| Date | : | 23rd February 2023 |
| To | : | Teega Parcel Owners |
| From | : | Chairman of 5th Joint Management Committee |
Dear Valued Owners,
REF : Short Term Rental (STR) for Residence Tower A, B & Cabana (Residence) Motion#5 circular
I refer to my circular dated 29th October, 2022 on the issue of implementing the Motion #5 passed at the last AGM on 24th September 2022.
In the circular, the JMC postponed the implementation of banning Short Term Rental (STR) in Teega Residence based on the legal counsel’s advice dated 27th October 2022. As such, the JMC decided at the last JMC meeting (No.5) held on 1st February 2023 to call for an EGM on 18th Mar 2023 to resolve the matter . Please note that the current by-law allows for STR for period less than 6 months at Teega Residence (Tower A & B and Cabana) and Teega Suites. In order to implement the Motion#5 that was passed at the last AGM, an amendment to the current by-law has to be passed under a Special Resolution. The adoption and passing of a Special Resolution requires approval from a minimum of 75% of the quorum present at the EGM for it to be carried.
Therefore the Special Resolution to be tabled at the EGM is as follows:
To amend and adopt the following Special Resolution :
As per section 32(3) of SMA (Act 757), to adopt the amended additional by-law made by Joint Management Body under Section 1.2 (o) “Short-Term Rental” refers to rental agreement and/or any other similar forms of arrangements with a term of six (6) months or less for Suites and a term of minimum three (3) months and not exceeding six (6) months for Residence; herein refers as STR.
Please vote ‘yes’ if you want the rental of less than 3 months to be banned in Teega Residence . This will mean that AirBNB or other form, which is usually less than 3mths will be disallowed.
However, please vote ‘no’ if you want the STR of less than 3 months at Teega Residence to continue .
Please note that this Special Resolution will require ‘yes’ vote from minumum 3/4 of valid votes or minimum 75% of the quorum (either by show of hands or in term of shared units if vote by poll is demanded ) to be adopted and carried.
I would like to take this opportunity to call on all owners to attend this EGM or send in your proxy to vote accordingly for the greater benefit of Teega.
Thank you.
Best Regards,
Jeff Saw
Chairman of Joint Management Committee Menara Teega (5th term)