Access to literature in real estate education: Libraries and related solutions
||Access to literature in real estate education: Libraries and related solutions
||19th Annual European Real Estate Society Conference in Edinburgh, Scotland
||As early as 1994, the Singapore government realized that more residential land would be needed to cater to the housing needs of a rapidly growing population. It decided to increase the intensity of land use by relaxing restrictions in the acquisition of development sites by private developers. Besides releasing new Development Guide Plans in 1994, it also amended the Land Titles (Strata) Act in 1999 to facilitate the process of land acquisition by private developers. Amendments to the Act were successful in facilitating en bloc sales (collective sales). These collective sales enabled owners of apartment units (subsidiary proprietors) to reap enormous gains compared to selling their units individually. The amendments however, led to a tyranny of the majority (subsidiary proprietors) and abrogation of property rights of the minority (subsidiary proprietors). Minority owners who objected to the collective sales were often out-voted and had to sell their apartments. An analysis of cases before the Strata Titles Board from 2000 to 2009 show that amendments to the Act have not been successful in addressing issues such as majority rule, good faith and technicalities of the sale process. It is suggested that amendments to the Act have to be dynamic in order to balance the majority and minority rights of the subsidiary proprietors.
Post discussion ...
||Parallel Session D8
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