3 Oct 2007 Posted in Press releases
The Ministry of Law has announced that the Land Titles (Strata) (Amendment) Act, enacted by Parliament on 20 September 2007, will take effect from 4 October 2007.
The provisions of the new Act will apply to developments where the required 80% or 90% majority consent of owners (based on share value) has not been obtained as at the date of commencement of the Amendment Act, i.e. 4 October 2007. These developments will have to comply with the new requirements set out in the Amendment Act. Developments where the required 80% or 90% majority of owners (based on share value) have signed the Collective Sale Agreement will not need to comply with the new requirements. Developments that are 10 years or more require 80% majority consent while those below 10 years require 90% majority consent.
Last updated on 26 Nov 2012