Amendments to Singapore Real Estate Law

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Amendments to Singapore Real Estate Law

By | March 2011
Page 1 of 6
National University Of Singapore
School of Design and Environment

RE1802 REAL ESTATE LAW

Written Assignment

Chua Shu Mei Sheryldine U078113U
Chan Tze-Hui Christelle U077988N
Loo Li Wei Jennifer U077980X Tan Pei Shi U078048R
Wang Ting Val U078016E

Real Estate Defined
Real estate refers to real property, land and realty. In this assignment, the definition of real estate shall be referred to as the building developments on land, as well as residential units.[1]

Introduction
In the previous few years, there had been a number of amendments made to improve the legal system in the area of land and property in Singapore. Some of these legal amendments made concerning the ownership of real estate in Singapore are laws pertaining to 1. En-bloc sale

2. Land acquisition
3. Home loans
4. Foreign ownership
which will be discussed in this assignment.

1. En-bloc Sale
Recently, there had been a number of amendments made to the laws involving en-bloc sale, which includes the procedures involved as well as the provisions to the sale.

Prior to October 2007, application for an en bloc sale will be possible only when there is consent from the owners holding at least 80% of share value in developments that are more than 10 years old, and 90% in developments less than 10 years old. With effect from 4th Oct 2007, the new rule states that application will require approval from owners holding at least 80% of the building's gross floor area (GFA) if the development is more than 10 years old, or 90% if it is less than 10 years old. The cause for such changes is to ensure fairness to mixed developments where some owners may own a considerable floor area but a small share value. Together with the above amendment, owners are given a five-day “cooling off” period after signing the CSA for the first time, which previously, after having...

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