AGM has been scheduled!

Dear All,

Have received word that the AGM has been scheduled.

Date: 05/12/09
Time: ?? (To be confirmed)
Location: B1 carpark

Please try to make yourselves free and join in the meeting.

As for those who are not able to attend, kindly inform us and we will collect the proxy forms from you.

Thanks and Regards,
C.Y Lim

Hi All,
DEFINITELY ALL SUBSIDIARY PROPRIETORS WHAT EVER NATIONALITY HAVE THE RIGHT TO STAND FOR ELECTION TO THE MC. THE SIMPLE REASON IS THEY BOUGHT THE PROPERTY JUST AS OUR CHINESE SAYING WITH "REAL GOLD WHITE SILVER.

Cheerio, Yin

Will we be allowed tro propose resolutions as is normally the case with AGMs where we will be given a deadline submit resolutions?

I personally think the maintenance fees is too high for a 900 unit condo and would like to propose we decrease it. I believe at the meeting we have to agree on how much of it will go towards maintenance and how much for sinking fund.

It will be good if the more active members in this forum be nominated/nominate themselves for the Management Committee and the rest vote for them. We need motivated people in the MC.

I am glad to hear that from Logic. The management should circulate a notice to all owners about it. I maybe interested to join a team standing for election. Interested parties please PM me.

Totally agree with you. It is similar to 300 units condos yet City Square's footprint is quite small. I am sure there are huge savings to be made.

JoelCere wrote:Totally agree with you. It is similar to 300 units condos yet City Square's footprint is quite small. I am sure there are huge savings to be made.

Based on average of $250 per unit, CSR should be collecting around 2.7 million a year. I am expecting the yearly expenses to be no more than around 1.6 million which means it can save around 1 million each year based on current maintenance fees. This is way too much.

I am staying in a 15 yr old 600 unit condo (my CSR unit is leased out)which has more than double the footprint of CSR. It spends around 1.4 million each year which includes lots of upgrading/ repairs due to its age and it having lots of leakage problems. The sinking fund collects 450k every year which is more than sufficient for all the repairs/upgrading including the near 1 million needed for the every 6-7 year re-painting of its predominantly concrete exterior unlike CSR's glass -clad exterior. We still have close to 3 million savings in the sinking fund. All this for a total collection (maintenance/sinking funds) of 1.8 million each year. If a 15 year old condo with double the footprint and lots of repairs can survive with 1.8 million a year I don't see why CSR cannot. Let's assume CSR needs 2 million a year which means that there is room for a 30% reduction in its maintenance fees. With a 30% reduction it will still accumulate a healthy sinking fund.

There will be a chance for you to nominate/ step up to join the MC once the positions have been decided on.

Confirmed:
Chairman
Secretary
Treasurer
Committee members:
Unsure how many there will be.

Will update when there is more information.

Thanks for responding guys!
Hope to meet up with you guys for a chat one day.