Sunday, 28 September 2014

Attended an EGM for the first time

I was tied down by a number of commitments over the past few weeks and didn't manage to write.

I attended my apartment estate's Extraordinary General Meeting (EGM) a few days ago. I have never attended such meetings (I live in my parent's HDB flat; I bought this apartment for less than a year) and I decided to go for this meeting mainly out of curiosity.

Less than half of the unit owners attended the meeting. Amongst those who attended, half are staying there and the other half are renting their units out. Although we waited for a while more before starting the meeting (hoping that more would be attending), there was no awkward moment as everyone is friendly and we talked. I'm not good at socialising, so most of the time I'm listening to other owners' feedback, concerns etc. 

Generally, those who rented out their units didn't make much comments at the meeting. On the other hand, those who are living in the estate have relatively more feedback. I listened attentively to those who are living at the estate, and I would say that their concerns are valid and the suggestions are reasonable. The agenda items that would bring about a better living environment were passed at the meeting, and I think everyone is happy with the meeting discussion and outcome.

Most of us stayed on after the meeting -- the Chairman had more issues to discuss with the estate's managing agent, the rest of us talked amongst ourselves on other areas of the building which can be improved, the living environment etc. From some of the little conversations I had with other owners, they are quite satisfied with their purchase and optimistic about the developments in the vicinity. To be honest, looking at how the housing market is developing, I'm personally pessimistic that I would be able to raise my rent next year or find a tenant quickly should the existing tenant decide to move to somewhere else. That said, I'm currently not over-leveraged and will be able to finance this property even without rental income. As such, perhaps I should not worry too much at this point in time.

I'm glad that I attended this EGM and got to know more people and heard more perspective!

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