In a strata development, the term common property (CP) is, shall we say, common? According to the Strata Management Handbook by the Real Estate and Housing Developers’ Association’s (REHDA) Institute, common property refers to the development area that is not included in any parcel or accessory parcel and is capable of being used or enjoyed by two or more strata unit owners. These areas include the corridors, landscaped areas and gardens, swimming pools, gymnasiums and meeting rooms which is where the maintenance fees you pay monthly go, towards the upkeep of these facilities.
However, more and more mixed developments now exist where developers claim that people can live, work and shop/play, all within the same building complex. Hence, a mixed development would have residential blocks, office towers, a retail mall or shops and a hotel all rolled into one.
While it all looks great on paper, because to live with every convenience at your doorstep has a wonderful ring to it, the reality is that being a resident in a mixed development does not mean you can use or benefit from the parts of the development other than the residential portion.
MediaTitle: The Edge Financial Daily
Date: 12 Apr 2019