En bloc reforms welcomed, but concerns raised over timeline
Singapore is proposing reforms to its collective sale (en bloc) regime, including lowering consent thresholds for older buildings to facilitate urban renewal. While the industry welcomes the lower thresholds, there is concern that the reduction of the signature timeline from 12 to 6 months is too restrictive.
Why it matters
These reforms are critical for managing aging infrastructure in high-density urban environments like Singapore.
Former HUDC project Laguna Park faces rising maintenance costs due to its outdated electrical wiring and lifts, and numerous water seepage issues. In its fifth attempt at a collective sale, it collected less than a 50 per cent mandate.
Listen Summarise Proposed changes would lower en bloc consent thresholds for developments over 40 years old, aiming to ease collective sales and renew ageing estates in Singapore. The timeline to obtain signatures is shortened from 12 to 6 months, but some say this period is too short, especially for large or mixed-use developments. Owners face challenges engaging overseas and absentee owners, with some estates planning to wait for the new rules before restarting en bloc sales efforts. AI generated
SINGAPORE – Proposed changes to Singapore’s collective sale regime are a long-awaited recalibration needed to facilitate the renewal of ageing estates, market players say.
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