Something odd is going on at the management office. Earlier this week I sent in an email requesting to sit in at the next MC meeting as an observer. I also wanted to see the latest Financial report to see how much our estate has in the Sinking Fund/Management Fund and generally just look over the accounts.
The Managing Agent replied that the next scheduled meeting was for the 26th March and he would inform me if there were any changes to the date. He also said he was leaving his post - which is unfortunate at this critical juncture in time. He also informed me that since his appointment, he has been running the estate in the black. Which was good to hear, But we may be left vulnerable if a rookie MA were to be installed at such short notice.
Anyway, someone alerted me to a Notice that has suddenly been posted at the MA office.
The 5th MC meeting was held today, 9 Mar at 5pm!! This is against the rules and this meeting is null & void.
I was not informed of this sudden change as promised, it seems to be an emergency meeting.
Why was a meeting held at such short notice? Are the council member so free as to attend at this working hour? Are they all retirees? Has it something to do with the impending CSC announcement? Did the managing agent leave his post? I looked at the agenda:
3.2 Update of Financial management
3.3 Update on expenditures that paid from sinking fund
.
6.1 Reappointment of Secretary (Why? What happened to the old one?)
6.2 Appointment of Condominium Manager (Has he resigned already?)
6.3 Transition of duties
How many management council members do we have?
This is all very irregular.
I shall find out and let you know...
For such a large estate, the amount of sinking fund left is worrying. That is why I don’t understand why there are owners still hoping the enbloc will not be successful. Anyway, looks like the deal is done.
ReplyDeleteNext few months there will be hardly any maintenance, just look at the present state now, badly neglected. Are they still charging us full maintenance fee ?
DeleteRecently, we have had the lift upgrading, and that has taken a chunk out of the SF 2 yrs in a row now, there may be another payment due, I don't know. The Management fund is at an all time low. People not paying their dues perhaps?
DeleteI understand there's strict control in usage of sinking fund ie for major works like lift upgrades, estate painting. What else comes under the reach of sinking fund?
ReplyDeleteManagement changes this late with only 3 more months of estate operations before SL takes over management during 6 mth wind down is unusual.
How much notice before meeting were they given, did all concerned know of change in timings? Who and how many attended? Hope someone can give us good explanation. Accounts need to be scrutinized. In the end any leftover is distributed to all SPs.
those who haven't paid their management fees need to have it deducted and late interest penalties need to be imposed. Those who have been paying promptly cannot be subsidizing those who haven't been contributing. but someone needs to do this dirty work.
ReplyDeleteall fees due n interest accumulated to b deducted from enbloc payment.
DeleteYes, this is the Managing Agent's job, I believe. The penalty is 15% per Annum which is not a lot. That is why we really need an experienced and competent condo manager for the last few months.
Deleteonce completion has been reached, you can be pretty sure that noone will pay management fees
ReplyDeleteOn completion date, we need not pay maintenance fund and property tax already. The 6 months stay extended to us is free.
DeleteRent-free does not mean tax and maintenance free.
DeleteThere are still 6 mths aftercompletion Do those who take all the money at Completing eed to pay mgt fees for last 6 grace period mths? Juz technical qn. But may result in a lot of work calculating...
ReplyDeleteFees need to be paid until delivery of vacant possession. This will be a different date than completion for most. The retention sum will only be paid out after handover. Any outstanding fees will be deducted from it.
DeleteAs can be seen by the above comments- what happens after the Completion date is still fuzzy in people's minds. It's time to put some more digital pressure on our Boys to see what definitive answers they can come up with.
ReplyDeleteAlthough the maintenance of TC is the responsibility of the MC, I think the SC should work hand in hand with the MC during this 6 mths grace period. The SC should talk to SL to take over the maintenance during this 6 mths if the present MA is incapable of carrying out the work. SL holds a deposit from those still staying on, whether 1 or 6 mths. SL will reimburse deposit minus number of mths stay within this 6 mths period. Maintaining the premises is part of SL's responsibility once the completion of sale is done, that is around 12 June. Those who have not been up to date with the maintenance payment should have that amount plus interest deducted. SL can collect the management fees same as the present MA. After final take over, SL should return whatever monies to the residents.maybe the lawyer can handle this for us.
ReplyDeleteto allow for unexpected delay or event,kindly put redemption date at least two week or at least ten business days after completion date.
ReplyDelete