maint fee and sinking fund

[marktkt22]

Hi ,

Need info and feedback from forumers,
My current estate, 19 residents, apartment, estate area ~ 10,000 ft2, smalll rooftop pool, surfaced carpk,Minimal landscaping, 1 x lift. No gym, no playground.

Maint fee $40 per share value. Sinking fund not yet decided , haven't had 1st agm.
Seem to me kinda high to have $40 per share value for juz maintain pool, lift, cleaning, and minimal landscaping, and the standard are so-so only. Any view from forumer ?
Thanks ...

[RSG]

Hi ,

Need info and feedback from forumers,
My current estate, 19 residents, apartment, estate area ~ 10,000 ft2, smalll rooftop pool, surfaced carpk,Minimal landscaping, 1 x lift. No gym, no playground.

Maint fee $40 per share value. Sinking fund not yet decided , haven't had 1st agm.
Seem to me kinda high to have $40 per share value for juz maintain pool, lift, cleaning, and minimal landscaping, and the standard are so-so only. Any view from forumer ?
Thanks ...

The share value is high due to the low number of residents. There is no economy of scale.

[price]

Hi ,

Need info and feedback from forumers,
My current estate, 19 residents, apartment, estate area ~ 10,000 ft2, smalll rooftop pool, surfaced carpk,Minimal landscaping, 1 x lift. No gym, no playground.

Maint fee $40 per share value. Sinking fund not yet decided , haven't had 1st agm.
Seem to me kinda high to have $40 per share value for juz maintain pool, lift, cleaning, and minimal landscaping, and the standard are so-so only. Any view from forumer ?
Thanks ...

Which estate is this?

[teddybear]

You have not reading the postings here? Otherwise you would have heard me saying to avoid condo estate <100 units and >300 units. :(
Too small, no economy of scale. You ask contractor to come they over-charge you (and there is no choice because most contractors don't even want to do small job for small condo estate).
Too big, maintenance headache. The things spoil faster than they can be repaired. The Sail is well-known for this problem. :p

What is the total share values of the estate and what is the number of share value for your unit and number of bedrooms?


Hi ,

Need info and feedback from forumers,
My current estate, 19 residents, apartment, estate area ~ 10,000 ft2, smalll rooftop pool, surfaced carpk,Minimal landscaping, 1 x lift. No gym, no playground.

Maint fee $40 per share value. Sinking fund not yet decided , haven't had 1st agm.
Seem to me kinda high to have $40 per share value for juz maintain pool, lift, cleaning, and minimal landscaping, and the standard are so-so only. Any view from forumer ?
Thanks ...

[marktkt22]

Hi,
Small project,it [tembeling residence, by world class land.
8 studio, the rest are 2 bedder and 3 best



Which estate is this?

[marktkt22]

Bro teddybear,
I been reading your post except i bought that b4 i join the forum .
But it a nice place to stay.
Very convenient




You have not reading the postings here? Otherwise you would have heard me saying to avoid condo estate <100 units and >300 units. :(
Too small, no economy of scale. You ask contractor to come they over-charge you (and there is no choice because most contractors don't even want to do small job for small condo estate).
Too big, maintenance headache. The things spoil faster than they can be repaired. The Sail is well-known for this problem. :p

What is the total share values of the estate and what is the number of share value for your unit and number of bedrooms?

[devilplate]

if u find the current MA not up to standard, den u goto change another one during 1st AGM

i guess u hf to gather all other resident owners to form the MC lor.....those 8 studio investors usually bochap one....

goto factor in sinking fund for repaint, perodic maint of pool, lift etc.......sinking fund for 19units can be very xiong.....can be 100-150/pm

[Laguna]

19 units
8 studio, shared value : 5 x$40x8= 1600
11 units, say shared value of 7 x$40x11 = $3080

total = $4680 thereabout...difficult, need to pay lift maintenance, water, etc.......etc....

That is why, I suggested u to look into the budget and expenses in the first AGM, make sure u all hv enough monies.

Look like it is not enough. Perhaps, go up to $50 per share and sinking funds of $10 per share.

[mcmlxxvi]

The share value is high due to the low number of residents. There is no economy of scale.
Yes that the compromise for having more privacy. You win some you lose some.

[marktkt22]

Thanks for advice.
Was thinking whether MA need to change but there are good improvement after we feedback, that was in an earlier posting, what happened in 1st Agm.... now just thinking maint fee reasonable...hence tis post.

What a gd value for sf per share ? $15 per share



if u find the current MA not up to standard, den u goto change another one during 1st AGM

i guess u hf to gather all other resident owners to form the MC lor.....those 8 studio investors usually bochap one....

goto factor in sinking fund for repaint, perodic maint of pool, lift etc.......sinking fund for 19units can be very xiong.....can be 100-150/pm

[teddybear]

How much is the maintenance fund collected per month? Tough to do a good maintenance unless the maintenance fees is high. Regardless of number of units, you still have to pay for cleaners, maintenance of swimming pools, security guards (2 are required since each do 12 hours-shift, though 4 is recommended, i.e. 2 present at any time), gym, other facilities, etc.


Bro teddybear,
I been reading your post except i bought that b4 i join the forum .
But it a nice place to stay.
Very convenient

[marktkt22]

Laguna,
Thanks for the figure...now it made sense.
And thanks for the sinking fund recommend.



19 units
8 studio, shared value : 5 x$40x8= 1600
11 units, say shared value of 7 x$40x11 = $3080

total = $4680 thereabout...difficult, need to pay lift maintenance, water, etc.......etc....

That is why, I suggested u to look into the budget and expenses in the first AGM, make sure u all hv enough monies.

Look like it is not enough. Perhaps, go up to $50 per share and sinking funds of $10 per share.

[devilplate]

Thanks for advice.
Was thinking whether MA need to change but there are good improvement after we feedback, that was in an earlier posting, what happened in 1st Agm.... now just thinking maint fee reasonable...hence tis post.

What a gd value for sf per share ? $15 per share
haf to look at the budgeting

council members gather tgt and discuss lor...

ask ur MA to propose the things nid to maintain and change every 5yrs or so and from there calculate the sinking fund....

[marktkt22]

Teddybear
Thanks, it close to laguna estimated 4- 5k+, i believed.
No 1st agm yet.
No security, no gym, no playground.
Just pool, surfaced carpk, and minimal landscaping.
Apartment , not a condo.



How much is the maintenance fund collected per month? Tough to do a good maintenance unless the maintenance fees is high. Regardless of number of units, you still have to pay for cleaners, maintenance of swimming pools, security guards (2 are required since each do 12 hours-shift, though 4 is recommended, i.e. 2 present at any time), gym, other facilities, etc.

[devilplate]

How much is the maintenance fund collected per month? Tough to do a good maintenance unless the maintenance fees is high. Regardless of number of units, you still have to pay for cleaners, maintenance of swimming pools, security guards (2 are required since each do 12 hours-shift, though 4 is recommended, i.e. 2 present at any time), gym, other facilities, etc.
boutique apts dun hf security guards one if not the maint fee cost a bomb....min 100units den can haf 2 security guards actually....somemore such a small compound.....the guard jus sit there do nothing much....lol

install more cctvs and residents themselves look after each other

[ripclaw]

:beats-me-man: so for a small development of around 30-50 units? Need security?

[marktkt22]

Yes, i will proposed at agm need cctv ...that my intention

Maybe i should ask the next question....how to save on maint fee ...

[marktkt22]

Not that affordability is an issue,
It more of getting value for money..

[marktkt22]

Hi all,

Chk with you, can the 4 residents proposed and second each other into council ? ....meaning resident A propose me, resident B second me. Then I proposed resident B, A second my proposal etc

As we have only 19 units, any specific duty of the mgmt council can be delegated to the MA ?

Thank. So sorry, newbie

[ChinSengPoh]

Yes, i will proposed at agm need cctv ...that my intention

Maybe i should ask the next question....how to save on maint fee ...

Hi marktkt22,
For your reference, we just had the first AGM at The Amery and the sinking fund was determined at $10 per share.

Some info about this project
Lap pool, wading pool, jacuzzi, gym, BBQ, children's playground, themed gardens, basement car park, security
Total Units: 78 in a 5-storey development.
Site area: 6930 sq.m. (74,600 sq.ft.)

Hope this helps..

[teddybear]

Don't see any problem with that? :)
Thought your MA suppose to advise you on all these URA regulations?
Almost all duties delegated to MA, except attending MCST meeting, selecting vendors to give jobs to & signing cheques. Obviously Treasurer & Chairman got 1 extra job to do: Vet Final MCST Financial Report. Treasurer to check accounts also to make sure it is correct (yes, Treasurer got heaviest responsibility).


Hi all,

Chk with you, can the 4 residents proposed and second each other into council ? ....meaning resident A propose me, resident B second me. Then I proposed resident B, A second my proposal etc

As we have only 19 units, any specific duty of the mgmt council can be delegated to the MA ?

Thank. So sorry, newbie