Court Convened Meeting (Balloting Session) is on 17/07/10 @ 10.00am

Dear all,

Please be informed that the Court Convened Meeting (Balloting Session) is to be held on Sat, 17/07/10 @ 10.00a.m. The venue is at the Dewan Perbandaran MPAJ, Jalan Pandan Ilmu, Pandan Indah, 55100 Kuala Lumpur.

FH will be sending out the letter regarding the meeting by end of this month. This is a very important meeting which will determine the destiny of the project where all the purchasers are required to post their ballot to decide on the “GO/NO GO” of the revival plan.

Those who are reading this blog, please help to cascade the information to the rest of the purchasers who do not have internet access.

For any enquiries please call Elsie at 016-280 6906.

Thanks!

46 Responses so far »

  1. 1

    Ka Long (B-13-17) said,

    Dear all ,

    i will come that day,thanks committee.i hope can get the great news…

  2. 2

    wai keong said,

    Dear Elsie and committee,

    Thanks for bringing this so far, I will also attend the court convened meeting. Hope it’s a ‘GO’ thing and all buyers will attend too. Will try to contact others.

    Kind regards,
    Loo (A-8-02)

  3. 3

    Eric said,

    I also will attend the meeting too. Looking forward to the good news of the project.🙂

  4. 4

    One of the purchaser said,

    Go! Go! Go!🙂

  5. 5

    Cannise said,

    Thanks for the committes for all the hardwork & follow up. I definately will attend this meeting to make it “GO”.

  6. 6

    Chin said,

    I received the letter from FH concerning the balloting but i’m not very sure how to do it. Can i just post my ballot without attending the meeting???

    BTW, I’m a bit worry about the statement (or condition) on the 30K top up part. Anyone care to shed some light here? Can we ask bank for the top up?

    And after I read the whole thing, it seems the content of the agreement does not favor us… at least, does not make me feel good. I mean, yeah, the project revive, but huh.. I still need to fork out for the top up and other fees….

    Oh, what the **** anyway… as long the project keep going, Yes, my ballot is definitely “GO” (with grumbling)

  7. 7

    miroslav klose said,

    yes…i will go…

    bu where to get additional 30k? not easy to get personal loan….any solution on this ?

  8. 8

    Suresh said,

    Dear all,

    Please read the notes in page 15 (clause 1 to 4) of the explanatory statement carefully. All the purchasers are required to fill up the form of proof of debt found on page 20 & 21 and get it duly signed before the commissioner of oaths and send it to FH by the 15th July.

    If you are not very sure on how to do it, please call Elsie at 016-280 6906. She should be able to guide you.

    On the part of financing for the RM30K, i attended a meeting with Maybank last friday, 02/07/10 together with Kamuja Corp. and FH. Maybank has agreed to study on that matter. There are in total 53 purchasers who took loan from Maybank. Those who took loan from Maybank will be receiving a letter from them very soon. As most of you are aware, Citibank has given the approval. The rest of the banks have not responded.

    Thanks!

  9. 9

    Suresh said,

    Dear all,

    Please be informed that Elsie is organizing a meeting with the committee members this Sat, 10/07/10 @ 11am in Pandan Mewah Mc Donalds. It’s right opposite the Ampang Hospital.

    She will be briefing the attendees on how to fillup the proof of debt form. Those who are able to make it please attend.

    For further details, please call Elsie at 016-280 6906.

    Thanks!

  10. 10

    Christine said,

    Hi Suresh or PIC of FH,

    1). Can I complete all the details as requested & bring it along for submission during my attend to the Court Convened Meeting on 17th July instead of posting back to FH ? As I am just able to get the form by today since I am away in overseas & worries that the form of proof of debt can’t reach FH before 15th by posting or missing during posting. FYI, I shall be attend on 17th July. Please confirm.

    2). I am one of the purchaser who took up loan with Maybank. I actually called personally to the officer whom incharges with this housing loan & being informed to them the case of 30k top up in last year & also called them again last month of this year. As for my understanding with Maybank for my case, it is still amount of around 30k++ which yet allocate to developer since they were stop in progress. There is still some balance of fund of my loan still with the bank. Meaning if the project to be resume somewhere in end of this year or early next year, Maybank will automatically allocate the balance to the next developer upon their official inform but without any top up is needed.

    In another words, for those purchases whom like my case as I stated above, we are not entitled to apply any more loan or top up in existing housing loan for the project. Please clarify me if I am wrong.

    By the way, would like to know what are the content that Maybank has agreed to study on during your discussion on 2nd of July.

    Warm Regards,
    Christine

  11. 11

    Suresh said,

    Hi Christine,

    I shall try to answer your questions as per my understanding. Firstly, it is clearly defined that the proof of debt form should reach FH by 15th July. So, i believe, they will compile the details on 16th July, Fri before attending the meeting. You may call FH to check on this.

    Secondly, the 30K topup is on top of what is still pending from the bank. All of us have almost another RM36k to be released by the bank. The QS report states that amount alone is not sufficient to complete the project. Additional RM11M is needed. All this details are found in the statement FH sent to you.

    On the meeting on 2nd July, Maybank raised their concern on providing loan for all the purchasers who took loan from them without getting their concern. Coz’ some purchasers might not be in a position to commit on a higher loan. So, i suggested to them to send a letter to the purchasers to find out whether they are in favour of this arrangement if Maybank decide to agree with the topup amount. Each purchaser has the right to choose whether they want to topup their existing loan or pay the topup amount by themself.

    Hope that i have cleared some of your doubts. Please call FH if you need further clarification.

    Thanks!

    • 12

      Christine said,

      Hi Suresh,

      Thank you for all the information. I have had completed everything & send to FH via courier today. Hopefully to reach them latest by Monday. Fully understood with the top up issue & hope to receive Maybank letter very soon after the meeting in 17th July. In case you got your letter from Maybank, please don’t hesitate to share here for other purchasers’ awareness included myself.

      Wish things will get smooth & we able to get our house in next year ! See ya on 17th July…..

      Once again, thank you for the sharing ……🙂

      • 13

        Suresh said,

        Hi Christine,

        There is no way I will receive a letter from Maybank coz’ my end financier is Alliance bank,😉..

        I was merely representing the committee for the meeting..

        Cheers..

  12. 14

    Chin said,

    Dear fellow neighbor,

    My friend has recommended me to add in the following proposal together with the proxy form:

    ——
    Recommendation to the incorporated in schedule B of the proposed scheme of Arrangement
    Item 3.0 Purchase Price

    3 B The payment of the second installment of the Top-Up payment is subject to Architect Certification of 50% completion of the top-up construction costs.

    3 C The payment of the third installment of the Top-up payment is subject to Architect Certification of 100% completion of the Top-Up construction cost.
    ——

    This is to protect us the house buyer so that we will pay top up as the construction progress completed, not by following the time schedule, just in case the developer failed to complete our house but we already fork out the 30k.

    What do you all think? I’m going ahead with this, if our number is strong, we can give them some pressure to change this.

  13. 15

    Leong said,

    Hi Suresh,

    Just want to know that is Maybank or Citibank had mention what is the extra loan amount (RM30K++) interest rate? Follow the existing S&P or current rate?

    Hi Chin,

    101% agreed your proposal…🙂

  14. 16

    Suresh said,

    Hi Leong,

    There was no rep from the committee’s side during the meeting with Citibank as we were not aware of it.

    As for Maybank, they haven’t really give us the green light that they are agreeable with the topup. They just mentioned that they are going to study the consequences before deciding on it. So, we can only negotiate with them on the interest rate once they have given us the green light.

    It would be much better if they follow the current terms as currently the terms are BLR – XX. When i took the loan in 2001, it was BLR+0.6%.

    Thanks!

  15. 17

    JIMMY said,

    hi Suresh.

    Can u let me know the exect location of Dewan Perbandaran MPAJ..isit the same place we had our meeting lasttime?

  16. 18

    Christine said,

    Hi Elsie / Suresh,

    Can help goggle this place with map details & some guide line to the venue we will attend meeting on 17th Jul & paste on this blog please ? As I already try to indicate the full address in goggle map but still can’t find the actual place. I know should be some where around the place we had last meeting but not the same place correct ? Thx for the guide !

    Warm Regards,
    Christine

  17. 19

    Sam said,

    Hi to all..

    Agree with Chin….by the way… try looking into the itemised expenses that they gave.. what the heck is expenses under OTHERS that amounted RM300,000.00… secondly has anyone find out about KAMUJA? Why KAMUJA was not stated anywhere in the newly proposed S&P amendment?

  18. 22

    MaMa R said,

    Salam hormat semua bakal2 jiran Nusa Mewah Villa,

    Diharapkan semua pembeli dapat hadir pada 17 Julai 2010. Saya salah seorang pembeli projek ini menggunakan kemudahan pinjaman perumahan Kerajaan Bahagian Perbendaharaan Malaysia ingin mengambil peluang mengumpul rakan-rakan yang menggunakan kemudahan yang sama agar dapat kita sama-sama bersepakat untuk mendapat resolusi tentang ‘rumah terbengkalai ‘. Saya berharap rakan-rakan yang menggunakan Pinjaman kerajaan dapat berjumpa selepas Meeting pada 17 Julai 2010 nanti……..mengikut statistik terdapat 13 rakan-rakan yang mengambil kemudahan Pinjaman Perumahan Perbendaharaan Malaysia.

    Terima kasih kerana keperihatinan semua.

  19. 24

    JIMMY said,

    thanx u suresh for the map.

  20. 25

    Suresh said,

    Cheers Jimmy!

  21. 26

    Christine said,

    Hi Suresh / Elsie,

    Appreciated for the map & direction….see ya tomorrow !

  22. 27

    z said,

    any update..

  23. 28

    wan b-5-18 said,

    yes, any update from committee? i left early after casting my vote last saturday. what was the result?

  24. 29

    Suresh said,

    Dear all,

    The official results of the voting is as per below:-

    Total number of votes – 181
    Vote in favour of the scheme – 176
    Vote against the scheme – 4
    Spoiled vote -1

    Percentage of vote in favour of the scheme is 97.2%.

    Thanks!

  25. 30

    z said,

    after the vote what happen next?

  26. 31

    Suresh said,

    Dear all,

    The results of the voting will be submitted to the court for approval for the scheme. Once approval is obtained, the contractor will officially be awarded the contract. The contractor can only start work once the LOA is issued.

    We are not very sure on how long will the court need to issue the approval for the scheme. In the meantime, all purchasers are requested to complete your proof of debt form and send it to FH.

    We will be uploading a sample of the proof of debt form for your reference soon.

    Thanks!

  27. 32

    Yee Hon Yuen said,

    Dear Suresh,

    The proof of Debt Form can be download from this blog?
    I’m taking Citibank loan. Do you know who is the person in charge for the Citibank loan? Or we need to meet the officer personally?
    It’s there any letter will be send to us from Citibank?

    Thank you.

  28. 33

    Suresh said,

    Dear Yee,

    The proof of debt form is found on page 20 & 21 of the Explanatory statement you received. However, if you did not receive it, please get FH to fax or email it to you.

    There are in total 107 purchasers who took loan from Citibank. Elsie took loan from Citibank as well. Perhaps, you can ring her up and find out.

    Thanks!

  29. 35

    Chin said,

    Hi,

    Just curious, total of house purchaser is 181 only? or 360 ?

  30. 36

    Suresh said,

    Hi Chin,

    Total number of purchasers is 360. 2 blocks X 15 stories X 12 units in each floor.

    Thanks!

    • 37

      Chin said,

      Hi Suresh,

      If 360 purchasers, 181 votes is merely half of the total of number of purchaser, so what happen to the rest of the purchaser?

  31. 38

    MaMa R said,

    salam Sam,

    my office no 03 – 79569209 my mobile 016 6655042.

  32. 39

    Suresh said,

    Chin,

    I would suggest you check with FH on the consequences. They would be able to give you a clearer picture.

    Thanks!

  33. 40

    Chin said,

    Hi Suresh,

    I should rephrase my question, from the booklet i know the consequences, my question is, 181 purchaser is not 75%, so does the whole plan approved?

    Just my curiosity though.. cheers…

  34. 41

    Suresh said,

    Hi Chin,

    If you have been following the updates in the blog so far, you would have been very clear of the terms.

    Please read comment 13 on my update in the previous topic. It’s 75% of the total attendees of the meeting and not the total purchasers. Please read carefully comment 13 in the link below:-

    https://bukitpandan.wordpress.com/2010/04/07/meeting-with-fh-and-the-new-contractor-on-120410-10-00am/#comments

    Thanks!

  35. 42

    Edwin Yeap said,

    Hi all.

    I brought up this question during the meeting and FH is not sure about the answer. For those who did not attend, I think it is important to let all know and see what is your comment.

    The bank still not fully disburse the total loan amount, therefore we have some money there. Now we are required to top up 30K. If the project continue, which money will the new contractor use first, money in the bank or the 30K?

    We always hear people say 10 holes with 9 covers. Now FH ask us to dig hole number 11. We have no choice but at least use all the money in hole 10 (in the bank) before we dig the next one (30k).

    I hope it make sense to all of you.

    Suresh, Elsie,

    I think all of the purchasers have instructed the bank to stop payment to Talam. If we really want FH to use money in the bank first, we must remove this instruction. Don’t give any excuse to FH to use the 30K first.

    Last but not least, really appreciate your great work.

  36. 43

    Leong said,

    Hi Suresh,

    As I recall that there will be a meeting for the purchaser with the respective financial bank to discuss on the extra RM30K top up.Kindly advise what is the arrangement status?
    BTW,is the court already approved for the new contractor to revival the project?

    Regards,
    Leong

  37. 44

    Suresh said,

    Hi Edwin,

    You highlighted a good point. But we must understand that the 30k top-up is for the remaining 30% progress work plus the rectification work on the damages. It also takes into account the rise of the cost of the building materials. So, they need an average of 66k+ to complete each unit. In average, they need about 22k+ to complete about 10% progress. Our 10% progress payment from bank is only about 12k+.Thats the reason why they want to collect the 30k concurrently with the pending amount from the bank in 3 intervals. Hope that gives you a clearer picture.

    Hi Leong,

    I spoke to Yi Wen of FH last friday. They have sent out letters to all the end-financiers informing them about the result of the balloting session. Only 9 end-financiers have more than 5 purchasers who took loan from them. The rest of it are less than 5. The top 9 is as per below in respective order:-

    1) Citibank -107
    2) Maybank – 54
    3) RHB – 46
    4) AmBank – 35
    5) Government – 31
    6) Public Bank – 11
    7) Alliance – 9
    8) EON Bank – 7
    9) Hong Leong – 6

    So far, FH has met up with Citibank and Maybank. Purchasers who took government loan don’t have an option to get a top-up on their existing loan. FH has promised to get me the contact person for the banks which has responded back to them.
    From the feedback, the banks are still waiting for the approval for the s176 from court. They are expecting the court to grant the approval in the month of october. In the meantime, the purchasers can start talking to their respective end-financiers.

    Thanks!

  38. 45

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  39. 46

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