March 20, 2018
March 20, 2018 by Super Admin
What is a Management Corporation?
A Management Corporation is an organisation set up to manage an estate, quite similar to a Company. A Company’s main objective is to engage in profit making activities whereas the Management Corporation’s main objective is to manage the estate. A Management Corporation has an Unique Entity Number (UEN) and can sue and be sued in the Courts of Law. It can outlive the members of the organisation who often change and the only time it disappears is when the members apply to the authorities to dissolve it, normally due to a successful en-bloc sale of the estate.
A Management Corporation is constituted when the Developer applies to the authorities to form a Management Corporation following the issue of Temporary Occupation Permit (TOP) by the Building & Construction Authority (BCA) when an estate under construction has been completed, meets all the regulatory requirements and can be lived in by the owners or used as offices etc. Upon successful incorporation, the Management Corporation is given a name in the format “Management Corporation – Strata Title Plan No. XXXX” where “XXXX” are running numbers. Most of the older estates have MCST numbers that are smaller and the newer estates have MCST numbers that are in the thousands. Currently there are about 3,000+ estates in Singapore that have MCSTs incorporated.