13 hours ago
Financial Park Labuan Owners Receive Strata Titles After 28-year Wait
BUSINESS
By Jailani Hasan
LABUAN, June 25 (Bernama) -- After nearly three decades of ownership, 31 shop unit owners and nine Alpha apartment unit owners at the Financial Park Complex finally received their long-awaited strata titles today.
The issuance follows an application process by Financial Park (Labuan) Sdn Bhd that began in 2018, after the enforcement of the Strata Management Act 2013 in Labuan.
The titles were officially handed over by the Director General of the Department of Survey and Mapping Malaysia (JUPEM), Datuk Hazri Hassan, at Financial Park Complex here today.
Financial Park (Labuan) Sdn Bhd chief executive officer Johari Mesar said the mixed development comprises 419 commercial lots designed for various business activities and related facilities.
'This is a long-awaited achievement for our unit owners who have invested here since 1996.
'The strata title grants them formal ownership recognition and opens doors to better asset value management,' Johari said to Bernama after the handover ceremony.
He said Financial Park Labuan has undertaken upgrading works across several areas of the complex to enhance the value of its commercial assets.
'In addition, we are working closely with Labuan Corporation to ensure all business operators at the complex are properly licensed. This is crucial for maintaining regulatory compliance and supporting a healthy business ecosystem,' he said.
