Condo cash subsidy reaches MOP342 mln

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The MSAR Government disbursed some MOP342 million (US$42.47 million) for the maintenance of condominiums via the Building Maintenance Fund by the end of July.
A total of 2,862 cases were approved for receipt of the subsidy, with the most (2,405) for the Provisional Subsidy Scheme for Common Parts Maintenance of Low-Rise Buildings. There were also some 265 cases relating to the Subsidy Scheme for Building Maintenance, with 164 benefiting from the Interest-free Loan Scheme.
The government funding seeks to encourage condominium owners to maintain their buildings.
Meanwhile, the government is advising owners to make adequate use of the support, placing a limit of MOP50,000 for each flat applicant via the Interest-free Loan Scheme.
For the Subsidy Scheme for Building Maintenance, the amount should be used for maintaining the structure and the inner and outer walls, as well as the common parts of buildings. The scheme covers a maximum of 30 per cent of a project’s costs, or an amount that does not exceed MOP5,000 per flat.
The Provisional Subsidy Scheme for Common Parts Maintenance of Low-Rise Buildings can be utilised for buildings that have seven floors or less, or for common areas of buildings that were built 30 years or more ago.

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