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Articles

Can a Management Corporation ( MCST) invest its monies for better ROI?
Can a Management Corporation ( MCST) invest its monies for better ROI?

August 28, 2021

The bank interest rates from fixed deposits had fallen from a high of more than 2% per annum before COVID-19 period to about 0.5% per annum currently. Many people felt that placing monies as fixed deposits in banks at such low interest rate is like giving monies away to the banks. Some opined that only people whom do not know how to invest, will place their monies as fixed deposits with the banks
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Can an MCST decline repairing the common property citing lack of fund?
Can an MCST decline repairing the common property citing lack of fund?

August 28, 2021

Under Sect 29(1)(b) of the Building Maintenance & Strata Management Act (BMSMA), an MCST is required to properly maintain the common property and keep it in a state of good serviceable repair including replacing wholly or part thereof. If any part of the common property fails to operate, it is the obligation of the MCST to repair it.
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Insurance for Management Corporations (MCs) in Singapore
Insurance for Management Corporations (MCs) in Singapore

April 22, 2021

Unless directed by a resolution by consensus, strata developments, including all subdivided buildings, have to be insured with a policy against damages caused by fire, lightning, explosion or any other occurrences which may be prescribed in that policy [Sect 70(1)].
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