IN our article last week, we have discussed how the proposed introduction of en bloc sale is contrary to various legislations currently in place to safeguard one’s fundamental right to property which is enshrined in the Federal Constitution.
It was reported that the Department of Director General of Land and Mines (JKPTG) under the Natural Resources and Environment Ministry and a task force formed to study implementation of en bloc sale are currently exploring new ways, including changes in legislation, to facilitate strata property redevelopments for purpose of urban renewals in Malaysia. The initial suggestion is to first have a simple majority of 51% of owners to consent to an en bloc sale for strata redevelopment. Thereafter, the redevelopment plan will be submitted by the public or property developer and registered property valuers could be commissioned to carry out a feasibility study of the redevelopment plan. After that, the owners will proceed to a second voting session, which may require between 70% and 85% majority consent
Media Title: Malay Mail
Date: 06 Jun 2018