Is your condo running out of funds? (part 1)

During the circuit breaker period, tenants have been given rent reprieves to cope with the downturn. With the worsening of Singapore’s GDP (-13.2% for Q2 yoy), there is an on-going second round of retrenchments and pay-cuts. Some condo owners are finding themselves in financial difficulties. They have been asking for a reduction in MCST maintenance fees, which can amount to $250-$800 per month (depending on development size and facilities).

Council members review contributions and expenses continuously. I would say this is their biggest concern and main responsibility. Once a year, all owners are informed during AGM and given the opportunity to voice out regarding this matter. Therefore such contributions should either be sufficient or with a small buffer (in older and more conservative condos).

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