Towards fairly apportioning sale proceeds in a collective sale of Strata Property
Cake-cutting is a longstanding metaphor for a wide range of real-world problems that involve the division of anything of value. Unsurprisingly, where owners of a strata scheme wish to end the strata scheme and collectively sell their development, one of the most contentious issues may be the apporti...
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| Format: | text |
| Language: | English |
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Institutional Knowledge at Singapore Management University
2020
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| Online Access: | https://ink.library.smu.edu.sg/sol_research/3202 https://ink.library.smu.edu.sg/context/sol_research/article/5160/viewcontent/UNSWLJ_ET.pdf |
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| Institution: | Singapore Management University |
| Language: | English |
| Summary: | Cake-cutting is a longstanding metaphor for a wide range of real-world problems that involve the division of anything of value. Unsurprisingly, where owners of a strata scheme wish to end the strata scheme and collectively sell their development, one of the most contentious issues may be the apportionment of sale proceeds. In Singapore, this problem is compounded in mixed developments which have both commercial and residential elements as well as in developments with different sized units, often with disproportionate strata share values; even differing facings and the state of one’s unit may attract disenchantment when trying to apportion proceeds. This article critically analyses how New South Wales (NSW) and Singapore allocate proceeds pursuant to a collective sale of strata property. In this respect, the Strata Schemes Development Act 2015 (NSW) and Strata Schemes Management Act 2015 (NSW) are significantly clearer than Singapore’s Land Titles (Strata) Act (Cap 158) as the latter does not prescribe any statutory formula for apportionment. In examining the jurisprudence and respective strata frameworks, this article proposes how proceeds in a collective sale could be more fairly apportioned. |
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