Problems
Prior to our management, the MCST faced significant maintenance challenges. The maintenance budget consistently exceeded spending, leading to financial strain. Severe underlying Encroachment issues, such as unauthorized storage in common areas, posed safety risks and consumed maintenance funds.
Solutions
We conducted a thorough audit of financial records and reviewed existing contracts to identify inefficiencies and areas for improvement. We explored opportunities to increase revenue from common areas, such as carpark fees and rental income. We extended the contract for carpark and carpark collection services to enhance revenue generation.
What We Achieved
Surplus for four years, saved $200,000, and provided four month rebates to subsidiary proprietors. Work out with SCDF and provide resolution to encroachment matters.