These fees are paid by owners for the upkeep of the common areas of condominiums and housing projects. For new residential developments, it is common to pay up to 1-3 years’ management fees in advance upon the transfer of the unit’s ownership.
For a new condominium project, the buyer pays a one-off lump sum upon transfer of the property from the developer to the buyer. This fund is to be used for major renovations and replacement of equipment when necessary, to ensure the maintenance of the building, and ultimately, its value in the future.
Previous Sales (Secondary Market) at Siam Oriental Twins