The Urban Renewal Act (URA) is set to be presented in Parliament next month. Among its contentious proposals is an 80% consent threshold for properties of 30 years old and a 75% threshold for properties over 30 years old. This means that a property could be compulsorily redeveloped even if 20% or 25% of owners oppose it.
There seems to be an ongoing attempt at circumventing the Federal Court decision –through invoking a different provision in the HDA to allow the authorities to again extend the deadline for delivery of vacant possession or move the goalposts, thereby denying the house buyers their rights to receive their houses on time as stipulated in the sale and purchase agreements, and correspondingly their rights to receive liquidated ascertained damages (LAD) for such delays.
“The unhealthy practice of liquidators imposing exorbitant administrative fees up to 2% or 3% of the purchase price (or in some cases, current market value of the properties) for executing the transfer of individual titles to purchasers has now become a norm.”
Many may not be aware that they have generally six years’ period to commence legal action to enforce their rights if they suffer from any physical or financial injury. This is stipulated under Section 6(1)(a) of the Limitation Act 1953.
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