Brunei: Commercial Property
Commercial Property Law
In 2009, the Sultan approved the Land Code (Strata) Act Chapter 189, providing for secure ownership of multi-unit developments and permitting their use a debt collateral.
Another important provision of the Act is the introduction of 'management corporations' to ensure that the common areas of multi-unit buildings are properly maintained.
Minister of Development Pehin Orang Kaya Hamzah Pahlawan Dato Seri Setia Hj Abdullah Begawan Mudim Dato Paduka Bakar said that setting up such management corporations shouldn’t just be limited to residential strata properties, but also commercial properties.
Owners and developers are now required to set up such management corporations, known a 'strata corporations'. According to Part 4 of the Land Code (Strata) Act, “on the certification of a strata plan, by the Commissioner, the original proprietor of the lot to which the plan relates, shall become a strata corporation”.
The responsibilities of a strata corporation include insurance of a building as well as its maintenance.
2010 saw the drafting of The Architects, Engineers and Surveyors Order, governing the activities of architects, surveyors and engineers in Brunei. All such professionals will be required to register with their association.