Just 'd been through a low tide of stock market correction for 2 weeks, where most of my growth stocks slumped by almost 20%, translated into a big amount of money losses.
Having said that, it makes me realize the shortcoming of holding too much growth stocks which are sensitive towards the volatility of market up and down, especially in the last phase this bull market. Some strategies has to be put in place to help safeguarding the entire portfolio from being harmed. I do believe I am always having the great plans that to stick with it in a disciplinary way would be sufficient.
My aim to boost the portfolio managed to a RM 200k level is still far behind the schedule, perhaps I should be more proactive to accelerate the pace on time taken by investors to open their own trading accounts.
While for property updates, I just attended an AGM held in my third property- Ritze Perdana 2 yesterday, which was an eye opening event to pick up some important notes.
Got to know that the Joint Management Body (JMB) formed by most of the owners in that condominium (8 owners + 1 representative from developer- Usaha Hartamas Sdn Bhd). Out of the 8 owners, 2 of them are residing in that condominium.
There are some impressive efforts taken by the management to improve the monthly maintenance fee collection, by first alarming those residents that are unlikely to make payment within the 14 days grace period from the day of invoice issued, and they have given second reminder to them for their bill exceeding RM 500, the letter of demand will be served afterwards and followed by summon if the residents refuse to perform their duty as part of the community. As a result, the bad debts are mainly recovered and they achieve a collection as high as 92% out of the total maintenance fees, all these are attributed to their effort, not forget to mention their effective system to enhance the collection.
Apart from that, this is my first time to hear that condominium has a practice of adopting audited accounts, which is quite transparent to each resident on how the management spend every single penny wisely to maintain the facilities as well as improving the patrolling and quality of security guards. The management seemed to have great plans using the limited resources to create more value by adding vending machine, car wash, treadmills, etc...It is going to be fantastic as they work out the plans and creating more values for the buyers.
The only issue that worries me should be the on-going litigation case with the developer Usaha Hartamas Sdn Bhd, the claims remained to be the defect not ratified in the condominium, serious leakage in water dam & service charges of operating the car parks. The total claims is around RM 500k, which is not a small amount and I do hope they can reach a settlement earlier to avoid more professional fees spent on litigation.
Also, the proposal of constructing the Damansara-Shah Alam Highway (DASH Highway) would be a great concern to all the residents reside in Damansara Perdana, it would bring more traffics to this area and create more massive jams, that will eventually harm the peace and quiet of this area.
Some follow up meetings will be taken by the JMB with the local government authority to dig out more details about the highway, I believe in the management capabilities to handle the issues softly that will bring benefits to all the residents here. It would still be a great buy after this unforseen circumstance to be eliminated. :)
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