What is the Sinking Fund being used for?

In addition to CAM fees, owners of newly completed properties are required to  contribute to the "sinking fund" on the purchase of a condominium or villa that is apart of a project. The sinking fund is used for major maintenance operations such as large repairs, repainting, replacement of outdated equipment, and other large expenses that only occur once in a while. Therefore contribution to the sinking fund isn't collected on a regular basis, but only one time on the purchase, and maybe later again depending on the common decision of the owners on the necessity of making a large maintenance expense. This contribution to the Sinking fund tends to be around 400-800 THB per square meter.