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Friday, December 10, 2010

Stratified property issues need attention

KUALA LUMPUR: Developers of stratified properties should be more transparent with buyers about the buildings' overall maintenance cost.

International Real Estate Federation (Fiabci) Malaysia president Yeow Thit Sang said there had been a lot of unresolved problems, especially on the collection of maintenance fees, in such properties.

Yeow said there were two million strata-titled residential units and the problem was growing but the resolution had not been fast enough.

Speaking on the sidelines of the 5th Property Management Seminar here yesterday, he said even before the purchase of such properties, buyers must be informed of the maintenance fees and processes involved.

He said the Commissioner of Buildings (COB) should also act more forcefully and speedily to overcome the problem as it had the authority to deal with houseowners who did not pay maintenance fees.

The COB must send a message because they have the power to attach the property of the defaulting condominium owners, he said.

On grey areas involving stratified properties such as fees for car parks in a mixed complex, Yeow said there was a need to find a correct formula on how to handle and share the fees which had different users.

By Bernama

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