KUALA LUMPUR, Oct 13 — To encourage urban redevelopment, Prime Minister Datuk Seri Anwar Ibrahim said the government will drop the requirement for en-bloc sales to have 100 per cent approval from existing strata title holders.
Anwar, who is also the finance minister, said this would be reduced to suitable figure after an evaluation of international standards, adding that it would be consistent with the rate required in Singapore.
“To ease with redevelopment of the strata scheme the agreement with the people for en-bloc sales will be reduced from 100 per cent to a number that we feel is suitable and consistent with international standards like in Singapore.
“This will encourage the redevelopment of cities and older properties and will urbanise rural areas,” he said during the tabling of Budget 2024 today.
En-bloc sales have been one of the methods used to combat the growing population in cities around Malaysia, which are facing problems such as insufficient housing options due to land constraints.
An en-bloc procedure is when residents collectively agree to sell all the units in a building to a single buyer.
Due to difficulties in getting all owners to agree, en-bloc sales typically do not go through.
