Saturday, February 27, 2010

Review law on en bloc sales

IF MONDAY’S advice to treasure our homes and not use them to make a quick buck is to be heeded (‘Homes are for keeps, not speculation: PM’), the Government should review the law permitting collective property sales.

Such sales exercises invite speculation in the private property market at the expense of a home owner’s security.

I have not lived in peace for the past three years because my neighbours voted to go en bloc. The main argument of the pro-collective sale lobby had nothing to do with urban renewal. It was about reaping a windfall.

The bid at my condominium, Green Lodge in Toh Tuck Road, fell through last month, but there is nothing to stop my neighbours from trying again.

I dissented because I treasure my home for the reasons implied in Monday’s report: It gives me peace, familiarity and stability in the twilight of my life; and it is my nest egg which I do not wish taken away from me by others’ temptation to make a fast buck.

But how can I take good care of my treasured asset if I have no control over it?

The power to sell my home lies not in me but in 80 per cent of my neighbours. And that is why the law must be changed.

Tan Keng Ann

Source: Straits Times, 27 Feb 2010

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