Apr 5 2014, 09:26 AM
QUOTE(UnderTheSun @ Apr 5 2014, 06:42 AM)
Hi all,
I wish to share my view on landed properties with strata title.
Ecobotanic, for example, is a housing project selling landed properties with strata title. If you read about this project, you may find everything was sold out during its balloting day in September 2013. But if you dig deeper, only 285 units were sold. The total units are 624. And if I am not mistaken, bumi-lots are about 50 units. The rest is believed to be purchased by insiders (the developer and its staff).
Let's do the maths:
624 (total units) - 285 (sold to public) - 50 (bumi lots) = 289 (the developer and its staff)
So, about half is taken by the developer's side. This means they have the power to dominate Joint Management meetings. They can elect some of them to be committee members. They can retain their company to be the maintenance provider. They can later set high maintenance fees. The staffs who purchased houses would not mind paying extra since the company will continue making money and perhaps they will get a higher pay and bonus.
If you refuse to pay the maintenance fee, you can be fined and jailed. They can also sell your movable properties (like tv, fridge or car) to recover the outstanding debt.
Think twice if you plan to buy landed properties with strata title!
First of all, the reason why many JMB face shortages of funds are because of people like you. Always skeptical that JMB gasak money lah, increase fees lah. Please la, I welcome all increases in management fees. In fact, I worry they do not increase enough. Few hundred extra is nothing compared to the headache of less well maintained properties because of shortage of funds. High fees = well maintained properties = easy to sell, easy to rent = high market value of your properties! Don't fret over small money.I wish to share my view on landed properties with strata title.
Ecobotanic, for example, is a housing project selling landed properties with strata title. If you read about this project, you may find everything was sold out during its balloting day in September 2013. But if you dig deeper, only 285 units were sold. The total units are 624. And if I am not mistaken, bumi-lots are about 50 units. The rest is believed to be purchased by insiders (the developer and its staff).
Let's do the maths:
624 (total units) - 285 (sold to public) - 50 (bumi lots) = 289 (the developer and its staff)
So, about half is taken by the developer's side. This means they have the power to dominate Joint Management meetings. They can elect some of them to be committee members. They can retain their company to be the maintenance provider. They can later set high maintenance fees. The staffs who purchased houses would not mind paying extra since the company will continue making money and perhaps they will get a higher pay and bonus.
If you refuse to pay the maintenance fee, you can be fined and jailed. They can also sell your movable properties (like tv, fridge or car) to recover the outstanding debt.
Think twice if you plan to buy landed properties with strata title!
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