Land Titles (Strata) Act – Warehouse for sale in Singapore
- Strata Titles under Torrens System also known as register of “air space”
- Land Titles (Strata) Act (LTSA)
- Under LTSA, the owners are called Subsidiary Proprietors (SP).
- Owners share/own the common property based on Share Value (SV) warehouse for sale in Singapore.
- Share value determines the following:
- Voting right of owners
- Share of common property
- Amount of management fee and sinking funds each unit has to pay
- Allocation of Share Value by Building & Construction Authority (BCA):
| Old System (before April 2005) | New System (after April 2005) | ||
| Strata Area |
SV |
Strata Area |
SV |
| < 100 sq m |
3 |
< 50 sq m |
5 |
| 101 – 200 sq m |
4 |
51 – 100 sq m |
6 |
| 201 – 300 sq m |
5 |
101 – 150 sq m |
7 |
| 301 – 400 sq m |
6 |
151 – 200 sq m |
8 |
| Thereafter additional 1 SV for every 50 sq m | |||
LTSA stipulates the following conditions for en-bloc sales for Strata units:
- Development <10 years old, min 90% of total share values of owners and min 90% of total strata areas (excl area of accessory lot) consent to en-bloc.
- Development >=10 years, min 80% of total share values of owners and min 80% of total strata areas (excl area of accessory lot) consent to en-bloc.
Sale committee comprises between 3 to 14 SP to be elected at general meeting with at least 20% of SV or 25% of total number of SP voting for them.
Sales committee is to convene General meeting to decide on following issues:
Appointment of lawyer & marketing agent
Apportionment of sale proceeds,
Terms and conditions of Collective Sale Agreement (CSA)
Terms and conditions of sale and purchase agreement
Sale proceeds are distributed to the Subsidiary Proprietors according to the share value, strata area and valuation.
Strata Title Board would only approve to the en-bloc application if:
- The proposed sale is fair, i.e. the selling price and method of distribution is fair, and there is no relationship between the developer and owners.
- The minority has not suffered any financial loss, (insufficient fund refund back to CPF is not considered as financial loss)
- A unit owner will not be considered to suffer financial loss if he is getting less than the price he paid for his unit if he were to purchase his unit after the collective sale committee had already signed an agreement to sell the whole project to a purchaser. Warehouse for sale in Singapore.
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