Our building is a low-rise with a total of only 16 flats. It started life as a co-op for civil servants. As time passed, it became privatised and non-civil servants were allowed to purchase units. There is one company that managed to buy a few units as they came on the market. They seem to be a property developer represented by an estate agent and they rent the flats out to private renters. It’s a popular rental even though the building is very old and there are no lifts. One of the most important aspect for these renters is we are in the catchment area of a large number of good schools. The developer has a total of 6 out of 16 units.
Last year, there was a government inspection of the building and as a result, there is some remedial work that has to be done. Patch the cracks on the outside wall, replace some pipes, fix part of sewage system that has collapsed. For a building this age, it’s held up surprisingly well. At an earlier homeowners’ meeting, it was suggested to take the opportunity and add a few maintenance items like re-pave the carpark (which is full of potholes), renew the waterproofing on the roof (the top floor flats report leakage), repaint interior common areas like the staircases. The last time they did maintenance on the building was over 10 years ago so it’s good timing.
The building hired a consultant to manage this project, an RFP went out, responses were received and a shortlist of potential contractors came for an interview a few weeks ago.
The representative of the 6 units told us that their client (the anonymous property developer) wants only to do the absolute necessary mandated by the government inspection. They don’t even want to paint the exterior after it’s been patched. So the homeowners association is now split into two fractions. The “original” owners like us and an outsider property developer whose ultimate motive we suspect is to buy everyone out so they can tear the building down. If they don’t even repaint the outside walls the building looks terrible and people who may want to sell can’t get a good price from other buyers so this property developer can swoop in and get the flat cheap. That unfortunately is the MO of property developers and estate agents, I’ve never come across a more unscrupulous and downright distasteful industry.
Today’s meeting is to vote on what tasks to be done and to decide on the contractor. The original owners made the effort to contact every single owner to get them to come to the meeting or assign a proxy. It was important that we get more than 6 in order for us to have a say.
The consultant conducted the vote and as expected, the property developer voted against every item that was optional. Yes, even repainting the outside walls after patching. Luckily we still have a majority so most of the optional items passed.
Our group agreed that we need to come up with a viable strategy to protect ourselves. As time passes, more families may want to sell and as soon as the developer gets more than half the units, they will have complete control over what happens to the building. Any families still remaining will be in a disadvantageous position. Hard to believe owning a flat can get this political.