The Haven Sdn Bhd, the developer behind The Haven Lakeside Residences, Ipoh’s first high-rise luxury condominium, recently handed over the sinking fund to the newly formed Joint Management Committee (JMC).
According to a statement, the total amount in the sinking fund and maintenance fees collected amounts to RM1.6 million.
The transfer of the fund was completed within the one-year period after the project obtained TOP as stipulated under Malaysia’s Building and Common Property (Maintenance and Management) Act 2007.
A sinking fund is a separate account where a portion of residents’ maintenance fees goes towards paying for renovation work or repairs. The majority of homeowners must vote to approve using the fund.
Comprising 495 units, The Haven is located on the edge of a rainforest and faces a natural lake and limestone hills. Typical and suite units range from 968 to 2,840 sq ft. Penthouses start from 1,900 sq ft.
When it was launched in 2011, prices were almost one-tenth of what similar projects in Singapore cost, starting from S$185 psf (RM475).
Around 20 percent of purchasers were overseas buyers as it had been marketed as a viable option for retirement or vacation homes for foreigners.
The development has also won several awards including for “Best Condominium in Malaysia” and more recently for “Best Green Development in Malaysia at the Southeast Asia Property Awards Malaysia 2014.
Image: View of The Haven Lakeside Residences. (Photo by The Haven Sdn Bhd)
Romesh Navaratnarajah, Singapore Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
