The definitions under The Condominium Act (Republic Act No. 4726) are straightforward. A condominium is an interest in real property consisting of a separate interest in a unit and an undivided interest in common in the land on which it is located and in other common areas of the building. 

Buyers own a condominium unit, which is a part of the condominium project intended for any type of independent use or ownership. The condominium project covers the entire parcel of real property.

Title to the common areas, including the land, may be held by a corporation specially formed for the purpose. This is called the Condominium Corporation. The buyers automatically own a pro-indiviso interest in the Condominium Corporation. 

The common areas remain to be privately owned (unless purchased by or donated to the government). The fact that the condominium is subject to government rules and regulations does make the property, including the common areas, public property.