Necro, but sifu found...

The boss abandon the building like a boss..

Why ler?

When I hear abt grr = x mood ad, cabut first.
Especially those rent out hotel concept.

In Malaysia, GRR could means greater risk ....

Why do u think so?

u need to check who is given the GRR, most of the time is another SPV (Special purpose vehicle/company). paid up may be RM2.

i do know whether are there any GRR programme that is very successful ??

big company like Setia, IJM, Tan & Tan never in this biz model..

but many resort in port dickson, melaka are all into this....

Yes and most of those resorts are leng yeh and awaiting saupei... no matter they want to accept it or not.

Paid up rm2 to give false info? Lolz

This post has been edited by heavensea: Nov 5 2016, 06:45 PM

Can PM any example?

As requested,

https://forum.lowyat.net/topic/1851930/+160

Thanks for the sharing. I went to Malacca not long ago, I don't mind looking at those mall as it provides a city feel. But still I believe the main purpose of going Malacca is to enjoy the nostalgia of small town

Actually I was attract by this project, but I don't have bullet. It's lucky for me..

So this project really hopeless already? Do the existing purchasers still continue to pay interest from the day it abandon till present?

They have to, don't they?
Ask for lad lo, but god know when Hatten gonna pay them.
Grr projects = lai yeh.

PETALING JAYA (March 27): The Boss Service Suites (pictured) is possibly seeing some light at the end of the tunnel as several property developers have offered to step in to rescue the abandoned development in Klang.

According to one of the project’s unit purchasers who preferred to remain anonymous, there are three developers who have expressed their interest in taking over the project and the purchasers’ association has recently shortlisted one of them as the potential white knight during The Boss Purchasers’ Association’s Annual General Meeting which was held on March 18, 2017.

“The AGM lasted for four hours, a total of 110 purchasers and proxies have attended the meeting to discuss and vote for the suitable company to undertake the revival project,” he told TheEdgeProperty.com via a phone interview.

According to him, the liquidator for The Boss, KPMG Deal Advisory Sdn Bhd, is now in the midst of fine tuning the terms and conditions for the revival plan.

“The next step is for the white knight to talk with the billing bank, which is also currently the owner of the project, on the redemption sum,” he explained.

Once an agreement has been achieved by the bank and the white knight company, the purchasers’ association will organise an Extraordinary General Meeting to vote on the revival plan.

“To begin the revival plan, we need at least 75% of members’ votes in value or 61% of members’ votes in numbers,” he added.

Currently, The Boss Purchasers’ Association has 250 members.

If everything goes well, the revival plan for the project should start within two to three months.

The Boss Service Suites, which is located along Jalan Batu Tiga Lama, Klang, is a high-rise residential hotel suites development which was launched in 2010. It was declared abandoned mid-2015.

The development comprises 377 units of hotel suites and 62 units of retail units which offered guaranteed rental returns of 7% to 8%.

According to the purchaser, before the project was abandoned, it had recorded a take-up rate of 80%, which meant that the developer should have had sufficient funds to complete the project.

However, the construction of the 28-floor tower stopped at the 26th floor. By the time it was declared abandoned, the retail units were about 90% completed.

Sos - http://www.theedgeproperty.com.my/content/...s-project-klang

Going to be less 1 abandon building in Klang soon.

good news for the owner... hopefully this time rescue owner from nightmare...

This project from day 1 was a joke. The developer principal was a young man in his early twenties with no experience whatsoever in construction and development, and tried to leverage on a certain now doomed developer branding to sell.

Look at this this write-up then :-

http://www.theedgeproperty.com.my/content/...big-plans-klang

I really pity all the buyers.

Wow scheduled for completion in 2013, now already 4 years.. being serving interest for nothing?

Most probably the white knight will negotiate with purchaser on;
1)Abolish GRR or reduce
2)pay whatever outstanding to the banker, including those DIBS which developer doesn't pay.
3) no more free maintenance
4)no more guarantee appreciation value of 9%
5) worst of all need to top up from the original spa price.

Unker Mammoth Empire... ...

I guess when someone is desperate enough, they will grab onto any lifeline they can.