By For over four years, residents of this Prime location Residency lived under the oppressive weight of exorbitant interest rates and basic service cuts. What began as a simple dispute over unpaid management fees turned into a prolonged nightmare, as the Management Company (MC) exploited a vague by-law clause to impose a crippling 730% annual interest rate. This interest rate—based on a questionable interpretation of Clause 17.1—threatened to financially devastate apartment owners, with some seeing their debts escalate uncontrollably.
The clause, which only stated that arrears would attract 2% interest per day, didn’t specify whether the rate was annual, monthly, or daily. The MC interpreted it as 2% per day, leading to massive debts and the cutting off of essential services like electricity and water. Despite appeals for a fair interpretation, the CMA (Condos and Management Authority) remained silent, ignoring repeated requests for action.
As the situation worsened, residents recognized this was not just an isolated case—it was a widespread issue that could affect apartment owners across the country. They took their fight public, calling on the Minister of Urban Development to intervene, urging media exposure, and rallying fellow apartment owners to prevent this injustice from spreading further.
In the face of adversity, the residents stood firm in their battle for fairness, dignity, and accountability, seeking to protect future generations from similar exploitation. This fight for justice wasn’t just for the affected individuals—it was a stand against the abuse of power by management corporations and the enforcement of unreasonable by-law interpretations.
