Proposed changes to en bloc rules tabled at Parliament


By UMA SHANKARI


The government on Monday proposed several changes to the en bloc sales process.


An amendment bill to the Land Titles (Strata) Act which was tabled in Parliament, looks to streamline the role of the Strata Titles Board and balance the interest of majority and minority
property owners.
The changes are expected to take effect in June.
One key change that has been tabled will make it more difficult to restart an en bloc sale process after a failed attempt as a two-year restriction period will be imposed starting from
the date when the collective sale fell through.
Within this restriction period, the first re-try to convene an extraordinary general meeting (EOGM) will need 50 per cent of share value or number of owners. For second and subsequent re-tries,
80 per cent will be needed. Right now, the support of either 20 per cent of owners by share vale or 25 per cent of the total number of owners is needed to call at EOGM to start the en bloc process.