Of Image And Value

In the Annual Report for the Year 2004, Tiara Management Council (TMC) had a main objective: that of trying to increase the property value of the condominium from RM210 to RM300 per square foot by the end of 2005, a Herculean task.

To quote them: "To achieve this objective, the property had to be kept in good tenantable condition, resuscitate the amenities and improve the facilities and quality of living in our community – and all the while with an eye on the limited resources that was available to the Management Corporation."

Over time, TMC, with the limited financial resources available, have had on-going remedial, maintenance, resuscitation and upgrading works done continuously.

These improvements in the image and living conditions of residents of Tiara Damansara after it took over from the developers were noticed by several proprietors. In the recent 5th Annual General Meeting held on February 25th, 2006, a proprietor, Mr. Keith Kok, said it all when he stated that he had stayed in Tiara Damansara since the beginning and during the time when the condo was managed by the developers, he did not see improvements. However, after Tiara Management Corporation took over 5 years ago, he has seen "a lot of improvements". Keith thanked the Management Council for their good work and his statement was followed by an appreciative round of applause from all present.

Though the Management Council is still trying its best to raise the value of the property up to the RM300 p.s.f. mark it set itself to achieve, proprietors and tenants have their part to play in this too.

Tiara Damansara must be seen to be an up-market condo, clean, in good repair and pleasant to live in. Residents have to play their role in keeping the premises clean. Residents should not litter the grounds but throw rubbish in the proper place, which is the refuse bin, not outside the refuse bins. Waste bins at the entrance to the units are not meant for household waste and unwanted food items.

Residents should try not to hang their carpets, sheets or other items to dry or air on the fencing or outside their balcony .This is an eye-sore and severely degrades the image of our up-market condominium.

Each unit in Tiara Damansara has a drying area for drying clothes, so it would be appreciated if residents use this instead of displaying their washing for all to see (but not appreciate).

The Tiara Management sent out a circular on November 22nd 2005, informing residents not to store any kind of material under stairwells or obstruct common corridors.

The rationale behind this circular is not only to give a good clean image of Tiara Damansara, but more important, to ensure fire safety precautions and procedures as materials stored under stairwells and common corridors are fire and emergency hazards.

Let us not wait for a mishap to occur before we start clearing these areas.

Prices in Tiara have certainly picked up since those days when no one seemed interested in purchasing units here because no fresh coat of paint had been given for more than 10 years of its existence, giving the condominium a low cost flat image, with peeling paint, dilapidated amenities, rusty pipes, and worn out covered car parking lots.

Recently, a 2+1 bedroom unit was transacted for RM280,000, making it RM310 p.s.f, whilst another went for $270,000, or RM298 p.s.f. However, a 3+1 unit with a built-up of 1323 sq. ft. was transacted three weeks ago for $300,000, making it RM227 p.s.f.

The sale price of a unit depends greatly on how well it has been maintained, whether there have been renovations done and the level of the unit.

Another factor affecting the sale price would, naturally, be the cost of the unit when it was originally bought by the seller. If he had bought it at a low price, he would be happy to sell for a price above what he paid for it. But if he paid a hefty price for a unit, he naturally would ask for a higher price.

Tiara Damansara has all that it takes to make it an up-market and popular condominium. Its locality is central. It has shops, markets, eating stalls and restaurants only a few minutes drive away. It is quiet and peaceful and has full condominium facilities – swimming pool, tennis court, sauna, children's playground, walking tracks, canteen, BBQ pit, function hall, squash courts, 24-hour security and launderette.

Many outsiders have passed good comments about it. Even proprietors have confessed that they "love staying here and will not dream of moving anywhere else".

So, as Tiarans, let us all continue to play our role in maintaining the image of our condominium.