WHILE I empathise with owners of apartments who do not want to sell but are forced to by the majority, any change in the law needs to take into account the following:
Before buying a unit in a private condominium, a buyer should acquaint himself with the prevailing laws on collective sales. If a buyer is not keen to be subject to a collective sale later, there is the HDB option, as well as landed property.
Many landed properties are cheaper than a condo, although the location may be farther from town.
One must abide by the principles of communal living and ownership if one decides to live in a condo. There is personal choice involved, and we need to consider the collective desires of a group of people.
As much as one could argue that one is entitled to peace of mind, it is also the right of others to buy with a ready willingness to move, or sell, if that makes financial sense for them.
The 80 per cent consent level required for developments at least 10 years old gives due consideration to the majority of owners. While one may argue for a higher percentage, others could equally argue for a lower percentage.
Owning 50 per cent of shares is the benchmark for a majority in a private company. Granted, majority voting power in a company and having a say about one’s home do not carry equal weight in the scheme of life. But that is why an 80 per cent majority is required for a collective sale after factoring in a reluctant home owner’s rights.
Kevin Kwek
Source: Straits Times, 3 Mar 2010
No comments:
Post a Comment