Since 2012, Brunei Darussalam has effectively restricted the purchase of properties through a power of attorney (PoA) or trust deed with the aim to safeguard the interests of Bruneian citizens and to ensure that land ownership here are fully owned by those who are eligible.
In an effort to encourage more investments in the local real estate market, the Strata Title ownership is however available for Brunei citizens, permanent residents and also foreigners since 2009, this allows prospective land buyers including non-Bruneians to own properties through a lease not exceeding 99 years.
A strata title is the title issued in respect of units in a multi-storey building where permission to subdivide the building is approved such as flats, shop and office units.
The Land Code (Strata) Act (Chapter 189) was introduced by His Majesty Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah ibni Al-Marhum Sultan Haji Omar ‘Ali Saifuddien Sa’adul Khairi Waddien, Sultan and Yang Di-Pertuan of Brunei Darussalam, in 1999 and has been fully implemented since July 1, 2009.
The move to introduce the act aimed to create open opportunities and encourage investment in the property market. This will in turn contribute towards the development of the economy. In addition, it provides a guarantee of rights to the land and strata title owner.
Although the Land Code (Strata) Chapter 189 has come into force since July 1, 2009, applications for strata titles are not yet as enthusiastic as the neighbouring countries, according to the Land Department. This is mainly attributed to the lack of awareness of its advantages and its processes. The Department has since been active in organising awareness campaigns through roadshows across the country and other mediums to ensure that it can be fully utilised by stakeholders.
Detached houses remain a popular choice in Brunei according to AMBD’s statistical bulletin released late last year. In the first half of 2018, the total investment in property came up to around BND45.9 million.
Meanwhile, land purchases were made during the same period totaled at around BND0.7 million. Based on mortgage data obtained from banks, there were a total of 84 transactions for residential properties in second quarter of 2018 compared to 92 transactions in first quarter of 2018.
The majority of these transactions in the second quarter were for detached houses (51.2 per cent), followed by semi-detached (21.4 per cent) and terrace houses (21.4 per cent), apartments (4.8 per cent) and land (1.2 per cent).
The median purchase price for all properties was BND260,000 in Q2 2018. The median purchase prices for specific types of properties were BND280,000 for detached houses, BND257,500 for semi-detached houses, BND210,000 for terrace houses, BND283,000 for apartments, and BND300,000 for land.
The overall median purchase price of residential properties in Q2 2018 decreased by 8.8 per cent year-on-year compared to Q2 2017, but showed an increase of four per cent quarter-on-quarter compared to Q1 2018. The Statistical Bulletin additionally revealed that the residential property market recorded a boom in 2015, with 398 transactions having been made worth BND119.6 million, followed by 378 transactions in 2016 with a total value of BND105.3 million, and 357 in 2017 with total value of BND99.6 million.
In terms of location, demand for residential houses in Brunei-Muara District surpassed the rest of the districts, with 133 transactions recorded in the first six months of this year, followed by Tutong with 26, and Belait with 17.
No transactions were made in the Temburong District. This trend is also seen for the past three years, with the Brunei-Muara District topping the property-buying popularity list.
2018 also saw a number of new exciting new property developments across the country, notably in the Brunei-Muara district as new shopping and apartment complexes were launched, giving Bruneians a wider choice in shopping and leisure.
Designed as a lifestyle family-oriented shopping destination, Aman Hills Shopping Centre located at Sungai Tilong hosts shopping centre, shop houses, apartment, hotel and serviced apartments and is home to Brunei’s first iceskating rink and also hosting bowling alleys and cinemas focusing on premium seats.
Another new development is the OneCity Shopping Centre in Kampung Salambigar, with Hua Ho as anchor tenant. OneCity is the nearest integrated mall for residents in Mengkubau, Salambigar, Serasa and Mentri; housing a cinema, apartments and shop lots.
Riverside homes are highly sought after in modern cities throughout the world. In line with this growing trend, One Riverside, a 99-year strata title luxury residential and commercial development was launched in 2018.
Situated in the heart of Gadong, facing Sungai Kedayan and Sungai Menglait, the integrated development redefines riverside living in Brunei. It boasts of a sought-after address of No 1 Jalan Gadong.
The development comprises 84 condominium units, private courtyard gardens, a riverside promenade and 18 commercial units which has been fully snapped up by cafes and retailers as well as a Supa Save supermarket. You can find popular eateries like Amsarra, Bloom Café, Chocolate Origins, Iskander and Ximply Chris at One Riverside. Sports enthusiasts will enjoy shopping at Cycle Nation or Under Armour. There is also a florist, Bloom Project Co at the site.
The One Riverside brings a totally different experience for the people of Brunei. It is linked to a nearby commercial hub, Kiulap, via a pedestrian bridge.
Leeyaqat is an architectural and construction company in Brunei. The company provides design and build services for home interior and exterior. Leeyaqat also specialises in earthwork, land development, real estate house extension, refurbishment and renovation.
An admiration for design and architecture led to the formation of Leeyaqat. The company aims to help clients build a place they can truly call home.
Leeyaqat has been operating in Brunei for almost 15 years. With the surge of digital marketing, Leeyaqat has optimised their marketing strategy to reach a wider audience. The company now offers their interior design services to Malaysia and Indonesia. Leeyaqat creates designs inline with customer’s preferances, with meticulous attention to detail.
The company also takes pride in their quality building materials. Leeyaqat’s future expansion plans include major cities like Dubai and Berlin.
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