S1E87: Should the Government fund condo repairs?

More than 1,000 private residential developments in Singapore are hitting their 30s, and some are starting to show signs of wear and tear. But if residents have not been prudent in saving for these big-ticket items such as upgrading lifts and fixing spalling concrete, should the Government step in to help? Mr Andrew Lioe, president of the Association of Strata Managers, and Mr Daniel Chen, a lawyer and partner at Lee & Lee, with a practice focused on Management Corporation Strata Title (MCST) disputes, weigh in on the challenges with managing sinking funds and the tension among different types of owners. Highlights (click/tap above): 1:44 How are sinking funds for condos managed? 4:44 Sinking fund kitty management woes 6:48 Why do owners want to delay adding to the sinking fund? 10:30 Why can’t MCSTs force owners to pay? 14:27 “The en bloc situation is not that common.” 15:24 The owner-occupied vs investor-owned mindset 18:33 What changes to the law could fix this problem? 22:36 Are problems caused by a selfish few? 26:00 The tension in mixed developments 29:45 Should the Govt step in to bail out condos? 33:50 Red flags when buying resale condos Host: Natasha Ann Zachariah ([email protected]) Read Natasha’s articles: https://str.sg/iSXm Follow The Usual Place podcast on IG: https://str.sg/8KNT Follow Natasha on LinkedIn: https://str.sg/v6DN Filmed by: Studio+65 Edited by: Eden Soh Executive producer: Danson Cheong  Editorial producer: Elizabeth Law Follow The Usual Place Podcast and get notified for new episode drops every Thursday: Channel: https://str.sg/5nfm Apple Podcasts: https://str.sg/9ijX Spotify: https://str.sg/cd2P YouTube: https://str.sg/theusualplacepodcast Feedback to: [email protected] --- Follow more ST podcast channels: All-in-one ST Podcasts channel: https://str.sg/wvz7 Get more updates: http://str.sg/stpodcasts --- Get The Straits Times app, which has a dedicated podcast player section: The App Store: https://str.sg/icyB Google Play: https://str.sg/icyX -- #tup #tuptrSee omnystudio.com/listener for privacy information.