The US$3.50/sq mtr equates US$885/month on a 252 apartment. This amounts to around US$30/day per this unit. The estimated amount that the association will charge seems quite high, and as with Costa del Sol, etc,,, I am not sure that the owner/occupied units will be full all the time, requiring the full time staffing and personnell issues that might be included in that number.
Concerning the rental pool, assuming a 70/30 split, and now that the building will be much larger than originally planned, I wonder if there will be sufficient demand to cover the number of units that are to be rented?
Also, why are you charging per square foot? The penalty applied to larger units to subsidize the smaller ones is not a logical assumption. All units will "use" the same amount of services, independent of their size, so why not divide the all in costs by the number of units?
Also, who controls the cost of the management, who is overseeing the process such that expenses are charged with complete clarity and with minimum stuffing in the process? The Unit Holders need representation directly on the Board- what is the process undertaken to ensure representation in this case, and perhaps the ability to reduce these costs?
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