Singapore grapples with ageing condos amid maintenance fund shortfalls
Real estate agency ERA Singapore estimated that there are 2,703 condo developments in Singapore today, of which 836 or 31% are at least 30 years old. In 10 years, this number is expected to climb to 1,160, assuming none is sold en bloc.
Singapore (VNA) – Singapore is seeing a growing number of condominium developments grappling with deteriorating infrastructure and insufficient sinking funds to carry out major repair and replacement works.
This problem could worsen as more developments cross the 30-year mark, said industry experts as reported by The Straits Times.
Real estate agency ERA Singapore estimated that there are 2,703 condo developments in Singapore today, of which 836 or 31% are at least 30 years old.
In 10 years, this number is expected to climb to 1,160, assuming none is sold en bloc, said an expert from the agency.
Industry experts said that common problems in ageing condos include lift breakdowns, waterproofing failures and outdated electrical systems – often due to key infrastructure being past its intended lifespan. As condominiums get older, it becomes harder and more expensive to keep their systems and structures safe, working well and meeting regulations./.
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