SINGAPORE: The developer of Dairy Farm Residences, a recently completed private residential project at Bukit Panjang, has slashed monthly management fees by approximately 40 per cent in response to homeowner complaints.

Although the revised fees have relieved some homeowners, others had noted that the new fees are still higher than the originally advertised rates when the luxury condo went on the market.

Dairy Farm Residences obtained its temporary occupation permit last month. At that time, homeowners were informed that the monthly management fees would range from $700+ to $800+, depending on the size of their units. This was significantly higher than the initial advertised fees of $260 to $350, causing widespread discontent among residents.

In response to mounting outrage and a petition from homeowners, the project developer has slashed the monthly management fees. The new fee structure will range from $427 to $513. According to legal letters sent to homeowners, the Building and Construction Authority has approved these revised fees.

Homeowners who had already paid six months’ management fees in advance to receive their keys will have the option to claim a refund for the overpayment or utilize it to offset future management fees.

The developer cited increased costs for security, cleaning, and related services as the reasons behind the high fee. The company has acknowledged the concerns raised by homeowners. It has been actively engaged in discussions with consultants and contractors to explore ways to reduce overhead costs and enable a decrease in management fees.