STRATA TITLES BOARD

STRATA TITLES BOARD

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(Application for collective sale): **

1.

Mr Siew Kum Hong asked the Deputy Prime Minister and Minister for Law in respect of estates for which applications for collective sale were made to the Strata Titles Board on or after 1st January 2005 (a) what was the average age of each estate at the time of application, broken down by district; (b) what was the average percentage of owners that had signed the collective sales agreement as at the time of application; and (c) what were the common reasons for objections cited or raised by minority owners to the Board.

Prof. Jayakumar: For collective sale applications made between 1st January 2005 and 31st August 2007 and which were approved, the average age of all the developments at the time of application was 25.9 years.

The average age of the developments in the Core Central Region (CCR), Rest of Central Region (RCR) and Outside Central Region (OCR) was 25.3, 28.4 and 23.9 years respectively.

The average percentage of owners of units in these developments who had signed the collective sales agreement as at the time of application was 89.2%. About half of these developments attained a consent level of 90% and above.

The common reasons for objections raised by minority owners to the Strata Titles Boards were that owners would suffer financial loss; and that the transaction was not done in good faith in view of factors such as sale price of the lots and common property, the method of distributing the sale proceeds and the relationship of the purchaser to any of the subsidiary proprietors.