Tuesday, August 01, 2006
[RealEdge] TodayOnline : Protect the rights of homeowners who did not agree to en-bloc sales
 This story was printed from TODAYonline | |
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| Protect the rights of homeowners who did not agree to en-bloc sales Tuesday August 1, 2006 Letter from VALERIE ONG Letter from Eddy Tan I agree with Lucy Huang ("En-bloc sale make it a rule only resident owners can vote", July 29), in the light of the many estates heading for en-bloc sales, that we should relook the policy. The minimum percentage of owners required to agree to the en-bloc sale should be increased from 80 per cent to 90 per cent. Twenty per cent still represents a significant number of owners who have no desire to sell their homes. The rights of the minority should be protected. Only when almost all residents agree to the sale shall we see the end of so much acrimony, hatred and sadness that come with each en-bloc exercise. I also consider it a waste of resources to demolish relatively young building projects for the sake of en-bloc sales. Perhaps, the Government can exclude developments younger than 30 years from being put up for en-bloc sale. Restricting voting in en-bloc sales to resident owners is insufficient as a safeguard to protect homeowners' interests. In the first place, why should any homeowner be forced to sell his home on his neighbours' say-so? As long as a developer offers a high figure to prevent any owner from suffering a loss on paper, the price is considered as legally acceptable. Thus, if a property was bought for $100,000 25 years ago, it would be deemed as fair for a developer to offer $150,000 today, if none of the current owners have outstanding bank mortgages. Or if the most recent transaction price was $500,000, any offer above that would not be unacceptable. But the law does not consider that there is no guarantee the homeowner can buy a similar unit in the neighbouring estate, so as to minimise the "loss" from having to relocate and adjust to a new environment. Is it fair for an owner to give up his quiet, idyllic apartment which is a five-minute walk to Orchard Road, for money that will not let him buy another apartment with similar qualities? | |
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// posted by Shajahan @ 11:08 AM 