En bloc sales of old condos: Offer affected owners ABSD concessions when buying replacement homes
The lower thresholds could facilitate more ageing-condominium en bloc sales, potentially increasing redevelopment opportunities and replacement-home demand from affected owners.
Singapore lowered collective-sale consent thresholds to 70 per cent for developments aged 40 to 59 years and 65 per cent for those aged 60 years or older.
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[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 the building of newer developments to replace ageing ones.
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.