BANDAR SERI BEGAWAN
THE Strata Act only entitles buyers to limited ownership of property units, not the land it occupies, said the Minister of Development.
Yang Berhormat Dato Seri Paduka Hj Suhaimi Hj Gafar explained that full ownership of the land still remains in the hands of its original owner, which is a citizen of Brunei.
The sale of property units is valid only up to 99 years for perpetual land and a day before the actual lease period with the remaining lease being not less than 20 years for leased land.
Foreigners can also own strata titles where applications will be screened thoroughly by the Immigration and National Registration Department, Internal Security Department and the Autoriti Monetari Brunei Darussalam (AMBD) before any considerations can be made, said the minister.
The move, he added, is designed to allow everyone, regardless of whether they are citizens, permanent residents or foreigners, to own properties in the form of building units.
He reassured that Brunei’s policy on land ownership remains regulated and is well under control.