Mandatory Age-calibrated Sinking Funds for Essential Infrastructure, and Strengthening Inspection Regime in Older Private Condominiums

Mr Yip Hon Weng asked the Minister for National Development (a) whether the Ministry will mandate age-calibrated minimum sinking funds ring-fenced for essential infrastructure, alongside public financial disclosures for condominiums; and (b) whether the existing inspection regime can be strengthened by requiring remedial or renewal works where inspections identify significant deterioration in essential equipment like fire systems and water tanks in older private condominiums.

As part of the ongoing review of the Building (Strata Management) Act, the Building and Construction Authority is studying how Management Corporations Strata Title (MCSTs) should plan for and accumulate adequate sinking funds for essential maintenance and upgrading works. These include public financial disclosure requirements to give subsidiary proprietors and prospective buyers better visibility of the financial health of MCSTs.

Existing inspection regimes for key building systems, such as those for fire protection systems and potable water storage tanks, as set out under the Fire Safety Act and the Public Utilities (Water Supply) Regulations respectively, already require building owners to carry out necessary remedial or renewal works where significant deterioration or deficiencies are identified.