I WOULD like to highlight the nightmarish situation faced by many condominium unit owners. Many management committees (MCs) today are spending money from the sinking fund as if there is no tomorrow and without the approval of majority of unit owners. MCs and their managing agents are using the sinking funds without the approval of the unit owners to carry out work like refitting the lobbies. Some MCs go further by making cash calls for non-essential refurbishment work on the pretext of upgrading, much to the horror of many practical and financially-prudent unit owners. The MCs would then say there is not much money left in sinking fund to use.

Source: The Star May 03, 2019 01:41 UTC