New law takes effect 4 October 2007

According to the Ministry of Law, the Land Titles (Strata) (Amendment) Act takes effect today on 4 October 2007. This means that by law, the existing en bloc sale of BGV is not legitimate, especially since the "sale committee" has not been elected in by the Subsidiary Proprietors, nor was there an election on whether to conduct the collective sale or not.

The sales committee letter dated 14 September 2007 stated that the increased reserve price was an incentive to push owners to sign the CSA, so that "enough owners will come forward to join our CSA to bring us over the 80% mark before the date of implementation of the Amendments or 15 October 07, whichever is earlier." It further stated: "If we do not achieve the 80% before the new Amendments are made law, the current en block effort will come to a halt and the Sales Committee will be disbanded."

The date of implementation of the Amendments has occurred today. We noticed that the first 8 weekly mandatory notices around the estate were put up for only ONE day since they have now been covered by minutes of the 11 Sep Council Meeting. This is ILLEGAL - they are to be affixed to "a conspicuous part of each building" and covering them up will negate the purpose of having the notices up in the first place.

We spotted the notices yesterday - they stated that 73 units of 146 total signed (50%) dated 2 October. Putting aside the fact that all notices were conveniently covered by the minutes, if the 80% mark has not been achieved as of midnight 4 October 2007, will the existing sales committee agree to graciously halt the sale attempt and disband?

Tags: taman serasi, botanic gardens view, collective sales, en bloc, en-bloc, en-bloc sale, enbloc, enbloc sale, collective sale