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|Title:||Legal framework for collective sale of real estate in Singapore: Pot of gold for investors?|
|Source:||Christudason, A. (2010). Legal framework for collective sale of real estate in Singapore: Pot of gold for investors?. Journal of Property Investment and Finance 28 (2) : 109-122. ScholarBank@NUS Repository. https://doi.org/10.1108/14635781011024854|
|Abstract:||Purpose: The purpose of this paper is to provide an analysis of the profile and differing perspectives of strata owners (subsidiary proprietors) involved in collective sales in Singapore. It aims to examine their position within Singapore's legal framework, and consider the repercussions of the power-play between them. Design/methodology/approach: The paper utilises legislation and case-law to reveal the problematic aspects of the collective sale process through majority rule. Similar legislation exists in Hong Kong, South Korea and Taipei. Data on collective sales from real estate information systems and property analysts are also utilised. Findings: The findings reveal the dichotomy of concerns between different groups of subsidiary proprietors, namely the owner-occupiers and property investors. This causes delay and acrimony which characterise many collective sale exercises. This is fuelled by a lack of differentiation in the voting rights of the different groups of subsidiary proprietors. However, Parliament and the Courts have been dynamic and sensitive in seeking to strike a balance between the legitimate concerns of both groups. Originality/value: The findings assist both groups of subsidiary proprietors to be more alert about the pitfalls and profits in a collective sale. Policy makers in other jurisdictions can learn from Singapore's experience of the collectives sale phenomenon as an avenue for urban renewal. It provides insights to the multiple issues which arise when majority rule can dictate the trajectory of collective sales. © Emerald Group Publishing Limited.|
|Source Title:||Journal of Property Investment and Finance|
|Appears in Collections:||Staff Publications|
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