70CWhen is a BTR dwelling owned collectively?

70C When is a BTR dwelling owned collectively? For the purposes of section 70B(1)(b), a BTR development is owned collectively if— (a) the owners of the land are co-owners; and (b) no owner of the land, either individually or with another owner, is entitled to a specific part of the land that one or more other co‑owners are not entitled to. 1 Persons A, B and C own land that is used and occupied by a BTR development. Person A holds a 40% interest, Person B holds a 40% interest and Person C owns a 20% interest in the land as tenants in common. Persons A, B and C are taken to own the BTR development collectively. 2 Persons A, B and C develop 50 dwellings on land for the purposes of offering those dwellings for rent under long-term rental agreements. Person A owns dwellings 1 to 15, Person B owns dwellings 16 to 30 and Person C owns dwellings 31 to 50. Persons A, B and C do not own the dwellings collectively and the BTR development is not an eligible BTR development for the purposes of this Division. S. 70D inserted by No. 52/2021 s. 59.