Wednesday, January 21, 2009

Sinking Funds - sunken responses?

Mr Chew wrote:

I have a question regarding sinking fund, appreciate if you could advice me. I am currently one of the JMC member (form on Jan-08), on phase 1 (156 units, completed on sept-03) , the developer collected sinking fund since hand over of vacant possession but on Phase 2 (256 units, completed on nov-06) the developer only start to collect sinking fund on 3rd years onwards, as written in the Deed of Mutual covenants, so now the JMB is short of sinking fund on 1st & 2nd year. Question1) Is the developer have rights to waive sinking fund?2) if not, how can JMB recover the sinking fund money from developer?

1 comment:

MENGCHAI said...

This attached circular from COB PJ would be of some help to you in running and facing the developer on the issues of Maintenace and Sinking funds.