Hello!
MCST fees, also known as Management Corporation Strata Title (MCST) fees, are charges imposed on owners of strata-titled properties in Singapore. These fees cover the maintenance, management, and operation costs of the common areas and shared facilities within the development.
The specific MCST fees and their breakdown can vary depending on factors such as the size of the development, the range of facilities provided, and the level of services required. However, here are some common types of MCST fees that owners may encounter:
Maintenance Fees: Maintenance fees are the regular recurring charges paid by owners to cover the general upkeep and maintenance of common areas such as corridors, lobbies, gardens, swimming pools, gyms, lifts, and security systems.
Sinking Fund Contribution: The sinking fund is a reserve fund set aside for major repairs, renovations, or replacements of common property components in the future. Owners contribute to the sinking fund to ensure sufficient funds are available for these large-scale maintenance projects.
Special Assessments: In addition to regular maintenance fees, there may be occasions when the MCST imposes special assessments on owners. These assessments are one-time charges levied for unexpected or extraordinary expenses, such as major repairs, upgrading works, or legal fees.
It's important to note that the exact fees and their amounts are determined by the MCST management and are typically calculated based on allocated share values assigned to each unit within the development. The MCST management committee, comprising elected owners, is responsible for managing the finances and determining the appropriate fees.
When considering purchasing a strata-titled property, it's advisable to review the MCST financial statements and seek clarification from the management or from me to understand the specific fees and charges associated with the development you are interested in.
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Propnex Realty
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