Hi Dario,

I am in a dilemma. Recently I bought my first property, signed the loan agreement and SPA 2 months ago but I found out that the developer (quite reputable one too) has some issues with the local council. Apparently the licenses granted by the local council was for the extension of the existing hotel on site and not for serviced apartment. Another issue is there is not enough carpark being allocated for each unit and also lack of a secondary access road. The surrounding residence protested many times to the media.

From what I heard this project might not take off at all. My concern is if this project is cancelled, am I liable to the bank for the loan that I have taken? What will happen to my downpayment and deposit? Any advice would be appreciated. Thank you sir.

Dario, thanks for the reply.