Improved property management is needed not only to ensure the building’s liveability but also to reduce the possibility of value reduction. A well-maintained property can draw in more demand as the convenience, cleanliness and smooth operation speak for itself when valuers come over for inspections.
An example of a well-managed property is Five Stones in SS2, which is managed by Knight Frank. Other than having plenty of attractive facilities, the JMC created and maintained a residents’ community website where residents can join in forums and get latest updates from the management anywhere, anytime.
According to transaction data, a unit in Five Stones was selling for about RM500/sq.ft back when it was launched in 2009. The latest transaction data shows the rate went up to RM1,603/sq.ft. in 2018. With a compound growth rate of 15% a year and high transaction volume year after year, Five Stones is definitely high in demand and showing excellent performance over time.
Such is an example of a development with good property management – as it can retain its value and demand while providing wholesome services to its residents despite current economic challenges.
Hence, the public needs to be educated on the need for professional property managers as they have the expertise in deciding what’s best for a smooth-running operation and maintenance of a property. If implemented on all levels nationwide, it can improve values especially in public housing projects where its most needed.
With measures created under Dasar Komuniti Negara (DKN) which involve improved property management for PPRs, the government could coordinate with private agencies such as PEPS Malaysia who has the expertise to assist in the development of robust property management policies.
PEPS President Sr Michael Kong, a panel judge of the recent award ceremony for Top-Ranked Developers of the Year 2019, commented that a great development should always involve the community where residents actively participate to make their home a better place.
This resonates with efforts lined in DKN, and it rings true in all levels of developments – from PPRs to high-end projects. It’s about time we bring our standard of living to new heights for the benefit of the community and the nation as a whole.
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