SINGAPORE: The government is exploring requiring condominium management teams to submit and publish key information about their finances to ensure they have enough funds for essential works, Second Minister for National Development Indranee Rajah said in parliament on Wednesday (Mar 4).
It is part of a comprehensive review to strengthen the Building (Strata Management) Act, which sets out the legal framework for management corporation strata titles (MCSTs) to manage their estates.
The review includes helping MCSTs accumulate enough sinking funds, reducing consent thresholds for essential works, and strengthening self-governance frameworks.
As buildings in strata developments age, it is increasingly important for MCSTs to have adequate sinking funds for maintenance and improvement works, the Building and Construction Authority (BCA) said.
According to the authority, more than 1,000 of Singapore’s 3,750 strata developments are at least 30 years old.
Some ageing strata-titled developments have struggled to maintain adequate sinking funds to upkeep essential facilities such as lifts, which require retrofitting over their lifespan to meet modern safety standards, BCA added.
