Standard for property managing agents launched
Singapore
Published September 1, 2006
Standard for property managing agents launched
RESIDENTS of some 2,300 strata-titled developments can expect better service from their managing agents (MAs) - thanks to the launch of the Singapore Standard for Performance of Managing Agents for Strata Residential Properties, or SS 519:2006.
The standard - a world first - aims to raise the level of professionalism of MAs.
'While only 15 per cent of the population lives in private housing, the number of condominiums and private apartments being developed has increased in recent years,' said Spring Singapore, which launched the standard yesterday with the Building and Construction Authority (BCA) and the industry. Typically, once residents start to move into a development, maintenance and care are handed over to a management corporation made up of unit owners. The corporation may then appoint an MA to oversee the management and maintenance of the estate, including common areas.
With the new standard, the industry hopes more management corporations will now hire MAs. Areas covered under the standard include professional ethics, and duties like the protection of funds, fair dealing, and administrative, accounting, financial, consultancy and other services.
