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TCSM Topic 6 Concept of Strata Title - Coggle Diagram
TCSM Topic 6 Concept of Strata Title
2 separate legislations combine into single legislation known as Building Maintenance and Strata Management act (BMSMA)
Land Titled (Strata) Act
Buildings and Common Property (Maintenance &Management) Act
Share value in residential properties
Unit with larger floor area will have larger share value as it is assumed that it have more occupant and thus paying higher maintenance fees
It is essential to consider the occupancy of strata residential properties when determining the share value, as it reflects the usage of common property and facility features.
Share Value
5 share x 80 units = 400. Share entitlement = 5/400 x 100% = 1.25%
Share value of an owners determines:
Amount of contribution - pay more to Management Corporation for maintenance of common areas.
Share of ownership in common property
Voting Rights - higher share value, has more voting right
Purpose is to determine the amount of shares each owners has in the same development that is shared with other owners
An owner of a strata lot is known as a Subsidiary Proprietor (SP)
Represents the proportionate strata share entitled to each strata unit in the development
Change of share value are only allow
Value has been fraudulently assigned to a lot
There is a subdivision of a strata lot or 2 or morel lots might be combined
There is an error in the entry
Two-Tier Management Corporation
Mixed Development
For example, Hillion Residences and mall, The Rise @ oxley, Katong Regency and One KM Shopping Mall
Shops incur a higher proportion of and share value maintenance expenses because they use more air conditioning an other facilities like escalators
Comprise of residential units, offices an shops
Shop owners therefore pay a higher levy than offices and residential owners
Purpose of BMSMA
Provide an organisation and management system to set rules and duties of each units owner in strata titled developments and how they should organise themselves to administer the common property