Chinaman term for office

No eye see.

Best price found was 340k. Anyone letting go below 340k???

This post has been edited by yuktsair: Jul 11 2015, 07:03 AM

The developer offered dibs scheme for empire city, they will bear the bank loan interest that incur during construction.

They VP before construction finish, who are going to pay bank loan interest now, buyer or developer ?

It look like they want to escape LAD and paying bank loan interest

Construction finished. Got engineer sign completion of each stage. Refer to SPA schedule. If u feel construction "not completed", it's your right to question the engineer who sign and file a complaint against him at his professional body.

Hi, I drove past EC two hours ago and saw that they still have quite a lot to do. Colonial Loft and My loft are done with construction but they still need time for the finishings, windows, paintings etc. The highest few floors are not done yet with glass panels yet to be installed.

Marriot and the Autograph look far from being done. Even then structure is not done yet.

I was informed by the Empire developers office (last week) that VP for the lofts will be out in October. I think it will be delayed much more.

This post has been edited by Aryan1: Jul 11 2015, 08:49 PM

Step 1: Delivery of Vacant Possession

Vacant Possession (VP) refers to the condition of property where it is fully completed but not fit to be occupied. To protect your interest, developers are required by law to obtain prove, a certificate by architect, which certifies that the building is ready for water and electricity connection before issuing VP. Besides that, application for Certificate of Fitness for Occupation (CFO) will need to be submitted and accepted by the state authority before developer can hand out VP of housing units. CFO is similar to Temporary Occupation Permit (TOP) in Singapore, you can only move in after receiving CFO for your home.

You should also know that in Housing Development Act, for multi-storey (strata titled) development, developers are obligated to handover VP within 36 months from the SPA date. Not only that, common facilities that you are entitled to will have to be completed within the 36 months time as well. In the event where developer fails to adhere to the timeline, you will be compensated for 10% of purchase price per annum.

Step 2: Inspection for Defects

After obtaining VP, you should proceed with on-site inspection. Make sure to thoroughly check your ceiling, doors, windows, piping, tiles, installations, and etc conform to the descriptions in your SPA. Here’s a small tip, pay a visit to your new home when it is raining heavily, so that you could better see if there is any leakages!

After the initial inspection, there will be a Defects Liability Period (DLP) where any defects found must be submitted in writing to developer. Malaysia require developers to give you up to 24 months of DLP respectively.

Defects Liability covers any defects due to defective material and workmanship (same as initial on site inspection) on developer’s own cost.

If the defects are not made good (after 30 days), you may notify the developer by sending a notice furnished with estimated cost and perhaps a paragraph of furious complaint, and give them another 14 days period to carry out the rectification. If the developer still fails to respond to your notice, you could proceed with the rectification and charge the cost through the stakeholder lawyer who is holding 5% of purchase price in Housing Development Account.

Step 3: Maintenance Fees, Sinking Funds and Taxes

After delivery of VP, you will need to start paying your dues for maintenance fees and sinking funds. Maintenance fees, as the name suggest, funds the repair and maintenance of common properties and amenities for the occupiers. Things like air conditioning, clubhouse, landscaping, swimming pool, guard house, security guards, and common corridors require constant upkeep to maintain them in their tip top condition to serve you better.

As for sinking fund, it is collected for big-ticket expenditures to upgrade or renew the common properties for your building. High-cost activities like repainting the building, purchase of movable asset for use as common properties, renewal or replacement of fixtures and fittings as well as any other expenditure deemed necessary by the Joint Management Committee or Management Corporation, will be paid using sinking fund.

Beside these fees, you will need to pay taxes on your property as well. Property owners also need to pay annual Quit Rent (minimal amount) and a twice-yearly assessment tax imposed by the state government. If you bought your new property for investment purposes, do take note that a 26% tax will be levied on the rental income. Additionally, there is a 5% Real Property Gains Tax imposed on you if you sell off your property within 5 years (from the date of SPA).

Step 4: Loan Servicing

Do not fret because you received a couple of notices telling you about progressive payment in the period between SPA and VP. It is a normal industrial practice for developers to request for the release of payments from your mortgagee bank once they have reached certain stages of construction. The progressive payments notice serve to you is only to keep you updated on what’s happening behind the scene. Rest assured that everything is fine; the sky is not falling down. So just sit back and relax.

Some developers also offer Developer Interest Bearing Scheme (DIBS) typically to the early bird clients. Purchasers under DIBS do not need to worry anything about loan servicing until VP. Developer in the meantime will take care of the interest payment for the period between SPA and VP. You can forget about loan servicing for your property if you were offered DIBS; all you have to pay is 10% purchase price for SPA signing (assuming the margin of financing obtained is at 90%).

MEH...anything also can! Dont be surprise lrtter send out on time. Whether vp condition..not important lol.

You are right . Ask developer to show architect certificate during VP.

If the unit is not ready then we should file complaint to architect professional body

Waste gas le. Lol. If u buy from Meh n Mayland...this is expected. I have seen ppls won in the court against Mayland and yet they still not recieved anything yet....so many stories...make all investors gave up (not that we didnt try) and move on....

Finally receive my VP letter... Letter date 25/6/15, Today 12/7/15. Force us to settle everything within 14 days. WTF??

Want to ask ... there is an extra GST 6% charged on the final payment (5%) from the bank... shouldnt this GST be paid by the bank? not us? That's quite a lot of money there.

Ur bank loan is the amount approved when u sign letter of offer years ago. GST is new by gomen, chargeable in this case because it is commercial property. The developer collects this money for government. Luckily only kena last 10% in this case. But this amount is not covered by ur loan amount. Thus u have to pay.

Clivengu is this for Halo/Sunday?

Should we have whatsapp group chat for Empire City buyer?
It's easier to communicate.

Ok. Thanks for clarify... but how about the late payment interest? Did you guys pay for that first, or should be the bank paying?


Mine is Halo

Yes, we have active whatsapp group.
Please PM windancer660

For the rest of the buyers, you're welcome to join us.

pm jor

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