All strata schemes are required to have a 10-year sinking fund plan in place (S75A).
Owners corporations must plan how they will repair and maintain common property and raise sufficient funds to cover the costs. The sinking fund plan should reflect the individual needs of its scheme.
The 10-year plan must be approved by owners at an annual general meeting (AGM) and must be reviewed and adjusted, if required, in the first five years.
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