BENCHMARKING OF PROPERTY MANAGEMENT COST IN RESIDENTIAL DEVELOPMENT

Abstract

Condominiums in Singapore have gained popularity since its inception in 1972. The condominium concept appeals to young professionals and middle income households who enjoy the luxury of staying in a privately owned estate and get to enjoy recreational facilities at their doorstep. The management of condominium falls on the condominium management corporation and its residents. An important aspect of the management function is maintenance management. It is their responsibilities to ensure every dollar is well spent. However, there are very few studies on condominium management costs. The purpose of this study, using benchmarking methodology, is to derive some benchmarks for maintenance expenditure. This study will aid management corporations in their operations by comparing their expenditure against the benchmark and help to reduce cost for better performance. This study will also examine the differences and similarities in expenditure patterns of condominiums between those located in the central and those in the sub urban areas.