Some really serious allegations Bro....

Not having experienced it myself, can't comment at all, but find it hard to believe this is being done by a listed developer. I mean, how much can they stand to gain vs the huge reputational and sanctional risk? Do they have a history of doing this?

Suggest that all affected buyers TOGETHER seek a meeting with HQ & law firm (maybe one weekend at site) to thrash out the issues, clarify and hopefully resolve matters, before contemplating doing what u suggest, which obviously must be supported by good evidence.

This post has been edited by jit13: Jun 21 2013, 05:46 PM

From my own experience in buying prop and as an ex-banker, may I humbly share my knowledge on the Sale & Purchase Agreement (SPA) and the Loan Agreement (LA), for any who need to know a bit more.

Developers, bankers and lawyers develop strong business relationships over time, and it is common practice for developers and banks to insist that buyers appoint the respective lawyer from the developer and the bank's own panel. There are good legal reasons for this - the lawyer for the SPA and for the LA is acting for the developer and for the bank, respectively, and not for the buyer/borrower. Hence developer and bank would obviously insist on their own lawyer. Where the developer is footing the legal cost for the SPA, we have no say a to the choice of lawyer. Sometimes, a bank may be flexible and allow us to choose our own lawyer for the LA, subject to their approval (e.g reputable firm, etc - many loya buruk around!). I have sometimes been able to do that, so that I can get a bigger discount from a lawyer I know well. Banks are generally not be keen on this though, for the legal reason mentioned above (but acceptable by some banks - lawyer must still act in the bank's interests, even though borrower's friend), and also because the bank may be receiving a share of the legal fee if their own lawyer were appointed.

For Nadayu, I was advised to use the same lawyer for the LA as for the SPA, otherwise Nadayu would not be footing the legal cost of the SPA. That lawyer obviously also approved by the bank.

As to the choice of banker, the buyer is not 'forced' to use the banks recommended by Nadayu (for my phase, there are 2 panel banks). However, developers and banks practice reciprocity, and the developer's main bankers and/or the bank that financed the developer's purchase of the land, are usually the 'chosen' banks for us to apply for a loan. The panel banks are provided with project information well in advance of any launching, and will have evaluated the project and its risks, and pre-approved a quota for financing. This process allows for loan applications to be processed quickly upon application. Because of this panel system, it would be a lot more difficult for any other bank to accept an application from the borrower as they are not familiar with the project. In that sense, you can say we are 'indirectly' compelled to apply from the developer's panel bank.

In a nutshell, the restriction on choice of banks and lawyers have their basis in law, business reciprocity and commercial benefit.

Of course, even if the restrictions are valid, it doesn't prevent hanky-panky from happening. And that is the question posed by some of our friends here....

On my earlier post, forgot to mention that Nadayu advised that the lawyer for the LA will give borrowers a 40% discount on the legal fee. Hope you have all got that discount! That is the carrot for using their/the bank's panel lawyer. Appointing your own friendly lawyer, if accepted by the bank, may give you up to 50% discount. However using a different lawyer for the LA may delay things a bit (not much if at all in my experience), but it seems that using the same lawyer here has led to even worse delays!

I am in the early stages of my purchase (not signed SPA yet), so I have not faced any of the delays experienced and have no cause to complain. I agree that if many buyers/borrowers have suffered late payment charges, it is rather odd to say the least. Without good evidence, I would hesitate to mention the word 'conspiracy'. Like I said earlier, for Nadayu to be involved doesnt make much sense. Maybe the law firm and Nadayu Admin staff are really really slow.

Yup, get affected buyers into the bandwagon to seek a meeting with Nadayu management and law firm/s (and bank?). If permitted by them, I would certainly also like to attend, to give my 2 sen worth. Other buyers who are not (yet) affected also have a vested interest to attend as we also don't want this issue to repeat many times over.

Yes, I believe that is the general rule for G&G with strata title - just like a condo. Especially at this time, it may complcate the issuance of the individual strata titles (as explained by N92 snr sales person).

But not to worry, once individual titles are issued and/or Joint Management Committee of N92 (JMC) is set up, the residents can collectively decide what sort of reno will be permitted, and come up with the guidelines. Can wait or not?

Anyway, pls do check with N92 since u want to do the reno now, and share with us..Thanks

I think the 1 year rule is what the Housing Ministry has imposed on developers to prevent people not having title after even ten years? So Bros doomdoom and odsyauy are held back in a way because their houses are completed early and have to wait mebbe 3 more years ( 2 yrs to complete semidee side + 1 year for strata title/JMC) before they can renovate. That's tough but what to do? Nadayu prob very reluctant to allow reno now cos of title complications and also to avoid potential complaints from new/future buyers...

Condo like the one I stay in not so problematic cos all units completed same time, more or less.

Having said that, we still dont have titles yet (!), and our JMC was formed after 3 years of vp, yet the developer did provide the guidelines and standard designs for awnings, covering up balcony, etc shortly after handover so we could do the reno before moving in. So yeah, you can try to get Nadayu to do the same.

sorry, no experience with autogate in condo

to state d obvious - only external reno is restricted. internal go ahead

doomdoom, don't la be as negative as your name ..please read the the thread again about the possibilities, when and how. But most important - FIRST, talk to Management.....

[quote=nyzx,Jun 25 2013, 12:30 PM]
I think currently additional car can park at visitor parking as no much visitor yet. Perhaps management will rent out the car park and provide more access card in future.

[/quote

During my visit, I saw additional parking bays at certain places, e.g. beside the fencing separating the 2 sides. Are these visitor parking lots? There is also quite a wide road within the eastern boundary. We can park there also. But ya, quite limited free-for-all parking elsewhere. If you have 25 feet wide lot, I think can manage to park 3 cars, if one car is kancil-sized lol

Phone/internet lines - anyone know whether Astro Beyond is already in servic in Kajang? With 500 houses here (sufficient demand), we can request Astro to lay new fibre optic cables for Astro Beyond IPTV (HD TV with Maxis or Time providing hi-speed broadband + phone service). We don't have to pay for the cabling. If K2 is already doing this, can just extend the cabling.

Sorry bro, didn't mean to imply that the houses have no fibre optic now. Honestly I dont know. It's the trunking that needs fibre optic. Maxis/Time needs to lay the fibre optic cables outside the development, when they plan to provide hispeed service. But first, is Astro IPTV (HD) already available in Kajang (any locals here, can you confirm)? Otherwise unlikey that cables will be laid to N92 alone. If enough end users in our area, then they can just extend it. But seems N92 is already working to bring in Streamyx? We just stick with that first, and consider upgrading to other operators later as they broaden their network. I am no expert, but think that Streamyx uses regular cable - not so fast la...and no HD TV channels for sure

3 cars in 25 feet wide porch possible, but in 22 feet wide porch (with shorter driveway also) can or not?

U r talking about type B right? Wonder where he hangs the clothes out to dry if both utility and yard are sealed?

havent heard of this sort of charge before. don't think u need worry, if you are not reserved an allocated car park for your third car, it is not legal to charge. condos the same. cheers!

Ok, can do that too!

Mine is Type I, still under construction. Thinking of using the roof terrace at the back on the 1st floor for jemur baju

Bro, to avoid the risk of MPKJ issuing such a drastic order in future, and pending the formation of the Joint Management Committee (JMC), I think the existing management corporation (which is the developer) should as I mentioned before take it upon themselves in the interests of housebuyers to come up with guidelines with standard designs for homeowners to follow if they wish to do reno on the back yard and deck. If they later see that the reno carried out are systematic, conform to uniform designs and pose no eyesore, danger or hindrance to other residents, I highly doubt that MPKJ will be so high-handed as to issue demolition orders on ALL such reno done. Done in a uniform manner, the renovations can even enhance the overall development. Otherwise a free-for-all may look very chapalang, no? We live in G&G, have to accept and welcome some rules, for the common good, agree or not?

As far as I know, this system of standardised renovation is accepted and practised by all condominium developments in KL/PJ. Please correct me if I am wrong.

Has anybody asked management before they carry out their reno if management has such guidelines? If not, why not? They have done so for their own condominium developments so, why can't they do the same here? Really puzzled by their response and passing the buck back to us! Can you accept their response?

I will speak to Wendy about this next time we meet.

Bro, did you take photos of your Type show house last time? Also do recheck against your brochure/SPA specifications too. See what differs...and then complain to mgt.

How is the workmanship - surface finishings, lines, etc?

I heard from sales people many complaints about a 'Big Bank'.

I am just now taking loan from HLB. Anyone can feedback their service level for N92?

Thanks

Bro, I tried with CIMB a month ago. They really wanted to help, but were not on Nadayu panel at that time (only MBB and HLB at that time), so it would have taken a long time for them to assess project risk and get pre-approved no. of units, before assessing individual applicants. Are they now on the panel d? If so , that's good, wud give buyers more choice.

May be you should thank me, cos I was the one (could be others too) pushing her since 2 months ago to rope in CIMB Anyway, you must be an excellent credit risk, already got 2 banks banging at your doorstep, dying to do your business

Bro, please tell us how long from the time you sign SPA before you get letter for progress payment, from which date (not from date of SPA) we have 21 days to settle, right?

They need to get Nadayu director to sign SPA, stamp the SPA, get disclaimer from bridging financier, etc, before issuing progress billing. All this takes time...

I am a bit disjointed cos you said billing was right after signing SPA. Just need to know the timings so I can prepare for my first billing if it comes faster than I thought! TQ

Wow! Legally, without a stamped SPA, No Way Jose they should issue progress billings. How can they issue billings when they themselves have not signed the SPA? No enforceable contract la...

Anyway if that is the case, I will defer signing my SPA accordingly to tie in with my own initial funding.

Precious info for all new buyers, thanks a lot!