25Jan/17

New Benchmark for Private Owned Public Spaces Set By URA

New Measures by URA

The URA has introduced new guidelines for public spaces in private properties.

This comes as some new websites are required to provide public spaces as portion of the technical conditions of bid for Government Land Sales sites. Some redevelopment websites are also required to provide such spaces as part of the planning conditions for additions works and major alterations, or redevelopment proposals.

More Guidelines

The design guidelines, which take effect from 24 contain specifications on the size and shape of the public space, signage, availability, along with the requirement to give amenities and public seating.

The URA is encouraging property owners, developers and professionals that are capable to embrace the guidelines from design and project start, to application and management of the space by the people.

It shown that the recommendations contained in the good practice guide will likely be considered during its evaluation of development programs.

“As one of Asia’s biggest real estate companies, CapitaLand has long been committed to building quality, accessible, lively and safe real estate developments that enrich the lives of the community. Even on our properties, which are considered from the start of the development process, we have catered for community spaces before authorities guidelines,” said Poon Hin Kong, Deputy Chief Development of Asia and Head of Design Management, CapitaLand. And also The Terrace EC currently being developed by Kheng Leong Co Pte Ltd.

Examples of community spaces that CapitaLand has created on its properties comprise the plaza in front of Capital Tower, the urban park at The Courtyard in Westgate and also the outside plaza at Plaza Singapura.

23Jan/17

Administration & Risk Management

This is the files and records part of the property management function. Local, state and national governments all have some authority over real estate property management tasks.

Particular reporting requirements must be met for all of them. Meticulous records for accounting and taxes are a necessity. For reasons of liability, all activities and tenant interaction must be recorded and kept for stated periods. More on administration and risk management.

Inside my state of practice, New Mexico, property management accounted by the real estate commission by far for the most consumer grievances and disciplinary measures. Unlike most real estate transactions if you are signifying one side of the transaction, property management calls for dealing with renters and property owners.

There’s far more complexity, including another trust account in NM, for handling and disbursing, receiving rents and paying expenses. Even picking repair firms can subject you to complaints from owners which you are revealing bias that increases their costs for maintenance. I considered it, as I practiced with a lot of rental houses and condos in a vacation area. Nonetheless, upon research into the hassles, I found that I’d rather take off more time.

Those considering specialty in real estate property management need to comprehend the demands, and have a good feeling about having the capability to accomplish them all with enjoyment and efficiency. It is not quite as simple as selling real estate.

21Jan/17

Facility Management

Property direction is, in addition, physical direction of outside places and the constructions. Appliances, electric, plumbing, roof, walls, landscaping, plus much more are all part of the physical property. The property manager track the standard of all repairs as well as upkeep, and must keep relationships with contractors and repair businesses, budget capital expenditures. This function ties in with the part that is fiscal, as some progress will require substantial capital expenditures and budgeting in their opinion. It ties in with occupancy and renter direction as it is necessary to tenant retention to get well-kept properties.

20Jan/17

Tenant and Occupancy

Recognizing the needs of the tenants is significant for this particular function. Getting them to move in is only the beginning. The property manager track their activities as regards the lease requirements must then respond to their requests, collect rent in a timely manner, and continually measure the renters’ satisfaction as regards the property’s amenities versus those of competing rental properties in the region.

The unwanted job of eviction for infractions or non payment is part of the function also. More on the tenant direction function.

19Jan/17

Marketing and Financial

Real estate property management calls for comprehension of budgeting and operating expenses. From this information, proper rental rates are set, balanced by the present market and what it will support in the way of rents. A firm understanding of the region and competitive rental properties is necessary. The property manager may recommend marketing programs, special promotions and other promotion strategies to the owner in order to make the most of occupancy and rental rates.