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?
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.
Suresh & the committees