Management Corporation
Automatically formed for every condominium or multi-unit private development. All condo homeowners are automatically members of the management corporation. It is a legal entity that may sue other parties, and can itself be sued by other parties.
Subsidiary Proprietor
The technical term for a homeowner on an estate.
Share Value
This reflects the share that an owner has in the common property of an estate. If a unit’s share value is five out of 100, then 100 represents all the shares of all the units in the condominium and five represents the shares allotted to that unit. The share value is used to determine the homeowner’s maintenance contributions as well as his voting rights. The higher his share value, the more maintenance contributions he has to pay and the more voting rights he has. In the case of residential properties, an apartment of up to 50 sq m is allotted five share values, and an additional share value is allotted for every additional 50 sq m of floor area.
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