Amendment to Land Titles (Strata) Act

Amendment to Land Titles (Strata) Act
It will extend en bloc sale by majority consent to five more developments

(SINGAPORE) A proposed amendment to the Land Titles (Strata) Act will extend en bloc sale by majority consent to five developments not covered by current legislation - Goldhill Plaza, Goldhill Shopping Centre, Katong Plaza, Roxy Square Shopping Centre and Bukit Timah Shopping Centre.

Strata title certificates were issued for the projects but the original landowner/developer retained the title certificates and instead gave long leases - at least 850 years - to buyers of units.

Owners of such units can only do an en bloc sale with unanimous consent - and the approval of the original developer, who owns the reversionary interest in the property.

But the ministry of law proposes to allow them to proceed with an en bloc sale by majority consent.

And the original developer’s consent will not be required, because if the Strata Titles Board approves an en bloc sale, he will lose all rights to the land.
Source : Business Times - 28 Aug 2007

Singapore Property - Buy , Sell , Rent , Invest
Mindy Yong
(+65)91002985
mindy@mindyyong.com
http://www.hotvictory.com

Law may alter the pace of en bloc sales

Law may alter the pace of en bloc sales
Amendments could see sales surge in near future, but sites may take longer to launch later
By KALPANA RASHIWALA
(SINGAPORE) Proposed changes to the law will make the en bloc sale process more transparent and include safeguards to ensure that the various stakeholders get a fair deal.

Sales committees will have to be properly formed and elected. Collective sales agreements (CSAs) will be witnessed by lawyers who can clarify doubts and explain terms and liabilities. Even after they sign, potential sellers will have a five-day ‘cooling-off period’ during which they can change their minds. Even the definition of majority consent has been tweaked.

In the immediate future the changes, which are expected to become law in early October, could serve as a catalyst to speed up the signing of CSAs, says CB Richard Ellis executive director Jeremy Lake. ‘Otherwise it appears that everything may have to be unwound and the process restarted under the new law,’ he added.

But in the longer term, the pace at which en bloc sites have been galloping into the market may slow. This is largely because new rules and procedures - including how sales committees conduct their business - mean it could take a longer time to launch a site for sale. However, the pace of collective sale deals sealed will still depend largely on market conditions, reckons Credo Real Estate managing director Karamjit Singh, who welcomed the spirit of the changes that promote greater transparency.

Law firm Rodyk & Davidson’s partner Norman Ho said lawyers’ fees for collective sales, usually $3,000 to $4,000 per unit, could double or triple because of the extra work involved - primarily because lawyers will now be required to witness signatures and certify the monthly updates on the consent level. ‘This will also aggravate the current shortage of en bloc sale lawyers,’ Mr Ho reckons.

Agreeing, Credo’s Mr Singh said requiring lawyers to witness signatures will ‘create a bottleneck in the process’.

Like many in the industry, Mr Ho questioned the need to get lawyers to witness signatures, especially since a cooling-off period is also being introduced.

A key amendment is an additional requirement for the definition of majority consent for en bloc sale, to be based on the area of the units in the development.

The existing condition, that requires consent from owners controlling at least 80 or 90 per cent of a development’s share value - depending on whether it is more than 10 years old or less, respectively - will still apply. But a second condition will now require consent from owners of units that form 80 or 90 per cent of area in the development - again depending on its age.

This is different from the Ministry of Law’s earlier proposal in March, which had sought to peg the second condition of consent on 80 or 90 per cent of the number of units owned in the development. Feedback showed that basing the second requirement on area will mitigate bias against residential owners in a mixed development - who typically have lower share values. At the same time, the requirement would not work against commercial unit owners, especially those whose units have much larger floor areas.

Another big section in the Land Titles (Strata) (Amendment) Bill tabled for first reading in Parliament yesterday by Deputy Prime Minister and Law Minister Prof S Jayakumar governs the formation, composition, constitution and proceedings of en bloc sales committees.

A sales committee will have to be elected by more than 50 per cent of owners present at a general meeting of the management corporation before signing of the CSA may begin. Eligibility criteria of committee members are listed and the sales committee will have to convene general meetings to consider key issues such as the appointment of the property consultant and lawyer, apportionment of sales proceeds and the terms and conditions of the CSA.

The sales committee will also have to provide monthly updates - instead of every eight-weekly currently - of the consent level, to keep owners better informed.

Every launch for sale must be through a public exercise like a tender or auction. However, the sales committee can engage in follow-up negotiations with any bidder, especially if the tender/auction fails to achieve the desired price. But a sale by private treaty must be concluded within 10 weeks of the close of the tender/auction. Otherwise, the tender will have to be relaunched for sales efforts to resume.

Credo’s Mr Singh welcomed the 10-week deadline, saying it ‘instils discipline as the market has shown itself to be very dynamic’.

‘In fast-moving markets, private treaty negotiations do not give you comfort that you are dealing with the best buyer. But a tender does, because you are inviting more participants to the negotiating process rather than limiting yourself to one or two,’ he added.

A MinLaw spokesperson said: ‘The proposed amendments to the Land Titles (Strata) Act are to provide additional safeguards and to ensure more transparency for all owners, that is, the minority and majority owners, but in a way that does not make it unduly onerous to bring about an en bloc sale.’
Source : Business Times - 28 Aug 2007

Singapore Property - Buy , Sell , Rent , Invest
Mindy Yong
(+65)91002985
mindy@mindyyong.com
http://www.hotvictory.com

A Secret Formula For Success

A Secret Formula For Success

At www.property-elite.com, we believe in following a few rules of the thumb to ensure a successful career in real estate. The key to success lies in having a positive attitude towards life, having realistic expectations of your job and most of all patience and determination. In the tough and competitive world of the real estate business, keeping six words in mind will lead you onto the path of success. Read on to find out what the secret formula of success is at www.property-elite.com

Success = Love + Time + Knowledge + Money + Health + Opportunity

Love

At www.property-elite.com, we believe that love is the most powerful ingredient in our formula. This is because building good relationships is one of the keys to success in the real estate business. How can one build a relationship without a love for the job? It is therefore important for a real estate agent to have a strong passion, liking and love for his career. It has often been said that if you love what you do, the job is not really a job anymore. It becomes something you enjoy doing on a daily basis and something you can derive pleasure out of. The people with the most long lasting careers are those who love their jobs and their clients. So if you want to get ahead in the industry, start by looking for properties here in Singapore. Enjoy our personalized services and get ready to fall in love with real estate.

Time

Time is money. And so it is true even in the real estate industry. If you are considering a career in real estate, you will have to accommodate long working hours. Though the working hours can be flexible, you will definitely have to spend a large amount of time during the initial years. Also, while working with clients and showing them properties, you need to communicate in a relaxed and unhurried manner. No one likes a real estate agent who means only business! A little bit of your personal time and a great smile can go a long way in ensuring your success in the real estate industry. Now that you see how valuable time is, you should consider joining the agent program at www.property-elite.com. It allows having all the time in the world to spend with your family, friends or maybe even following a hobby. So sit back and relax, while we do the work for you!

Knowledge

As a real estate agent, you will be able to interact with people who have had years of experience in the field. Therefore you are bound to gain more knowledge in the field as you move on. Many people take courses in real estate before beginning a career. However, that might not be necessary, because the real estate industry is a learning field where an agent can learn as he performs. Practical knowledge is most essential and this is learnt by mere practice. At www.property-elite.com, we make sure you are a step ahead of everyone else. Therefore we provide you with a knowledge bank and a research bureau that can help you find the best deals around. With knowledge comes
success

Money

Money is no limit when you are a real estate agent. People have been known to make millions overnight in a single transaction. At www.property-elite.com, we allow you to be your own boss and therefore money is no limit. We also provide you the best value for your money. A successful real estate agent is one who knows what deals to make and where the money lies.

Health

At www.property-elite.com, we understand how important health is and therefore provide you with all the resources required to ensure a healthy, successful lifestyle. Being in good health at all times ensures a fruitful career.

Opportunity

Never give up on an opportunity because it doesn’t come by twice. The real estate industry is also about taking risks and chances and making use of the opportunity. Therefore do not miss out on the wonderful services we offer at www.property-elite.com. Join today!

MINDY YONG
( +65 ) 91002985
mindy@mindyyong.com  ( email me )
http://www.hotvictory.com

How To Jumpstart Your Career In Real Estate

How To Jumpstart Your Career In Real Estate

A career in real estate is ideal for a person who is looking for a job that allows him or her to interact with people on a daily basis. The real estate industry offers enormous resources and career paths for people looking to join the business. It is a wonderful career to get started with and can offer immediate success for those who have the potential, passion and skills needed in the industry.

Research has shown that a career in real estate has many perks and advantages that other careers cannot offer. These include earning an income according to your sales, flexible hours, working with independent contractors, creative freedom and the advantage of being your own boss. The amount of money a salesperson makes depends on how ambitious and determined the person is. The careers allow you to meet clients according to your own convenience. Income depends on the amount of commission you make on closed transactions and for a good sale; they can sometimes make you a millionaire overnight!

There are certain characteristics a person must possess before deciding for a career in real estate. People’s skills in the key to success in the business. Real estate agents must have good communication skills, good English and should be able to meet the demands of their clients. There are certain things a person needs to keep in mind before starting a career in real estate. You must realize that the career is an expensive one; therefore you should make provisions for yourself for at least 6 months after starting a job. This is because you will need to pay for your courses, license and training and these are usually quite expensive. Also, in the first few months, it is unlikely an agent will make a sale and even if he does, he will not receive the commission until the possession date which is usually after three or four months.

According to research, nearly 70% of successful real estate people have come from areas that are not related to the industry. These include teaching, nursing, communications, government, retail and the armed forces. Only one fourth of them had worked as sales persons. Usually a college degree is not required and some states do not even require a high school diploma. The only key to success is communication, people orientation skills and a passion for selling!
Succeeding in the real estate business means that you will have to constantly gain knowledge, learn new things and use your creativity to the limit. Also allow for long working hours when required. Organization and good etiquette can sometimes play an important role in success. So it is a good idea if you work on those along with your career. The real estate industry is currently witnessing its biggest boom and it is definitely a good career to begin with.

And if you really want to enjoy your job while making the moolahs, try doing something new every time you sell a house. Keep the enthusiasm going, the energy levels high and think of new and innovative ways to put the property forward in front of your clients. If you have the zest for life, a passion for real estate and the people’s skills, you will swing to the top in no time!

Mindy Yong

(+65) 91002985

mindy@mindyyong.com

http://www.property-elite.com

A Guide To The Benefits Of A Real Estate Career – Only At www.property-elite.com

A Guide To The Benefits Of A Real Estate Career – Only At www.property-elite.com

Have you been thinking about a career in real estate? Do you want to make a million bucks in a short time? Have you dreamt of a job where you are the boss and time and money have no limit? Looking for health, wealth, emotional, mental and spiritual success? If the real estate business is for you, www.property-elite.com brings you a guide to what the real estate business can do for your life and how to have a successful, long lasting and well paying career!

Health

A healthy life is one of the most important things that will keep you up and about till you are at least 70 years of age. Good health is the key to success in any career. It makes sure you are fit and are able to deal with the stress and tension that comes with the real estate business. Long working hours, working in the heat and very little time to look after your body can bring harm to your physical condition. But if you have been looking after yourself well and eating the right kind of diet, no kind of stress or tension can take a toll on your body. As they say, health is wealth!

Wealth and Finance

A career in real estate can make you a millionaire overnight if you possess the right skills and the passion. At www.property-elite.com we look for agents who are determined in their careers. However, before starting out as a real estate agent, you must make sure you have enough to finance yourself during the first 6-8 months of your career. This is because deals are not usually made so soon and even if you end up making a sale, you will not get the compensation until the possession date of the property. This could mean at least 4 months without your pay. But once your career starts rolling, everything sets into place and as you gain more and more experience, you start to make more money as well.

Career

A career in real estate is ideal for a person who can give in long hours, has a love for the business and has the people’s skills. A career as a real estate agent can change your fortunes overnight and we at www.property-elite.com make sure you choose the right path. However, it should be noted that this career path is not for everyone. Although most firms only require a high school diploma (and some do not even require that), the most important thing that you must be skilled in is communication. A real estate agent must have the skills to sell and convince. If you possess these skills, you will reach the top rung of the career ladder in absolutely no time.

Business

The real estate business is at its peak in the markets right now. With a high demand for property everywhere, real estate agents are making millions in their transactions. Also, with the development of private property ownership, the real estate business has become quite popular and a respectable career to follow. Because purchasing different kinds of property entails different characteristics in each property, the real estate business has branched out into several sectors. This provides its clients with all the required services and needs. Some of the kinds of real estate business include Appraisal, Brokerages, Development, Property Management, Real Estate Marketing and Relocation Services.

Relationships

If you observe the real estate business, you will notice that most real estate agents are good speakers, can communicate their ideas well and have convincing powers. It is very important to have people’s skills in such a career because building relationships is what ensures a good sale. A real estate agent should be able to build a professional relationship with his client and cater to the client’s every need. If there is no connection between the client and real estate agent, the client is not going to be able to trust him and will therefore hesitate to buy the property. A good relationship with one client ensures a lifelong relationship with the company and the client. Therefore it is extremely imperative that the client learns to trust his or her agent.

Personal Benefits

A career in real estate can definitely do wonders for your personal life. If you are a well settled man or woman, you can definitely save up a lot of your income for the future. A steady flow of income also ensures a comfortable, hassle-free life. A career in real estate does not only benefit a person just by increasing the income, but also because the agent learns to build contacts and increase the network. And with good relationships comes a good reputation which can ensure that you go a long way in your career.

Spiritual, Mental and Emotional Benefits

Once you have started earning a good amount and are comfortable with your position in the real estate industry, your mind will definitely be at ease. You might feel a spiritual and emotional satisfaction at the fact that you are helping people find the homes of their dreams. After all, a real estate agent is just a mediator between people and their homes and a getting the perfect home can mean the world to some people. As you get to know more and more people and sell more and more homes, you will feel the emotional satisfaction one feels after having done a good job.

At www.property-elite.com, we ensure that you achieve all these goals and benefits. A career in real estate can improve your life and yourself as well. Although the career requires special skills in communication, this aspect can be built upon if you are not a gifted speaker or communicator. Convincing powers are a must and a good attitude towards life also proves advantageous. All in all, a career in real estate can probably give you all that you have ever dreamt of along with flexible hours, the ability to be your own boss and unlimited income.

MINDY YONG
( +65 ) 91002985
mindy@mindyyong.com  ( email me )
http://www.hotvictory.com

A Step Towards Success In Real Estate

A Step Towards Success In Real Estate

The real estate industry is witnessing the biggest boom of its history in the past few years. It has emerged from a simple sales industry to one that offers a variety of services and career opportunities for bright, young people. It is therefore natural that more and more people are flocking towards a career in real estate as the industry continues to expand. With a definite increase in competitive job positions, increase in amounts of earning and the opportunity the industry offers to become successful in the career, it is time to pull up your socks if you have been thinking about starting a career in real estate.

Starting a career in real estate will need a lot of patience and effort from your side. You must make sure that you join the right company with the right employer for you. Also remember, that a career in real estate is very expensive. You should have at least 6 months of savings to support you before you even begin your job. This is because you will need at least a few thousand dollars to pay for things like your courses, license, training and personal expenses. Do not expect to make a sale on the first day of your job and by a miracle even if you do, you will not receive the commission until the possession date.

This means that your check will not arrive until after four months!If you want to put your right foot forward in the industry, you need show determination, passion and a love for selling property. The real estate business should not be done as a part time career because you will eventually end up paying more than you earn. Therefore it requires commitment and a hell lot of time! During the initial years, you will have to work weekends and evenings as well. But life only gets sweeter as you climb up the industry ladder.

So what does it really take to become successful in the real estate industry? The answer is simple. You need to enjoy what you are doing and also have the ability to communicate. It has been found that salespersons with people’s skills often make the most amount of money. The real estate business is about people and the companies are there to satisfy their customer’s needs. Nowadays most companies are offering much more than just selling a property. The goal of most companies is to completely unburden their client with any sort of hassle and to do everything for them. Therefore it is very important for an employee to be able to interact, convince and sell!

Starting a career in real estate can be one of the simplest things. It is becoming successful in the job that will seem difficult to you. But with determination, passion and lots of energy you can be at the top in no time. So do not hesitate! Now is the right time to go ahead and begin a lifelong career in real estate.

MINDY YONG
( +65 ) 91002985
mindy@mindyyong.com  ( email me )
http://www.hotvictory.com

How To Start And Have A Successful Career In Real Estate

How To Start And Have A Successful Career In Real Estate

Now who wouldn’t like to be their own boss and earn unlimited amounts of money per year? That’s right; careers in real estate are booming at this moment and if you want to step on the right track, get started with a career in real estate!

Before starting out at any odd place, be sure to find an employer that fulfils your requirements in terms of size, location and the way you operate. The rest will be history because a career in real estate will make you work hard and earn harder! It is important that you become skilled and experienced as you learn, because these are the kind of people who get the most out of their careers in real estate. Learn from those around you and always ask questions.

While starting a career in real estate may earn you millions in ten years, you do need to realize that it is an expensive career. Therefore you must have enough personal finances to support you for at least 6 months after starting your job. It is very rare to make sales and earn commissions as soon as you enter the business and even if a sale is made, the funds are not released till after the day the property is possessed.

You will also have some upfront costs for becoming a real estate salesperson. These will basically be your course fees and licensing fees. They will cost around $330 and the charges can differ depending on which school you take the test from. Some companies provide free in-house training before you begin a proper job; however others still want you to train at your own cost which can be around $100-$200. Also, while you begin your career, you will need to pay for the Errors and Omissions Insurance. It is a policy aimed to protect you from making errors and omissions in your business. It can cost around $500-$700 per year. So as you can see, it becomes extremely important to save up before you even begin your career!

The most successful people in real estate business are those who are self-motivated and function normally outside an office setting. A real estate career will require you to be organized, efficient with time, money, effort and technique under the supervision of brokers. The working hours are usually flexible but you must be ready to put in the extra hours if necessary. Success in real estate may not look as easy as you think it is. A lot of hard work and most importantly, “peoples skills” are required. It is crucial that you have the ability to communicate, put forward ideas and also have the ability to listen to others. You must enjoy working and meeting new people.

Successful real estate businessmen do not have unrealistic expectations and never run short of savings. To be at the top of job, you need to put in extra time and energy. You will have to make yourself go that extra mile to start and be successful in a career in real estate.

MINDY YONG
( +65 ) 91002985
mindy@mindyyong.com  ( email me )
http://www.hotvictory.com