I REFER to the letter 'Publish guidelines on property's share values' (ST, Nov 4) by Mr Tan Kok Chuan.
Under the law, the share value of a unit in a strata development determines the voting rights of the unit owner, his share of the common property, and his contribution to the maintenance fund.
To ensure that share values are allotted in an equitable manner, the developer of a project has to file the schedule of share values to the Commissioner of Buildings (COB) for his acceptance.
Current guidelines issued by the COB stipulate that for residential developments, the share values are to be allotted on the basis of the size of the unit in area groupings of 50sqm.
Prior to this, it was in area groupings of 100sqm.
A base value of five shares will be allotted to units of 50sqm or less. Subsequently, an additional share value will be allotted for each additional 50sqm.
As the owner of a larger unit has a larger stake in the development, he should proportionately be accorded more voting rights and a higher share in the common property.
Correspondingly, his contribution to the maintenance fund would be more than the owner of a smaller unit.
Members of public who wish to know more about share value and how it is allocated in both residential and mixed developments can view two publications viz. 'Strata Living in Singapore - A General Guide' and 'Guidelines for Filing Schedule of Share Values'.
Both are available at the BCA's website at www.bca.gov.sg. Ding Hock Hui
Commissioner of Buildings
Building and Construction Authority
