Will the new bill lower consent thresholds for strata property sales?

Question

Accepted Answer

The proposed Urban Renewal Bill aims to lower consent thresholds for strata property en-bloc sales.

The Ministry of Housing and Local Government (KPKT) has drafted the Urban Renewal Bill, which is currently under review by the Attorney General’s Department. This proposed legislation seeks to reduce the required consent for en-bloc sales of strata title properties from the current unanimous 100 per cent resolution. The Bill is anticipated to be presented to Parliament in July, followingCabinet and National Council for Local Government meetings.
Revised Consent Thresholds for En-bloc Sales

The draft bill proposes new consent thresholds that vary based on the age of the building. For properties under 30 years old, the required consent for an en-bloc sale would be 80 per cent. Buildings that are over 30 years old would require a 75 per cent consent threshold. Abandoned developments or buildings would have a significantly lower threshold of 51 per cent.
Comparison with Regional Benchmarks

These proposed thresholds are designed to align with practices in other regional jurisdictions. Singapore, for instance, requires an 80 per cent consent for buildings older than 10 years. Western Australia has a 90 per cent threshold for properties less than 30 years old, while New Zealand mandates a 75 per cent threshold.
Current Legal Framework and Legislative Process

Currently, Section 57 of the Strata Titles Act 1985 (Act 318) mandates a unanimous 100 per cent resolution for the en-bloc sale of strata title properties. The Urban Renewal Bill, once approved, will introduce new legal provisions to govern urban renewal and redevelopment. The Bill is scheduled for presentation to the Cabinet in March and the National Council for Local Government Meeting in May before being tabled in Parliament in July.

Reading history

Hide →

This history is cleared when the page is closed.

Will the new bill lower consent thresholds for strata property sales?

Loading

Was this article helpful?

Helpful

Not helpful

Report an issue

1

0

0

Share with friends