Property Law
Society Redevelopment
The process by which an old housing society engages a developer to demolish and reconstruct the building(s), typically in exchange for extra space or amenities for existing owners.
Redevelopment lets ageing buildings be rebuilt, generally funded by the developer selling additional units created by increased construction rights, in exchange for providing existing members larger or upgraded flats and, often, rent for alternate accommodation during construction.
Given the scale and duration of such projects, a well-drafted development agreement protecting members' interests is considered essential before a society commits to redevelopment.
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