Hi, anyone knows what are the risks of buying a condo whereby the building itself (not the particular condo unit) under receivership?

Not sure the history of this building, how it ends up under receivership.

Anyway, location and ROI looks tempting.

Hi Bobby,

First of all, you need to check weather the project under R&M (Reciever and Manager) is licensed with the ministry. Secondly, do they have the permit to sell it.

Usually, those project and R&M is the problematic /abandoned projects which are not completed on the date it suppose to.

Can you share with us which project you are referring to?

Thks Sparty for your reply.

There are 2 condos tat I'm looking at. One at ttdi another near bkt bintang. ttdi one was abandoned for some time guess everyone knows. Bkt bbt one has been occupied for many yrs. Wonder how it ends up under receivership.

Think better check with the banks what are the implication.

Oh I think i know those 2 projects.

1. Mas Kiara at TTDI
2. Nas Pavillion at Bukit Bintang.

Not sure if they have permit to sell the unit before it is completed

just to share some of my past experience with this kind of developments....
for the completed project under receivership....normally you would have problems with the title issusance as the developer had run off without submitting applications for title submission...mostly for stratified property...the possiblity of owners to get it is...well...quite remote....
As for property under construction....i've seen that the quality normally won't be as previously stated in the SPAs...
some of the specs for theproperty might be change as the new developer is working on a tight budget (well...profitability...haha)....
just my two cents...

Thks Meanblanc for sharing your experience.

So for completed project under receivership, strata title is the main issue here. Are you aware whether condo owners will be required to folk out more money for the strata title application?

Noted ~40% of the owners also fail to make full payment for the maintenance charges, some even owned bill up to 6 yrs. Wonder how they are going to recover that? Funny thing is it is not even a low cost apartment, can be considered above middle range ~Rm400/sqft.

i bought one such condo because my mum loved the place. the developer had since gone bankrupt (after completion). how much exactly are we supposed to fork out for strata title later?

well...normally...the cost is huge...as the developer will also defaulted other payments..such as quit rent and such....the most classic case is the owner of shopofficesin Kepong who only managed to get their titles after some interventions from politicians plus the willingness of the owners to fork out their own money....but those achievement is hard to come by....as for the Nas Pavillion...its been changing developers for few times....if i'm not mistaken...the project was launched in the 1990s..there's a lot consideration to be amde on purchasing such properties...