WHERE TO NEXT?
As expected with new rules, its practical application is likely to cause some initial confusion and frustration. That said, the SMA 2013 is most likely here to stay and strata owners have no choice but to work through them.
As mentioned by Chris, the success of any strata management is up to the MC upon delivery of vacant possession. Hence, he suggests that it should be made compulsory for its members to undergo educational training, similar to the structured forms of Continuing Professional Development (CPD) learning.
There should also be continuous communication by all stakeholders to ensure timely improvement of the enforcement and processes by the management body. Providing a few suggestions for the challenges mentioned above, Chris proposed that developers should fund the LCP submission, which provides for a win-win situation – allowing developers to retain control over the commercial/retail component of a development in return for sponsoring the pricey submission cost on behalf of the MCs.
Moreover, MCs ought to consider effecting income generating Common Property. For instance, renting out of the development’s façade as a billboard, setting up of commercial areas such as laundry mats, clinics, etc, to obtain rental revenue or even pay per use arrangement for facilities such as the gym and swimming pool. The income collected will go a long way in supplementing the maintenance expenses of the strata development down the road.
At the end of the day, strata residents must be aware of their responsibilities and obligations as well as strive to take charge in order to protect the very investment that they live in.