Minister calls for strengthening professionalism in realty industry

|     James Kon     |

ALL prospective valuers and estate agents must be registered with and licensed by the Board of Valuers and Estate Agents before they can start practising in Brunei Darussalam. This is in accordance with the Valuers and Estate Agents Order 2009 which was amended in 2016, said Minister of Development Dato Seri Paduka Awang Haji Suhaimi bin Haji Gafar.

The order is aimed at ensuring professionalism in the local property industry, specifically in strata title management and unit entitlement by valuers and estate agents, the minister said in his keynote address at the opening ceremony of the Strata Title Workshop at the Ministry of Development yesterday.

“I would also like to see more local students take up relevant professional courses in valuation and real estate to pursue a bright career,” the minister said.

“As we all know, strata title is relatively new in Brunei Darussalam and much has to be learnt from others who have already implemented the system. The Strata Act was enacted in the Sultanate with the objective of allowing people who wish to own property in the form of strata units within a building and opening up the property market. It is expected to improve the country’s economy by encouraging the property industry and attracting local and foreign investors to the realty sector,” the minister explained.

Minister of Development Dato Seri Paduka Awang Haji Suhaimi bin Haji Gafar delivering his keynote address at the opening ceremony of the Strata Title Workshop at the Ministry of Development yesterday. – JAMES KON

He added, “The subsidiary strata title for original perpetuity land in Brunei is for a maximum of 99 years’ lease. As for the leasehold title, the maximum length of the subsidiary title will be one day less than the original lease, provided the remaining lease is not less than 20 years.

“Once the strata title is issued, unit owners can sell, transfer or probate administration/sub-lease their units to an approved person. The title can also be used as loan collateral as mentioned in Chapter 23 of the Land Code.”