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SOME owners of condominium units may still be keen on selling en bloc, but developers' interest in collective sale sites has more or less dried up.
No residential sites have been sold en bloc in recent months. And given the market uncertainty these days, completion may not be a given for sites that have been sold.
Several collective sales have fallen through, with a few - Tulip Garden, Makeway View, Finland Gardens and Pender Court - already axed, regardless of whether approval from the Strata Titles Board (STB) was obtained.
A collective sale requires an 80 per cent minimum consent from owners before it can be sold. Unless there is unanimous consent, owners will have to get an order from the STB for the sale after they find a buyer.
After getting the order, they will have to wait for the buyer to complete the sale, which is when they will get their sale proceeds.
They have six months after the sale completion date to move out of the property.
Read the full story in The Sunday Times.
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