According to Jones Lang Lasalle (2016), a global professional services firm that specializes in real estate and investment management: "Any transfer of freehold and leasehold landed property (not strata units) may only be registered with approval of His Majesty the Sultan in Council. Generally, only individual citizens of Brunei may be registered as owners of these types of landed property. Individuals who are residents (citizens, permanent residents or foreigners with work permits) of Brunei and foreigners may be registered as owners of strata units [real estate units, such residential and commercial units].
Locally incorporated or registered companies, and individuals, both local and foreign may be registered as a long-term lessee of up to 60 years over residential, industrial or commercial property. Registration of leases of over seven years requires approval of His Majesty the Sultan in Council.
[...]
Amendments to the Land Code were published in 2016 but as of December 2016 have not been gazetted as to coming into force. The amendments set out a clear prohibition on non-citizens from owning or having rights or interests in landed property. Until the announcement of the proposed changes, non-citizens had used a combination of powers of attorney and trust arrangements to obtain interests in landed property. The amendments do not restrict non-citizens from taking lease interests or interest’s in strata titled properties." (Jones Lang Lasalle, Investment Guide)

Replies by the Bruneian Delegation to WTO members' questions on the occasion of Brunei Darussalam's 2015 Trade Policy Review (WTO, 2015) provides additional clarifications on the subject of land ownership by foreigners: "Question 2: Paragraph 2.29 indicates that relevant authorities are drafting the relevant amendment to the Land Code with the objective to revoke the procedure for foreigners in purchasing land and property through power of attorney or trust deeds and convert land and property purchases into 60-year leases.[...]  
ANSWER: The Land Code states that any transfer, charge, lease and sub-lease of land must have the consent in writing from HM the Sultan in Council. Hence, anyone who wishes to own property legally in Brunei must follow the procedures set by the government in order to have their name registered in the Land Register as the legal owner. Purchases using nominees (via Power of Attorney) only gives the purchaser a right in equity in the land. It is not a legal right per se as HM the Sultan’s consent required under the Land Code was not obtained. The amendment of the Land Code will provide clearer provisions as to who can own land in Brunei. By “own” means outright ownership of landed properties which will be allowed only for Brunei citizens. Foreigners and permanent residents would not be able to own landed property “outright” but ownership of leases of private land are allowed under section 23 to be registered (which can be up to 99 years) and also the Land Code (Strata) Act Cap 189 Laws of Brunei allows ownership of strata properties by foreigners and permanent residents who qualifies the criteria of residency in Brunei. The use of Power of Attorney to carry out other transactions related to land (except transfer) such as application for planning and building approval will still be allowed under the proposed Land Code Amendment. This also applies to Power of Attorney held by banks as part of secured landing.
As to the conversion to 60 years leases, this is still under consideration. The Land Code Amendment Order 2015 will require holders of Power of Attorney to declare their PA to the Lands Department. There will be ample time given to “owners” of land via PA to declare his “ownership” before the law comes into full force at a date to be declared by the Minister.
For foreign investors, special arrangements have been made which allow foreign companies to lease land up to 99 years (depending on individual agreements) from appointed statutory bodies such as the Brunei Economic Development Board, the Brunei Investment Agency and such bodies. The leases (if more than 7 years) will require HM the Sultan’s consent in writing before they can be registered. Leases under 7 years can be registered without HM the Sultan’s consent (section 23) as these are considered rentals." (WTO, 2015)

For the purposes of the OECD FDIRRI, it is assumed that locally incorporated or registered companies, domestically or foreign-owned owned, are only allowed to lease land up to 99 years for the pursose of conducting business operations. Assumes no discrimination is made with regards to corporate investors [a discriminatory treatment applies with regards to individual investors, which is scored under real estate investment].
"ANNEX I - SCHEDULE OF BRUNEI DARUSSALAM
Sector: Land
Obligations Concerned: National Treatment (Article 9.4)
Measures: Land Code (Chapter 40), Land Acquisition (Chapter 41), Land Code (Strata) Act (Chapter 189)
Description: Investment
Subject to review and approval by the relevant committee (Komiti bagi Mempertimbangkan Permohonan Pindahmilik Strata) chaired by the Minister of Development, or his authorised representative, a foreign national or enterprise: (a) may own or lease non-landed property (strata title) for up to a maximum of: (i) 99 years where the property is situated on land which is held in perpetuity (freehold); or (ii) one day less than the term of the lease where the land held is leasehold land; and (b) may not own or lease more than 70 per cent of the individual strata titles in a single property” (ANNEX I - SCHEDULE OF BRUNEI DARUSSALAM, Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP))
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"Alienation of state land 
3. His Majesty in Council may alienate Government land for such interest and in such manner as is authorised by this Code. 
Classification of land
4. All forest, waste, unoccupied or uncultivated land shall be presumed, subject to the establishment of any claim thereto registered in accordance with the provisions of the Land Code 1907 to be state land and all cultivated lands which have been abandoned or suffered to lie waste shall be deemed to be forest or waste land within the meaning of this section: Provided that no land to which a claim has been filed in the manner prescribed by the Land Code 1907 shall be alienated by His Majesty in Council in pursuance of section 3 until such claim shall have been determined by competent authority. 
[...]
Transfer, charges or leases 
23. (1) Any person wishing to transfer, charge, lease or sub-lease his land shall deliver to the Land Officer an instrument in one of the Forms D, E or F of the Schedule with such variations as approved by the Land Officer as circumstances may require or such other forms as His Majesty in Council may from time to time by rule prescribe together with the extract under which he claims, and the Land Officer, if satisfied as to the transaction, shall register each transfer, charge, lease or sub-lease. Such instrument shall be witnessed by a Land Officer or magistrate or in a territory outside Brun~i by a duly appointed magistrate, justice of the peace other equivalent judicial officer of such territory and shall be authenticated by his seal of office unless no such seal attaches to such office: Provided that a transfer, charge, lease or sub-lease of land to any person shall be. null and void and shall not be registered except with the prior approval in writing of His Majesty in Council. 
(2) The proviso to subsection (1) shall not apply in the case of a lease or sub-lease of land granted for a term not exceeding or liable on the future exercise of any right or the future occurrence of any other event to exceed 7 years to a person who has not previously been entitled to any interest in such land or any part thereof, whether solely or jointly or in common with another person or other persons.[...]" (Land Code (CAP 40))
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"Insertion of new section 1A into Chapter 40
2. The Land Code in this Order referred to as the Code, is amended by inserting the following new section immediately after section 1 - 
Interpretation
1A. In this Code, unless the context otherwise requires - [...] 
"non-citizen" means any person who is not a subject 'of His Majesty the Sultan and Yang Di-Pertuan of Brunei Darussalam; 
[...]
Insertion of new sections 3A, 3B and 3C
3. The Code is amended by inserting the following three new sections immediately after section 3 --
"Prohibition on transfer to, or purchase or acquisition by, non-citizen of land etc
3A. (1) No -- 
(a)  person shall, whether for consideration or by way of gift inter vivos or otherwise, transfer any land or any estate or interest therein to a non-citizen; 
(b) person shall create any trust in respect of any land or any estate or interest therein in favour of a non-citizen; 
and (c) non-citizen shall purchase or acquire any land or any estate or interest therein except by way of a charge, lease or sub-lease.
[...] 
(3) This section shall apply to a legal person, a statutory body \ constituted under any written law, a society registered under the Societies Act (Chapter 203) and a co-operative society registered under the Cooperative Societies Act (Chapter 84) unless such legal person, statutory body, society and co-operative society is exempted under section 48.[...]" (LAND CODE (AMENDMENT) ORDER, 2016).
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"PART II - SUBDIVISION INTO STRATUM ESTATES [...]
Effect of certification of strata plan.
9. (1) The subdivision of land so as to provide for units shall be effective upon certification of a strata plan by the Commissioner.
(2) The certification by the Commissioner of a strata plan shall have the effect of creating in each unit a stratum estate, which shall comprise — (a) an estate in the unit determinable or subject to lapse in accordance with any of the provisions of sections 54, 59, 60 and 62; and (b) the undivided share in common property to which the proprietor of the unit is entitled by virtue of section 22.
(3) Every stratum estate in a unit shall be for such term of years as shall be approved by the Commissioner but that period shall not exceed — (i) a term of 99 years from the date of certification of the strata plan by the Commissioner; or (ii) subject to subsection (2) of section 8, the remainder of the term of years for which the lot is held by the original proprietor, whichever is the lesser. [...]"(Land Code (Strata), Chapter 189, as amended by LAND CODE (STRATA) ACT (AMENDMENT) ORDER, 2009)
ANNEX I - SCHEDULE OF BRUNEI DARUSSALAM, Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)
Land Code (CAP 40)
LAND CODE (AMENDMENT) ORDER, 2016
[<a href="https://www.mfat.govt.nz/assets/Trade-agreements/TPP/Annexes-ENGLISH/Annex-I.-Brunei.pdf">CPTPP</a>],[<a href="https://www.agc.gov.bn/AGC%20Images/LAWS/ACT_PDF/cap040.pdf">Code</a>],[<a href="https://www.agc.gov.bn/AGC%20Images/LAWS/Gazette_PDF/2016/EN/S037.pdf">Order</a>],[<a href="https://docs.wto.org/dol2fe/Pages/FE_Search/FE_S_S006.aspx?Query=((%20@Title=%20brunei%20darussalam)%20or%20(@CountryConcerned=%20brunei%20darussalam))%20and%20(%20(%20@Symbol=%20wt/tpr/s/*%20)%20or%20(%20@Symbol=%20wt/tpr/m/*%20not%20add*)%20or%20(%20@Symbol=%20wt/tpr/m/*%20and%20add*))&Language=ENGLISH&Context=FomerScriptedSearch&languageUIChanged=true#">Other</a>],[<a href="http://www.jll.com/investmentguide/uploads/attachments/pig2016-brunei-v5.pdf?jllsites">Other</a>]