We hear the term “MCST” pretty often but what is it and what does it do? Do you even know what it stands for? Let’s find out.
MCST stands for Management Corporation Strata Title and is an entity appointed to manage an estate such as a condominium. When contracted to manage an estate, the entity is given a numerical name, for instance, MCST Strata Title Plan No. xx, where “xx” is a number.
Since properties like condominiums have many shared facilities, such as the swimming pool and gym, and have to be managed and maintained, the MCST is the body that oversees this. This is as opposed to every owner having to manage the facilities themselves. Other than managing facilities, a MCST is also in-charge of managing the security, technicians and cleaners, as well as the rules of the estate. Of course, if you have anything to report about your estate, the MCST is who you should be looking for.
The quality of a MCST may vary – some may just do the bare minimum but others will go beyond their requirements and take initiative to fix problems instantly without having others realise them. Having a good MCST is very important as it means that you might just be able to pay lower maintenance fees and enjoy better living. This is because the maintenance fees that you pay every month goes to the MCST. The MCST then splits the pool of money into a management fund and a sinking fund. The former is used for day-to-day expenses while the latter is accumulated for future works such as painting of the property.