SINGAPORE: Members of Parliament (MPs) raised concerns about a shorter timeline to get signatures for a collective sale agreement and the cost of replacement homes as parliament passed a law on Tuesday (Sep 8) to lower en bloc consent thresholds for older developments.Under the new law, the consent threshold for developments aged 40 to 59 years would be lowered from 80 per cent to 70 per cent, and from 80 per cent to 65 per cent for those aged 60 years and above.At the same time, the legislation would tighten rules governing en bloc attempts.The threshold to convene a general meeting to form a collective sale committee would be raised to 35 per cent of owners, measured either by share value or the number of units.
That is up from the current requirement of 20 per cent of owners by share value or 25 per cent of the number of units in the development.The timeline to obtain signatures for a collective sale agreement will be halved from 12 months to six months.After a failed collective sale attempt, the restriction period will be extended from two years to three years. During that period, any fresh attempt to form a collective sale committee would be subject to the higher requisition threshold.
