The history of multi-ownership in buildings has been widely debated.
Some trace it back to Roman times, while others believe it began in 1725 in England with the “flying freehold” concept, where one part of a freehold property overlaps another.
It was only in 1961 that the Australians started the strata ownership—a system allowing ownership of different levels in multi-storey buildings.
Singapore later adopted the strata system in 1967 for ensuring clear legal ownership and efficient strata management.
Along with nation building, our legislations went through changes and the Building Maintenance & Strata Management Act (BMSMA) was passed in 2004.
Through this legal framework, lawmakers intend to give owners of multi-ownership properties greater autonomy in making decisions concerning their estates.
Singapore’s approach to housing has been remarkably successful, providing a mix of public and private housing that meets the needs of its growing population.
With around 450,000 condo units housing 1.5 million residents, and approximately 100 new strata condos completed each year, the nation continues to expand its housing options while maintaining high living standards.
I shared with the representatives of developer firms about our proactive mindset towards strata management that has transformed our Singapore into a city with high-quality, well-managed homes.
This success ensures that we can enjoy a safe, comfortable, and thriving living environment, contributing to a strong and harmonious society.
What other achievements that you will shout out for SG60?
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I am Teo Poh Siang, founder of Wisely 98 Pte Ltd. People called me Dr Condo. I trained the next generation of industry leaders in condo management.
#wisely98pteltd #managingagent #stratamanagement
Real Estate Developers’ Association of Singapore (REDAS)
