Gov’t Sets Up Strata Ownership Special Fund To Help Strata Property Owners

·2-min read

The government has established the Strata Ownership Special Fund to help resolve the ownership issue of old stratified buildings, also known as special building schemes, in Peninsular Malaysia.

Energy and Natural Resources Minister Datuk Seri Dr Shamsul Anuar Nasarah said in a statement that special buildings refer to buildings that have no Certificate of Completion and Compliance (CCC) or Certificate of Fitness (CF) and were occupied prior to June 1996 (automatic classification), or from June 1996 until 11 April 2007 (classified by the state authority), reported Bernama.

He noted that the fund will assist special building owners, especially those from the B40 group who face complications in applying for strata titles.

Are you a strata property owner? Find out more about your rights under the laws of Malaysia here.

The settlement of strata title registration will facilitate special building property transactions as well as the inheritance distribution process by heirs of deceased homeowners, he said.

Shamsul Anuar added that strata title registration will also lead to the establishment of the building’s management corporation.

He attributed the special buildings’ failure to apply for strata title to the absence of the original homeowners or the wounding up of developers and to financial issues facing the housing scheme.

According to the statement, the Land Surveyors Board has contributed RM2 million to the fund becoming its first contributor to resolve strata title rights of four special buildings namely Pangsapuri Shangri-La, Taman Seri Cheras, Selangor; Taman Indah Fasa 1, Penang; Pangsapuri Taman Tap, Teluk Intan, Perak; and Taman Permai Ria Blok 24 & 26 in Kuala Lumpur.

Shamsul Anuar said he hoped the contribution will encourage other corporate bodies to help the owners of low-cost homes to obtain their strata title.

Aside from government allocations, the fund accepts contribution from institutions, private companies, individuals as well as local and foreign entities, he added.

Contributors to the fund are eligible for a tax deduction under the Income Tax Act 1967, subsection 44(6), said Shamsul Anuar.

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