16 Oct 2012

New Maintenance Contracts To Improve Property Management Services

The Link Management Limited ("The Link") has signed new maintenance service contracts that will further enhance its property management services. The new contracts, which begin today, are designed to create a better shopping environment for customers and tenants through stronger partnerships with the contractors and workers. 
 
The two-year contracts were awarded to two new service contractors, who will carry out repair works at The Link REIT’s shopping centres, car parks, fresh markets and cooked food stalls. The contractors' fitter teams will nearly double in size and will follow clear, specific targets on service standards, with a view to shortening job completion times and providing faster maintenance service. 
 
Gordon Wu, Head of Property Management & Operations of The Link, said, “The new property management support service and housekeeping service contracts introduced earlier this year provide value-added services for our tenants, while The Mystery Shopper Programme launched last year seeks to improve service performance of frontline teams and foster a customer-oriented culture. By providing timely and quality service, we are fulfilling our commitment to provide an enhanced shopping environment.” 
 
To ensure better work-life balance, the new service contracts allow workers to enjoy paid rest days and meal breaks, as well as eight-hour work shifts. Despite the rise in property management costs caused by factors such as inflation and wage increases, The Link has announced freezing its management fee for the current financial year ending March 2013. This is the fifth consecutive year that the management fee of The Link REIT’s shopping centres has remained unchanged (see note). The fee freeze, together with other measures in support of tenants, will contribute to a better business environment at The Link REIT's properties.
 
Note: Excluding four properties, namely, Lok Fu Plaza, Stanley Plaza, Nan Fung Plaza and Maritime Bay. Management fees of Lok Fu Plaza and Stanley Plaza were adjusted once in 2009 and 2011 after the completion of Asset Enhancement Initiatives. Nan Fung Plaza and Maritime Bay were acquired by The Link REIT in 2011 and 2012 respectively. After the acquisitions, the original property management companies were retained to provide management services. The management fee is paid by tenants to these property management companies.
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