Why do resident bodies want deeper studies before implementing this policy?

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Resident Bodies Seek Further Studies on Proposed Policy for Foreign Tenants

Resident body representatives have expressed a need for more in-depth studies before the proposed policy requiring foreign tenants to obtain approval from Joint Management Bodies (JMBs) or Management Corporations (MCs) is implemented. While acknowledging the intent behind the proposal, they believe a comprehensive analysis is necessary to understand its potential ramifications on the rental market and the existing property overhang situation.
Impact on the Rental Market and Property Overhang

Concerns have been raised that the proposed policy could exacerbate the challenges already faced by the property market. With a significant supply of condominiums currently exceeding demand and many units remaining unsold, introducing an additional layer of approval for foreign renters might create further obstacles. This situation highlights the delicate balance of the current property landscape, where any new regulation could have unforeseen consequences on market dynamics and property values.
Alternative Suggestions for Tenant Vetting

In lieu of the direct approval process by JMBs or MCs, alternative mechanisms for vetting foreign tenants have been proposed. One suggestion put forth involves requiring foreigners to obtain a "certificate of good conduct" from credible individuals or bodies. This approach aims to ensure that prospective foreign tenants are reliable and well-behaved, providing landlords and management bodies with a degree of assurance without necessarily adding a direct administrative burden on the JMBs or MCs themselves.
Potential Benefits for Strata Property Safety

Despite the calls for further study, some resident body representatives view the proposal as a potentially positive step towards enhancing safety within stratified residential areas. The ability for JMBs and MCs to vet prospective foreign tenants could offer an additional layer of security, helping to identify individuals who may have ulterior motives for renting. This perspective underscores the underlying objective of the policy, which is to improve the monitoring of foreign residents and their activities to maintain community harmony and safety.

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Why do resident bodies want deeper studies before implementing this policy?

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