If one couldn't obtain bank loan locally is unlikely able to obtain overseas bank loan.

Unless the developer could pay off previous main contractor, the work is unlikely to resume. In practice, this project could only revive after heavy hair cut by the developer by way of receiver.

This project RM 1.4 billion?
The developer got too ambitious to undertake this kind of big amount project.

If this project selling well during the launch, I believe it wont have any problem to secure financing from the bank. The bank required the sale to achieve 50% before first disbursement to be made for the bridging loan. That same rule applies to oversea bank also. Problem of this project, there is not enough buyer.

This post has been edited by ubi1kelubi: Oct 24 2019, 09:16 AM

The developer was too gungho, over estimated the bull run and unrealistic.

This post has been edited by icemanfx: Oct 24 2019, 10:31 AM

i thought that is a good new also... but after 3 month... they refused to let other people to audit them and help them to plan because i heard they afraid the 3rd party will dig out their hidden agenda.... this already happenend in a year before... they also send out a letter to commit their plan on resume their project on aug....2019... now... see what happened.... now... they said they will sell land to continue this project... what u think ? just buy time only lo......

Hidden agenda may be not, probably empty treasure chest.

This post has been edited by icemanfx: Oct 25 2019, 08:35 AM

ya... empty account.... this kind of developer should send them direct to hell .... but sad to said, in this world.... especially on trading world.... all business man is working this way.... they don't even care but only cheat... keep on cheating.....

Should make owners of developer be personally liable next time so that innocent people are not cheated of their hard earned money

Believe the developer was not intended to cheat but too gung ho and over stretched their resources.

Only banks and strong suppliers could demand directors personal guarantee else sdn bhd is limited liability.

during property bull run, many uuu/bbb claimed; they were rewarded for risks they took. similarly, they bare the completion risks also. for reasons, some buyers are willing to pay a premium for completed units.

This post has been edited by icemanfx: Oct 25 2019, 11:04 AM

the housing act needs to extend protection to buyers even for non schedule spa buyers,

you see those projects that abandoned in recently years, The boss Klang, Almost all Empire projects and this one....they were selling office suites where draw down and work in progress and money used are less monitored that those projects under HDA preview. its just too easy for company to use money from this project to cover holes for their other business interest until they ran out of cover to cover the holes....

Not sure how far i can hold the interest before the bank issue me warning letter. now really feel on paying money for nothing....i
just don't understand, how come the bank issue to the developer 50% where my house (floor) is even not build a single brick...... i think paying a premium for completed units should be better inorder to have suck painful wound every month....😖

https://www.google.com/amp/s/gilahartanah.c...-star-city/amp/

Maybe the 2 gents in article able to help average down or minimise the losses. 1 of them got grading system tim. Get a AAA grades prop maybe ll help. Not sure did he grade tis selayang superstar back then.

Welcome to the non schedule spa.
Yr purchase was not under scheduled spa and protected by HDA. Its purely commercial office unit

Developer can claim progressive once they started the progress, i.e. when they start to build wall for level 7, they can claim the progress payment for level 30.

There are still many guillable n innocent buyers out there.

Wah .. Faizul Ridzuan talk on 21st February 2016 on this project? He promoted this? The followers how now oh? Grade what this project?

Those who bot ll not admit to hav fallen to skl trap wan lo.

Sad to see tis kinda thgs stil happening.

Sorry to hear the purchasers ended up in such predicament. The best you all can do now as purchasers is to group up, and discuss next course of action. As a group, you will have more leverage (and pool the money) when engage with developer, financier and future white Knight.

As long as developer didn't declare themselves bankrupt, liquidator couldn't be appointed to savage the project and to appoint White Knight to continue with the project.

Except bank fd, there is risks in every investment. as long as you keep up to date with your loan commitment, bank won't issue any notice. how long you could sustain is depending on your income and expenses. bank is obliged to pay to qs certificate. hence, it is not bank's fault to pay so much.

those have experienced or know of this predicament preferred to pay a premium for completed units.

at current stage of construction and amount banks have paid, there is only bones with little meat left for white knight to consider. doubt any white knight is interested unless through liquidator and value as close to salvage value.

Hi, there is a group watsapp for starcity project. Please contact ms. Ong Lay Peng +60 12-390 0138 to join this group.

any good news to share with us? im from selayang , sad to see this project to be abandonded.

So far no news

The developer will be the first to share any good news.