magie - Saturday, Feb 20, 2016, 8:02 PM
On behalf of the Grass Residences Condominium Corporation Board of Directors, management, and staff, I am pleased to report the accomplishments within 2014-2015 to the members of our community.
Grass Residences is currently composed of 3 towers. Tower 1 has a total saleable area of 56,221.16 sqm. Tower 2 has a total saleable area of 54,285.64 sqm. Tower 3 has a total saleable area of 53,731.71 sqm.
Tower 1Tower 2Tower 3
Aside from SosaJB Property Management Corporation, which has been providing property management services for Grass Residences since 2013, the Board engaged the services of the following providers to help improve the operations of the condominium corporation:
M.L. Aguirre & Co.External Auditor
Eslabon Security AgencySecurity Service
Yukon ServicesHousekeeping Service
IEEI and Jardine SchindlerElevator Maintenance
Greeners Plus, Inc.Landscape Maintenance
Altas and Hospeco Inc.Automatic Aerosol Supplier
Ink RiteUnlimited Ink Supplier
Che Hauling ServicesGarbage Hauling Service
Alpine and Hydro GuardSTP Maintenance
Improved collection efficiency allowed us to maintain monthly condominium dues at PHP 70/sqm, which the previous Board reduced from PHP 100/sqm. Crediting of the August to December PHP 30/sqm refund to outstanding condominium dues was implemented early this year. The current 78% collection efficiency can still be improved. Cutting off the water supply of delinquent units was implemented by the property management office this year. The Board also had the following services deployed:
In line with the Board’s directives, the property management office conducted the following activities, among others:
Barangay Sto. Cristo held a special registration for new voters and senior citizen ID applicants from Grass Residences.
Regular celebration of the Holy Mass at the Pavilion in cooperation with the Sto. Nino Parish church was also permitted by SMDC.
Conversion from CFL to LED lighting of Tower 1 hallways was initiated by the previous Board. We continued this initiative and realized substantial savings in lighting costs for the following areas:
The following engineering activities were also conducted this year:
The developer replaced the air-conditioning units at the Tower 3 machine room, decreasing problems related to elevator operation.
Commander Security Services was replaced by Eslabon Security Agency as the security service provider of Grass Residences. In line with the Board’s directives, Eslabon provided the following services as well:
The projects below are in various stages of completion. A few are still in the costing or canvassing stage. Some are up for contract finalization. Others are simply awaiting delivery from the suppliers.
Additional CCTV cameras in common areas, provisions for guest parking, and bills payment through SM North business centers and ATMs have been explored by the Board. We hope that the next Board will also consider these plans.
The following deliverables are expected from the developer as agreed upon by the Board and SMDC:
The use of the open parking slots near Tower 2 for additional first-come-first-served parking was also negotiated by the Board with the developer.
BDO OpEx Savings Account
Cash in Bank as of November 20, 2015PHP 21,591,081.55
Total Outstanding ChecksPHP 9,613,406.26
Total PDC IssuedPHP 2,298,541.65
Cash Available as of November 20, 2015PHP 9,679,133.64
BDO Working Capital Savings Account
Cash in Bank as of November 20, 2015PHP 21,133,361.58
Security Bank Working Capital Time Deposit
Cash in Bank as of November 20, 2015PHP 30,000,000.00 + interest in separate account
Today, we will vote for the reduction of the working capital from 6 months to 3 months. This is the final step required in order to amend the master deed. We hope that the majority will agree to this so that the next Board can schedule the crediting of refunds to upcoming condominium dues.
Last year's audited financial statement was released with a qualified opinion from our external auditor. This is no longer the case as the current year’s financial statements have been deemed complete upon audit. However, the existing setup wherein the current Board is held responsible for the financial statements of the previous Board is an unjust cause of confusion in terms of accountability. This is the reason why we are also asking the members to vote for the moving of the AGMM from the 3rd Saturday of November to the 3rd Saturday of May. If approved by the majority, the next Board's term will be extended so that their tenure coincides with the release of their audited financial statement.
Thank you for the year and we hope that you will extend your support to the next Board of Directors.
Marie Grace Antonio
Grass Residences Condominium Corporation
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