Poh Jia Yi Tan Shi Yun Shirin Fariz
- Slides: 52
Poh Jia Yi Tan Shi Yun Shirin Fariz Ramlan Benjamin Ong Hong Yew Gary Wong Kah Fai Chester Mark Joanna Loh Yan Lin
Star City charges an Estate Management fee, collected 5 years in advance, to residents based on the size of their units. At this stage the fund is not being touched as it is growing interest in the bank (8% on annual deposit) Assignment – part 1 § Total expected income from the handover of units in Zone A & Zone B § Define actual operating cost § Estate management budget P&L for 2016/17/18 § When can the Estate Management operation operate on its own without support from the developer Ascertain if the 20% RESERVE FUND is sufficient to cover expected capitalized refurbishment costs for the next five and ten years. Additionally determine if the 80% Operating Funds are sufficient to cover ongoing operating and maintenance costs
§ 8. 04 billion Kyat upon handover of all resident units in Zone A and B § Total management fees collected for the next 5 years § Commercial units are not taken into consideration § Assumed to be collected on a monthly basis § Differs from each unit depending on the business and space allocated
Fixed § Insurance § Direct Staff Costs § House-Keeping: Tools and Chemicals Variable § Non-Chargeable Maintenance Expenses § Landscape & Maintenance Expenses § Events/ Decorations/ Refreshments
§ Day-to-Day operating expense § Required for carrying out daily operations § Insurance § Should not be included in operating cost § Unless required in order to carry out daily operations § Record as other expenses
Objective: To evaluate if current estate management fees are able to meet the 80% operational requirements and the 20% reserve funds
§ Inflation is not taken into consideration § Bank interest rates assumed to remain at 8% § Treated as other operating income § Labour cost remain relatively stable
24. 77%
§Positive balance of 25% reserve funds §A surplus of 5% or Ks 201 million §This amount would set aside a sufficient amount for unforeseen circumstances
Inflation affects all costs and could significantly affect the budget P&L
Inflation 5. 98%
§Currently at 8% §Projected to rise to 10% in 2016 §Projected trend around 7. 8% in 2020 (As stated by the Central Statistics Organization Myanmar, 2015)
§ Sufficient funds allowed to accommodate for an inflation of 6% § However, will not be able to cater for a rise in inflation rates
Inflation 12. 25%
§Sufficient funds allowed to accommodate for an inflation of 12. 3% § Reduction in reserve funds for capital expenses
Labour Costs accounts for 54% of total operating expenses
8. 89%
§Sufficient funds to accommodate for staff cost increments of up to 9% § Two possible ways: Increase in salaries or increase in manpower
To determine when estate management can be independent
§ Estate management can be independent § Positive gross profit (Operating cost < Income) § 80% operating funds are sufficient § 20% reserve funds are sufficient § Does not require assistance from developer § Ability to adapt and make changes within budget allocated § Inflation § Staff cost increment
April-16: Gross profit is observed to be positive there after Feb-18: Negative gross profit of 500 k KS; Spike increase in maintenance cost
Star City charges an Estate Management fee, collected 5 years in advance, to residents based on the size of their units. At this stage the fund is not being touched as it is growing interest in the bank (8% on annual deposit) Assignment – part 2 § Basis of communication strategy to residents on establishment and spending of management fee
To inform the residents on how the 5 -years estate management fee is established and spent
§ Residents of Star City
§ Transparent breakdown of estate management fees § Different types of medium
Estate Management Fees (100%) Operating Funds (80%) Reserve Funds (20%)
§Operating funds § Recurring maintenance and operating cost for the community §Reserved funds § Set aside and used for capital expenditure
§Estate management funds grows at a bank interest rate of 8% per annum §Acts as a buffer for excess costs due to various extrinsic factors
How are the estate management fees spent ?
1. Safety 2. Cohesiveness 3. Sustainability 4. High quality of living
ESTATE MANAGEMENT PLEDGE 1. 2. 3. 4. 5. 24 Hour Power Supply and tele-communication network Customer Services (Monday to Saturday) 24 Hour security & Emergency Response Landscaping, Roads, Drainage & Street light maintenance Common Areas, Facilities &Service buildings maintenance
ESTATE MANAGEMENT PLEDGE 6. Waste Water treatment and refuse disposal 7. Animal and pest control 8. Treated, Pressurized water supply 9. Schedule bus service 10. Promoting and Organising Cultural activities
CATEGORISATION Sustainability Safety High quality of living 24 Hour Power Supply and telecommunication network 24 Hour security & Customer Services Emergency Response (Monday to Saturday) Common Areas, Facilities &Service buildings maintenance Waste Water treatment and refuse disposal Treated, Pressurized water supply Animal and pest control Landscaping, Roads, Drainage & Street light maintenance Schedule bus service Cohesiveness of community Promoting and Organising Cultural activities
Community
Sustainability Safety High quality of living Cohesiveness of community 24 Hour Power Supply and tele-communication network 24 Hour security & Emergency Response Customer Services (Monday to Saturday) Promoting and Organising Cultural activities Common Areas, Facilities &Service buildings maintenance Waste Water treatment and refuse disposal Treated, Pressurized water supply Animal and pest control Landscaping, Roads, Drainage & Street light maintenance Schedule bus service
Community • Highest cost allocated for Security Services • Increase level of security
§ Concentration of removable and valuable goods on a very small footprint § Without a substantial security system, it might impose an unsafe environment § CCTV monitoring, well planned emergency procedures, highly trained security staff and security awareness programme
Common Areas, Facilities & Service Building maintenance § Costs for maintenance, building repairs, recreational facilities, equipment, and other expenses § Ensures Star. City maintains excellent standards of living environment for its residents § These costs are administered into the daily functions of the Star. City development
Customer Service • Excellent service quality • Close communication and interaction between residents and front-line staffs • Improve quality of living • Convenience – shuttle bus services, • Housekeeping – clean and safe environment
Promoting and Organising Activities § Aims to remove cultural and social barriers § Promote and cultivate interaction between residents § Prepares existing residents for a large group of new residents and involving them in the reception process § Reinforces the notion of Star. City as an integrated community
Primary Secondary § Resident’s handbooks § Events § Email § Social media § Newsletter § Customer service department
• Informing the residents of Star. City on how the 5 -years estate management fee is established and spent. • 80%-20% model and the costs breakdown of the estate management funds. • Dissemination of information through a wide range of mediums • Transparency of information • Residents’ experience
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