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(From Malaysian Business)
AFTER living in his condominium for eight years, Hisham is suddenly informed that he has to pay a sinking fund contribution. According to his documents, the contribution is supposed to come from the maintenance fees that he has been paying promptly. Param tells us that his developer has been collecting sinking fund contributions, but yet the swimming pool and common areas are in a neglected state. Another group of buyers is upset that the sinking fund has been used to offset `current liabilities'. Yet another group of owners complains that their developer had allegedly passed the sinking fund to a now defunct managing agent.
These are the grouses we frequently hear from strata property owners who are not satisfied with the way their …