Ya my friend received the letter too, but why they keep sending letter to update? Isnt it better for them to close down the company and start another one like most failed developer? Anyone can enlight?

May be they try to delay buyer to take legal action.

What is the benefits to delay? Their reputation already down the drains, isnt it better for them to start anew?

This post has been edited by nakedtruth: Aug 30 2019, 05:25 PM

It is not they wanted to delay, they ran out of cash to continue. Without new funding, no point to start anew.

This post has been edited by icemanfx: Aug 30 2019, 06:21 PM

Buyer cannot take any legal action at the moment as everything is already stated in s&p...

if project delay, developer has to pay LAD, which is calculated after the VP and not now... its mention in s&p.

until then, just pray that they did not go for bankruptcy.

And buyers/borrowers need to service loan dispersed.

This post has been edited by icemanfx: Aug 31 2019, 07:30 PM

yes, that one is covered in loan agreement between buyer and bank.. everything are legally clear and buyer cannot take any legal action, for now.

So when can buyers take legal action?

I read here that buyers literally need to count number of days without activities.

Is this apply to both hda and non hda properties?

When the developer is supposed to deliver to buyers?

when..... h.mmm good question. i did ask this to the lawyer... and he said so funny..... no one is success in Malaysia to take legal action against them...because they know this project is high risk on fail... so they use another company name so that it did not effect the main company if bankruptcy happened. next time u see something like under some group bhd.. better don't buy.. is a trap

2019

Mean buyers could take legal action in the new year.

then you forever cant buy a property directly from developer

its a common practise in Malaysia that company will set up new company to understook a new project.

bcos when the project is completed then developer can proceed to close the books of this project

legal action.... 😫😫😫
i also want to do that, but my lawyer friend just tell me that... it is just burning money. u cannot sue them till they declare bankruptcy.... if bankrupt.. he or she already disappeared lio.... hahh

maybe after this round.... no more lio.. scare lio

i see.. thanks fornthe info... if they cannot completed and declared bankrupt.... which the account also follow ... right?

True. if buyers sued and developer to bring in white knight, buyers interest couldn't be ignored.

for reasons, old timer prefer to pay a premium for subsale than taking risks with off plan purchase.

Yes..

But the company that sold you the property usually is fully owned by the reputable developer.

If worried can always ask for spa party n do seach b4 sign spa

leadmount is consider reputable developer?