10th Annual Report

To Do List for 2013-2014

1. Change the Management style to a more open – and transparent style where House Rules and Rental Terms etc. are made up or changed in consultation with the entire membership. All council Members to have unhindered access to the current and  historical records of the accounts and all Minutes of Committee Meetings.
   
2. The Annual Report  show interest rates of Rs 7.7 million income on a deposit of Rs 100 million. The disparity between what was stated of the AGM and what is in the accounts has to be checked.
   
3. A copy of the entire audio recording of the proceedings of the AGM to be available to all members.
4. A Legal tussle between two committee members as a result of personal abuse (both written and verbal) cost the MCCP3206 over Rs. 2 Million. Recovering as much as possible from those responsible. - Check the present amount.  
5. A copy of the entire audio recording of the proceedings of the AGM to be available to all members.
6. A Legal tussle between two committee members as a result of personal abuse (both written and verbal) cost the MCCP3206 over Rs. 2 Million. Recovering as much as possible from those responsible. - Check the present amount. 
7. Add to the House Rules - "No committee member be elected for a consecutive term” – if it is not in conflict with the Act Governing this aspect. In consultation with all the owners.
8. Enhancement of the property, as we are now losing our position as the most sought after condominium in Sri Lanka by upgrading the outer look – Signage – Bad Smelling (from Garbage) Common Areas – Lift Inner Finishes - Basement Lobby Area Floor Tiling, Lobby Floor Lighting. – Tiling of the Space Connecting the Ansana Resort and Spa to Crescat Lobby. Better access to Keells Super in Crescat Shopping Mall Basement by having access closer to the shop itself without having to go through the inconvenient gate at the other of the car park. Ensure exhaust fans in the car park are always turned on otherwise can be stifling - constant communication with Asian Hotels to ensure proper ventilation.
9. The previous Chairman of the Council out lined the “Looming Financial Disaster” due to losing the rental of the Lanka Bell income of over a Rs. 1 Million rupees. Additionally, large areas in the Basement now lying idle – to be rented out to Crescat Apartment owners who need additional ‘Storage Areas’ or others. Rates being determined by the responses received in an Aggressive advertisement campaign. 
10. The area taken up by the GYM – toilets/changing rooms do not seem to be in keeping with the actual usage. A survey to be taken across a month by the Receptionists to have an idea of the usage. – Should the usage be low – we should check whether the ANGSANA will give preferential membership fees to Crescat Residents.  (GEN) 
11. Fully utilize the assets of the MCCP 3206 to generate income by Selling or renting the 2 Bed Room Apartment that is currently being used as a meeting room. This has a rental value of ($1500) Rs 192,000 Gross income a month – Net After Service / Management Charge of 15,000, Maintenance of 5,000 = Rs, 172,000 a month  – providing an income of at least Rs. 2,064,000 annually.  The sale figure that will give a monthly interest income at 15% of the same amount as the net rental income of the above figure of Rs. 2,064,000 will be Rs.13,760,000. It is expected to fetch a much larger sales figure possibly Rs 26 million thereby nearly doubling the net rental. 
12. This is now used for Committee meetings that were previously carried out in what is now the Letter Box Room. The Accounts Dept to work out the improvement in the cash flow. (GEN) 
13. Cinnamon Grand Meeting Rooms can be used at Rs. 15,000 per meeting for 20 persons. Total Cost per year for 12 meetings is Rs. 180,000. Smaller groups can be accommodated in the letter box room at no expenditure.
14. House Rule Pertaining Letting Periods will be in keeping with the majority of owners – a questionnaire to be mailed to get the views of all the 152 Apartment owners. The proposed changes that were to be effective on the 1st of April were rescinded at the last AGM – Jean to produce the minute taken on this from the  Chairman of the AGM. A casual show of hands among those present at the adjourned meeting of the 14th March 2013 showed 98 % were against any rule pertaining to the rental periods. This needs to change.  
15. Any alleged inconveniences due to short lets caused to others should be studied and solution to these found without affecting apartment owners' fundamental rights. 

Welcome

Welcome to Crescat Residencies official page for Residents and Tenants of the building.

Crescat Residencies is one of Sri Lanka's most prime residential locations, situated on the same complex as the city's most luxurious hotels, The Cinnamon Grand, and Crescat Shopping Mall.

This official page will aim to provide owners of apartments to have access to all official documents, committee meeting minutes, key updates and up-to-the-minute changes on everything that goes on at Crescat Residencies.

Google Map of Crescat Area