Yes, during the initial approval process for a Master Plan or Site Plan, a developer may designate certain spaces for private, commercial, or investment use. These are known as Developer-owned Areas and are distinct from Common Parts or Facilities.…
Yes, during the initial approval process for a Master Plan or Site Plan, a developer may designate certain spaces for private, commercial, or investment use. These are known as Developer-owned Areas and are distinct from Common Parts or Facilities. However, the developer must obtain approval from the DLD and the Competent Authority. Such areas may only be used in a manner that complies with the Master Community Declaration and does not infringe upon the existing rights of other unit owners in the project.
This is general information from the website library. Confirm current rules, fees and property details with the relevant authority before acting.
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