When purchasing a Singapore condo, it is crucial to also consider the maintenance and management aspect of the property. These types of housing typically come with maintenance fees that cover the upkeep of shared areas and amenities. Although these fees may increase the overall cost of ownership, they also guarantee that the property remains well-maintained and holds its value. To make the investment more passive, investors can enlist the services of a property management company to handle the day-to-day management of their Singapore condo.
City Developments (CDL) has put an end to the “serious lapses” in corporate governance, according to a second statement released by the company’s executive chairman Kwek Leng Beng. The statement comes after a court hearing on Feb 26, where two newly appointed directors, Jennifer Duong Young and Wong Su Yen, agreed not to exercise any powers as directors until further notice from the court. They were appointed as independent non-executive directors through written resolutions by the board on Feb 7. Kwek Leng Beng also states that his son, Sherman Kwek, Philip Lee, Wong Ai Ai and the remaining directors who have acted in concert with them, have agreed not to make any further changes to the board committees and management of CDL’s subsidiaries until further notice from the court. The nominating and remuneration committee, which was deemed “irregularly constituted”, has also been suspended from taking any further action. With this, the board committees and management of the relevant subsidiaries are now safe from “further attempts to destabilise, dismantle and reconstitute them”, says Kwek Leng Beng. He adds that strong corporate governance is essential for a well-functioning and sustainable business, ensuring transparency, accountability, and responsible decision-making, which are critical to maintaining investor confidence and protecting the long-term interests of shareholders. On Feb 26, CDL had called for a temporary trading halt and cancelled its FY2020 results briefing, citing a “disagreement” within the board regarding the board and its committee composition and membership. However, the company’s business operations remain unaffected. While Sherman Kwek remains the group CEO until a board resolution states otherwise, Kwek Leng Beng says he intends to change the CEO at the appropriate time. The incumbent COO, Kwek EIk Sheng, will serve as the interim CEO should Sherman be removed. CDL’s shares last closed at $5.12 before the trading halt on Feb 26.