changes are welcomed by owners and agents, with some expressing eagerness for the 6-month period to take effect. However, for large developments with many absentee owners, the reduced signature collection period could prove challenging.
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