Latest update of Bukit Pandan Nusa Mewah Condo

Dear All,

I’m sure all of you are eager to know the outcome of the meeting with FH yesterday. Below are the list of questions which we raised to FH during the meeting. Please find the explanation given by FH.

1) When is FH planning to start back the project?
– WITHIN 1 YEAR IF FH CAN GET 75% OF THE BUYERS TO AGREE WITH THEIR TERMS. 1 OF THE TERM IS NOT REQUESTING FOR LAD. IF THEY DON’T GET THE QUOTA OF 75%, THE PROJECT WILL BE ABANDONED FOREVER.

2) What will be the duration taken to complete the project and when is it scheduled to complete?
– THE DURATION COULD BE 1 YEAR OR LESS, DEPENDING ON THE QS REPORT. SO, WE CAN EXPECT TO GET THE HOUSE READY IN LESS THAN 2 YEARS FROM NOW.

3) How much fund do they have now to run the project?
– THEY CLAIM THAT AT THE MOMENT THERE IS NO FUND AVAILABLE FOR THE PROJECT. THE REMAINING FUND TO BE COLLECTED FROM THE BUYERS IS AROUND 14 MILLION.

4) What is their budgetted cost to complete the project?
– THEIR ROUGH ESTIMATION IS AROUND 21 MILLION. THE ADDITIONAL 7 MILLION NEED TO BE TOP UP BY THE BUYERS. FH WILL GET THE BANK TO REEVALUATE THE PROPERTY, TO INCREASE THE LOAN AMOUNT. IF ANY OF THE HOUSE BUYERS DON’T AGREE TO TOP UP, THEY WILL STILL COMPLETE YOUR PROPERTY BUT SINCE YOU DIN’T TOP UP, THEY HAVE THE RIGHT TO CANCEL YOUR S&P AND RESELL YOUR PROPERTY.

5) Will there be any changes in terms of fittings and finishings from the original proposal?
– THEY WILL STICK TO THE ORIGINAL S&P. THE ROOMS WILL BE FITTED WITH PARQUET.

P/S : Please take note that, we did receive a letter from Mudi Angkasa somewhere in 2004 if i’m not mistaken stating that they will fit tiles for all the floorings instead of parquet which was stated in our S&P.

6) If we are to agree to their requirement of not requesting for LAD, will they come out with a separate agreement on the compensation plan like waive the maintenance fee for certain numbers of years or get the units be installed with extra fixtures like air-cond or built-in cabinets?
– THERE WILL BE NO OTHER SORT OF COMPENSATION AS THE ESTIMATION TO COMPLETE THE PROJECT WILL BE MORE THAN THE REMAINING PAYMENT TO BE COLLECTED FROM THE BUYERS.

7) As for those house buyers who are currently paying progressive payment, do we need to ask the bank to release the entire fund at once if the project started?
– THE BANK STILL HASN’T RELEASED 30% OF THE LOAN AMOUNT. SO, THEY WILL BE BILLED ON EACH PROGRESS.

8) What guarantee(s) does the house buyer have if the new developer fails again to complete the project?
– THE NEW DEVELOPER IS GOING TO BE FH, WHO WAS APPOINTED BY THE HIGH COURT. SO, WE CAN HAVE SOME SORT OF ASSURANCE.

9) What is the new developer name and please provide its track record?
– FH.

10) Validity of the S&P.
– THE S&P IS STILL VALID.

12) Can FH issue a formal letter to all the buyers on the winding up of Mudi Angkasa? This is to show to our financial institutions to request for interest rate reduction.
– FH HAS AGREED TO SEND OUT THE LETTER WITHIN THIS MONTH.

Thanks,

Suresh & the committees

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34 Responses so far »

  1. 1

    samsuri said,

    referring to answer for question no 4 – “THE HAVE THE RIGHT TO CANCEL YOUR S&P AND RESELL YOUR PROPERTY”- in case we don’t top up…

    so… if they sell what happened to the ‘used’ money borne earlier by the buyers?

    • 2

      B1219 said,

      Refer to the Item no. 4 it says that addtional RM 7 mil to be top up by the purchaser which are only RM 19,444.44 per unit if divided into 360 units. Can anyone explain, how come we need to top up for addtional RM30k from the previous meeting and which one is correct???

      Since FH can get the bank to re-evaluate the property, so can FH help us to the increase of loan amount from our existing financier, so that we just continuous paying from the same account instead of another S&P or what’ever???

      Else, can we followed what SowChan suggested, November 17, 2008 @ 11:30 am

      Committee please help???

  2. 3

    Jason Lee said,

    If you don’t agree to top up the additional money, i believe the money that you have paid so far will be considered as total loss since Mudi Angkasa has already been windup…

    We, the purchasers are controlling our destiny now, we are considered as our own financier to make decision on whether or not to continue the construction of our property, if yes we got to top up the money and wait for our apartment to be completed ASAP, if not, the apartment will be abandoned forever until someone from the government takes over (but it may take another 5 or 10 years since a lot of abandoned projects in Klang Valley which no ones from the government will pay attention to)

    FH will be sending out a formal letter to all the purchasers pertaining this matter. They will put our commitee contact details in the letter as well, once everyone is aware about this, i think we will be having a meeting with all the purchasers for further disccussions.

    Thank you.

  3. 4

    wan said,

    guys, pls be careful this time. someone is hiding behind FH. although it looks very convincingly to undertake this project, please be extra careful. please check their management, & their link to the previous mudi angkasa…
    modus operandi is very simple… collect your money, then declare bankrupt! they don’t care to any court order, same as mudi!
    then you all find another liquidator & same story again… and again…
    please find someone in our government to help, put political issues aside. good luck.

  4. 5

    Jason Lee said,

    Dear Wan,

    We will be having a meeting with the rest of the purchasers on all the issues. We are now waiting for FH to send out the letter to the rest of the purchasers (together with our commitees’ contact details)

    We will decide the venue and time to meet up for further discussion. But it is good if we could sound up in this blog to open up all kind of discussions and ideas.

    Thx,
    Jason

  5. 6

    The Undertaker said,

    How much we all must top up?

  6. 7

    Syed Akil said,

    If what Jason say is true than we the buyers don’t have any choice other than go with FH or loss everything that we had paidd so far. I respect his opinion but both of the choices do not seem to provide any comfort to me.

    Wan has a point….we need to take extra carefull this time….to protect our interest. We all had been burn once.

    I would suggest that the comittee with agreement from all the buyers to appoint consultant to represent all of us to protect our interest rather then depending on FH or other parties that do not represent our interest. For example we could hire our own lawyers and engineers/consultant.

    They can advise the commitee on the technical aspect of the FH proposal. If the contruction starts again they can monitor the project on behalf of we the owners. They only answer to us and not to the developer, FH or the banks. Only in this way I would consider to accept the proposal to proceed with the project. I could not afford another blunder.

    Better still if there are any one of the buyyers are engineers or lawyers we can set up our own project mangement team and advise the commitee.

    On our own we may not be able to afford the charges but collectively we can.

    Thanks
    Syed Akil

  7. 8

    Blog B said,

    hi, i hope that more will come for the next meeting with FH. I took 1/2 day off just to attend the meeting and to ask questions directly. yes it is heartbreaking to know that we have to top up to get our dream homes but if we don’t that house will remain a dream.
    the only thing we need to be careful now is whether FH will establish a new contract again with us or not. Who is going to guarantee the completion of the project ? as for the 25k top up, its just a rough estimation from FH. They are not expert in doing QS, so we will only know the actual figure when the QS completes the study. It could be much lesser.

    as for the appointment of 3rd party consultant, it’s not cheap as i am also in the construction industry. its better to get the existing consultant to finish the job as no other consultant would want to endorse the drawings again. even if they want, the fees would be extremely high. but if there are purchasers with knowledge in this area as suggested above, then it would be good.

    anywy, in short, i still want my house back, even if i need to top up. we can either rent it or sell it later. at least we get something back. FH has informed that they will get our banks to increase the loan rather than paying lump sum. i hope more will come and support the commitee in the next meeting.

    thanks.

  8. 9

    Chin said,

    Appreciate the efforts of our committee as well as those who show up during the meeting.

    I agree with Blog B in topping up issue, i believe we don’t have any other choice beside than this. I’ve consulted with one of my friend who is an officer in the bank, he raise some point that gave me some point of consideration.

    1. FH is taking over the housing project, and it would certainly be their intention that they will benefit from it. If we all don’t agree with their terms, it will do them no good.

    2. Since FH intention is going to get at least 75% agreed, then they will consider all aspect (especially top up price) to get our agreement, unreasonable top up price will not attract us and do them no good also.

    3. The surrounding property price now is at least rm130k (correct me if i’m wrong), which means our property value most probably went up also (if the building completed). So the bank would probably approve our additional loan based on the property value now. So FH top up price should be reasonable for us and the bank to accept.

    Personally, i think no liquidators would like to doing business that is no good for them, and i believe all of us would really like to see our house completed. Leaving it as it this now is pain in my heart, and this is my weakness that will cause me to agree top up.

  9. 10

    Jason Lee said,

    Thank you Chin & Blog B for all your inputs, please do come to our internal meeting between the committee & the purchasers.

    We are planning the date and time for the meeting, once it is firmed we will make calls and publish on this blog to inform everyone, we hope we could gather as much purchasers as possible for this important meeting!

    Thx,
    Jason Lee

  10. 11

    Eric said,

    Dear All,

    Agreed with Chin.For me,top up is not a top issue now,the main thing is we want our house back ASAP.
    Hope committee can arrange a meeting for all of the purchaser to discuss and update of this issue .Re-call back to the previous meeting at Talam office,there have a purchaser list for the attendance.If the purchaser list not complete,sure we can ask FH to provide in advance.So that we can have a forecast on how many % agreed to this top up and some internal discussion before we meet FH for the upcoming meeting.

    Regards,
    Eric

  11. 12

    samsuri said,

    I prefer the government to take over.. there are cases where the gov have completed abandoned project in Penang and sg petani.. all the buyers get their keys without losing more than what they have suffered..

  12. 13

    Jason Lee said,

    Hi Samsuri,

    Yes, you may wait for the government to take over, but then how many years should we wait for it? another 6 – 7 years? how many years do we have in our life? As far as i know, government will put priority on those low cost property, whereas our condo is considered medium range, i don’t think the government will take over within the next 5 years.

    A matter of fact, we are already conned by Talam on these tricks to declare bankruptcy on its child company, there is no law to protect purchasers like us at the moment, if you have any lawyer friends, you will get the same anwers from them too.

    I believe the best way is to meet with the rest of the purchasers to see if we could minimize the top up value and discuss with the liquidator. Otherwise, we will be waiting forever.

    God bless us.

  13. 14

    SowChan said,

    For the top up 25K, it is very risky if the new developer request the bank to release once the project start. I strongly suggest this amount should only release once the house fully completed. Meaning we still follow the 30% in progressive basis, then the additional top up should be come last.

  14. 15

    Suresh said,

    Dear Samsuri,

    Juz a little thing to add on to what Jason has explained. In fact during the meeting with FH, we have raised the possibility of the goverment taking over the project. What FH’s explanation was, the goverment will give more priority to low cost housing projects.

    Assuming the goverment takes over the project in another 5 years time. With the amount of progressive interest of RM450 per month, we would have paid RM450 X 12 months X 5 years. Which totals up to RM27,000. So, the longer we delay the more we are going to loose.

    Further to what SowChan has mentioned, maybe we can visit the construction site after each progress billing before we advise the bank to release the payment. At least we will know that the job has been done before we pay them.

    Thanks
    Suresh

  15. 16

    Jason Lee said,

    Dear guys,

    I came across this news today at the Star newspaper, please take look :

    http://thestar.com.my/metro/story.asp?file=/2008/11/17/central/2566724&sec=central

    Basically it says that the house buyers of the Taman Serosa housing project in Kajang are hoping that the recent announcement by Syarikat Perumahan Negara Bhd (SPNB) to revive abandoned housing projects would include their project….

    Would there be any possibilities that SPNB will help us out as well?

    Time to find out more from SPNB.

  16. 17

    wan said,

    You got a point, Jason…

    Excerpt from The Star >>

    1. “…The project was then taken over by liquidators Howarth Sdn Bhd, but they too failed to revive the project, leaving the buyers — mostly middle-income earners — in the lurch…”

    2. “…the project was declared abandoned by the Housing and Local Government Ministry in 2003…”

    Nusa Mewah status???

  17. 18

    Jason Lee said,

    Hi Wan,

    The house buyers of the Taman Serosa housing project are still “hoping” that the Syarikat Perumahan Negara Bhd (SPNB) will be reviving the project but SPNB may or may not do so, as i mentioned before, the government will put priority on those low cost property, whereas our condo is considered medium range, in addition, there are hundreds of abandoned housing projects in klang valley, I think it is very unlikely that the government will put attention in it, the longer we wait, the more interest payment we have to pay, therefore if the liquidator can help us out, why not we go for it rather than wait for another few years for the government?

    p/s: You may contact SPNB for more information on whether or not they will “consider” to revive our project. Thx.

  18. 19

    Vincent said,

    Dear all fellow purchaser,

    I went to the site last week and found out that there were some work done within the site which I believe should be on the landslide opposite the TNB substation. If any of you all come across please try to find out more details.

    Cheers,
    Vincent

  19. 20

    Syed Akil said,

    Hi blog B and others

    Consultant that approved the design must be appointed by FH or the new the new developer, this is the law. There are no two way about this. These consultant are paid by the contractor and will “work” for the developer. They are usually bias toward their pay master.

    The legal and engineering consultant that I propose we to consider are consultant that represent all the buyyers. They work to represent and protect the interest of we the owners.

    In construction project there are varoius consultants and engineers that represent different parties. There are those who represent the developer, the creditors and the owners.

    One of the problem with our housing industry is that the same consultants represent everybody ie: developer, creditors and also owners. In theory they are suppose to act profesionaly and etically but in practise they are bias towards their pay master. Who is their pay masters? yes…the developer. I sure Blog B is fimiliar with this situation.

    Outside the housing industry but still within our contruction industry :it is normal to find varoius consultant that represent the dfferent parties that I have mentioned. Only in this way the parties involved are 100% sure that their interest are protected. They provide the check and balance to the work done by the developer and the so call developer consultant. I’m sure we can insist this with FH as part of our agreement to their proposal.

    Let me give you and example, when developer made claims to bank to release the progress payment, the claims are verify by the consultant that the developer pays. The bank will ussually release the payment as it is verified by the developer consultant.

    The buyyers uasually have no choice but to accept the claim. The bank don’t even have people to verify the claim. It is acceptable to the banks as the risk for delay or low quallity of work is solely on the buyyers as what happen to bukit pandan and many other housing projects.

    In my opinion to put your trust with FH soley base on what they say is naive and extremly risky. We need to find ways to make sure that they deliver this time. One of the ways is to hire our own legal and technical consultant.

    If you have better ideas to make sure they deliver I would appretiate it very much so that we can discuss and find the best approach to our problem.

    What I have notice in this blog is that some people want their house to complete so bad that they don’t care about the possible risk or look at other possible option.

    Thanks
    Syed Akil

  20. 21

    Din Desa said,

    Kepada para pembeli yang teraniaya,

    Cuba lah untuk buat aduan kepada email di bawah. pihak berwajib berkemungkinan akan mengambil tindakan yang sewajarnya sekiranya ramai daripada pembeli membuat aduan.

    Dari diam baiklah mencuba.

    info@warkahuntukpm.com.my

  21. 22

    khairul said,

    1. Refer to answer for question no 12. Do FH already provided the letter as they have mentioned?

    2. I already moved to new house. How can i arrange to change my correspondance address?

    3. When our commitee planning to conduct a next meeting?

    4. How many buyers have registered in our commitee?

    Hope updates from commitee….

  22. 23

    buyer said,

    All the action that will be taken have a risk that we are going on the lost side.

    Hope the comittee will be careful this time.

    For Jason, dont be emotional when the others mentioned about seeking assitance from the goverment. As far as I’m concerned, we should refer to them at least to get some attention. I would not vote for Jenice for the next election as she cant do anything and do anything to solve this problem.

  23. 24

    KS said,

    Agreed with Buyer said…at least we try and not to say can’t and no use..!

    I also thanks for the committee for all the effort done of this issue.

  24. 25

    Blog B said,

    Dear Buyer,

    I have written and called the Government which is the Housing Ministry. They said it is out of their scope! I was really getting emotional that time . The excuse was Mudi Angkasa is winding up and it is up to the liquidator. So, they are washing their hands already. To those who have good networking with the Gov, please write to them again and again. Maybe Pak Lah can do something before he steps down on March. SO all buyers, please support the committee or at least join them in the next meeting.

  25. 26

    RJ ABD HALIM said,

    Well guys, lets have everybody attend the meeting. As for this is a very heartbreaking news after long waiting for our new house to be completed. Please let me know when the next meeting will be held. I just got the letter from FH. I am certainly not happy with the replies by the FH during the `yesterday meeting’. How and when to meet other committee?. I don’t want same things happen to us like En. Wan said.

  26. 27

    Jason Lee said,

    Dear all,

    Please call our committee, ELSIE at 016-2806906 if you have any questions or doubts regarding the letter from FH. I understand you frustrations and i felt the same too.

    Elsie knows everything since she is keeping closely in contact with FH. She will explain everything to you.

    Even if we plan to have an internal meeting among the purchasers, at the end of the day we still need to gather the $$$ to pay FH in order for them to hire quantity surveyers to estimate the top up amount.

    I can imagine there will be a lot of purchasers who can’t make it to the meeting since there are 360 units of purchasers, even if some can attend the meeting, I’m sure there will be a lot of different opinions from different purchasers, which end up without any conclusions…

    Therefore, I strongly urge everyone to cooperate with FH, Please do call Elsie or person in charge at FH if you have any problems regarding the payment of RM400. Without these money, there is no way we could continue reviving our condo! The consequences are delay, delay and delay, paying more interest, and more interest at the end!

    FH does not have any relationships with mudi angkasa nor Talam, they are a liquidator who liquidates mudi angkasa which has been winded up few months ago.

    I know there are some purchasers who wish to ask helps from the ministry or politician, but then how can they help you? we have even contacted the ministry of housing department, and they claimed that this is NOT under their control now, the developer (Mudi Angkasa) is under liquidation now, we can only refer to the liquidator which is Ferrier Hogdson!

    There is no way we can seek helps from any third parties other than ourselves, we are our own “developer” now, without unity from all the purchasers, i would say we shall wait for another 10 or more years…

    Jason Lee

  27. 28

    Din said,

    Jason,
    Adakah apartment terbengkalai ini masih lagi insuran cover?. Sekiranya ia terbakar sebelum siap, adakah purchaser boleh buat tuntutan kepada pihak insuran?. Sekadar hendak tahu…

  28. 29

    edwinyeap said,

    Dear all,

    We need to have an organise approach to address our concerns. I have taken note of a few key points from all your feedback.

    1) we must have consultants & lawyers on our side because we cannot trust FH entirely

    2) top-up is not an issue but we must have control on the release of progressive payment by the bank

    3) we must get buyer’s confidence in order to get enough money. Therfore we must make sure the work done worth every ringgit we spend from now. Example: if we cannot raise RM 50k for the QS work, all money collected return to the buyer. This ensure no wastage/hanky-panky. If this can be arrange, I don’t mind even paying RM 1000.

    4) concern about high cost in hiring our own expert. we have 360 units, therefore look around ourselves for the expert or relatives, friends who can be trusted and give us a discount.

    5) There is no harm doing more than 1 thing at a time. Getting SPNB involve in some way create some links to the government. Example: If we solve the money issue by toping-up but get them to co-manage the project will be a quick win for them. Will this be the “1st” house buyer-government co-manage revival of an abandon project? Good for publicity !

    I really admire the rationale thinking of Syed Akil.

  29. 30

    Hj.Omar said,

    En. Jason Lee
    1. T.kasih diatas usaha J.kuasa dan penghuni semua.
    2. Telah banyak cerita telah dibaca tapi tidak ada keputusan yang duat lagi. semoga keputusan itu nanti memberi kebaikan kepada pemilik semua.
    3. saya telah pun bayar Rm 400.00, sedang tunggu resit bayaran dari FH.
    4. Saya tidak setuju jika talam terlibat lagi dalam meneruskan projek ini, kerana telah nyata talam tidak bertanggung jawab, sepatutnya apabila anak syarikatnya hampir muflis talam bertanggung jawab mengambil alih projek dan terus menyiapkannya. saya lihat disekeliling kondo ikita sebagai contoh, syarikat IJM lebih mesra pelangan dan pojeknya dapat disiapkan semuanya.
    5. Berhubung bayaran “to-up” jika dikenakan juga, bayarannya saya cadangkan dibuat pada masa menerima kunci rumah nanti. siapa bayar mereka berhak terima rumah.
    Projek boleh diteruskan dengan menggunakan baki pinjaman yang masih ada dari bank.
    Saya bimbang apabila bayaran sudah dibuat, rumah terbengkalai lagi, habis wang kita, saya benar-benar bimbang, pisang berbuah dua kali.
    6. Carilah kontraktor yang mesra pelanggan dan bertanggung jawab serta berkemampuan semoga impian semua pemilik kondo menjadi kenyataan.
    7. Pada kali ini kita harus berhati-hati, soga kita ada perjanjian tambahan yang dapat menjamin pemilik kondo semua.
    8. saya berdoa semoga segala usaha menghasilkan keputusan yang baik. terima kasih.

  30. 31

    Din said,

    Boleh saya tahu status terkini tindakan yang sedang diambil oleh pihak FH sehingga kini. Dapat juga kiranya FH keluarkan senarai purchaser yang telah buat payment.

    Terimakasih.

  31. 32

    KALAVATHY A/P A. RAJENDRAN said,

    purchaser for B-14-12

  32. 33

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  33. 34

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