SINGAPORE: Condominium owners who want to rent out their property for short-term stays can do so if owners holding on to at least 80 per cent of the development's share value agree to allow such rentals, the Urban Redevelopment Authority (URA) has proposed.
This was one of the suggestions in a long-awaited public consultation on Airbnb-style homesharing launched by the URA on Monday (April 16), which aims to bring Singapore one step closer to finding a balance between nurturing disruptive industries and regulating them.
It proposed a new category of short-term accommodation for private residential properties, which existing developments can adopt if they have the owners’ consent and are registered as such.
In a statement, URA said the framework will look at how short-term stays can be applied to developments with common property, such as condominiums, fire safety requirements, the role of management committees and how to regulate the platform operators, among other things.
For condominiums governed by management councils, the URA is proposing that owners holding on to at least 80 per cent of the share value agree to the change of use. This is similar to the threshold for most properties seeking en bloc.
In addition, the URA said it would consider the impact of such short-term stays on the surrounding community. - Singapore Straits Times
Click here for the statement: https://www.ura.gov.sg/Corporate/Event/sta