PROPERTY MANAGEMENT IN PARKWAY PARADE

Abstract

Singapore's technological advancement in the building industry has substituted for the conventional low-rise buildings modern, sophisticated and high-rise mixed developments. For these buildings, not only are the building services intricate, there is also the growing complexity of multi-tenancy and legislation governing the management and maintenance of such buildings. In today's context, the task of property management becomes more onerous. It involves more than the elementary book-keeping and accounting of the early days. In a market of falling rentals and sales, property owners are now increasingly dependent on property managers to effectively manage their buildings and it would indeed be a challenging task. Against this backdrop, it is the intention of the author to study the property management of a suburban shopping-cum-office complex and the problems encountered in the management of the complex. Parkway Parade, one of the largest single mixed use developments now in the Republic, is therefore singled out as a case-in-study. From this case study, it is found that management of the shopping podium is more demanding than the office tower. The large number of tenants as well as shoppers create problems for the management staff. Furthermore, the unique characteristic of the shopping centre demands additional management functions e.g. promotional management. The present economic slowdown also complicates the task of property management by leading to rental disputes between the landlord and retail tenants.