Hi,
Just want to seek advice here. I bought 1 studio unit from Developer. The key hang over was delayed over a period of 5 months. I called to ask about the compensation which is LAD. LAD is calculated based on :

(Purchase Price x 8% x No.Days Delayed) / 365 Days.

The S&P stated Purchase Price will be used as calculation. However this developer seems to play foul on buyer. They informed us now that the LAD will be calculated based on Discounted Price ( Which is lower ). It has breached the agreement specifying Purchase Price which is without Discount. I informed the person in charge from the Developer and they informed me it's the management decision. Please advice us what action can i take ? Can i directly sue them ? Thanks for the feedback

start with going to tribunal

8% or 10%?

Always based on SPA price

Yes, always based on SPA price.

Name the developer laaa.

What I heard is that developers are always very nasty in paying LAD.

Sometimes when they are required to pay 3 months, they only pay you 1 month. Take it or leave it.

One has to decide whether he wants to take the long and painful legal process.

both party will hurt, the developer will have issue on their 5% moiety

MCT Developer - 8% based on SPA. I will go to Tribunal to fight for this. How long will it usually takes ?
What's 5% moiety ?

the final disbursement from u or bank to developer but kept as stakeholder by a lawyer.

Which project of MCT? Their Cyberjaya The Place project will also be late. I must learn from u.

not worth it unless the amount is very big, last time my DSL delay 2 months they pay me 1 month only.

Sorry to hear this bad incident but Thanks for sharing! I agree that you need to take action I.e, go tribunal they can't simply bulldozed. We are not cowboys in wild Wild West! You signed S&P which is legally binding agreement thus you have the right to get the LAD based on the S&P terms!

Good also to note MCT's performance on their project delivery! Have to beware before purchasing any of their products!

This post has been edited by Gomz1205: Mar 25 2015, 11:45 PM

Group other buyers to act together

Go tribunal lah. Also beware not to sign any agreement. read this.

http://www.thestar.com.my/Business/Busines...away/?style=biz

Is this MCT Skypark project? What's your SPA price?

It's The Place Cyberjaya. Really screwed up developer.

I blasted back at them today. They informed last time when we bought that time , they already gave out discounts to us so it's fair to calculate based on Nett Price. I blasted back that then you should changed your S&P. I bought with discounts and never expect to have 5 months delay and that i have to fork out interest for the last 5 months because DIBS has expired. I hope everyone will share this information to everyone to be aware of this developer MCT. Look at their FB website..everything seems so nice from the outside. It's actually shitty inside. Hokkien ppl called it " Chao Ka" - Kaki Busuk. Wish everyone share this information out to all. Thanks

I will go to Tribunal

MCT can argue saying that they've already issued u a Credit Note for the discount previously, which had effectively reduced your Purchase Price. They are not wrong entirely as well.

Unless u got no discount previously, then u can fight. Good luck bro.

IMHO, if they changed your SPA, it'll affect your Loan Amount as well, especially if u took full loan previously since bank will refer to the SPA.

For the late VP & extra payment of interest, I believe one of the main reasons for LAD by developer is to compensate buyer for this as well. Give & take.

Bro, is the dev willing to pay full 5 mths late charges based on discount price ?

If it is, then I advise u to take it. Else, legal process delay longer and u have to pay legal charges and the processing period also unable to get the key while paying the full bank installments. Not advantage as a buyer.

Btw, I feel its fair if they give LPI based on discounted price since that was the actual purchase price. If it reflected into the S&P, then all purchasers kenot pay 2% and enjoy 8% disc while obtained 90% loan dy.

That's a total different thing. S&P written LAD calculated based on purchase price. So S&P is the black and white thing. Before key hang over we did call to ask. The staffs said based on purchase price but now suddenly changed to Nett Price. I have shown to lawyer and he told us we have a strong case on this requesting us not to sign anything on the LAD. Thanks.

Developer is not willing to pay back the interest inccured. It's paid by US. Discounts given by them to attract buyers. So your telling me i am at fault to accept the discounts ? Upfront i already paid for 5 months interests. I keep my word by paying but they dont keep their words. If everything written in S&P serves no purpose, then why need to have S&P ? Developer can change anytime.

I tot u hint on ur first post that dev mentioned the LAD calculated based on nett S&P price, so I assume the dev is willing to pay LAD but now dev not willing to pay?

Btw, I nvr claim u r at fault leh. Doubt my statement said so.

Developer not willing to pay based on the Purchase Price which is stated in the S&P. They only willing to pay based on Nett Price (which is lower) which is a breach of contract. S&P stated Purchase Price.

+1

Well maybe for you can accept. For me i cant accept it. A is A . B is B. S&P is agreement between both seller and purchase agreed upon. Even if it takes long time to fight this case. I can pay upfront the deposits to get the keys 1st. No delay. Just refused to accept the LAD payment. If we let developer to alter something as they want, maybe in future...developer will take more advantages...That's my feeling.

unless the amount runs into tens of thousands, i would nt fight this case.. as boss chris mention, this case might take a long time n cost involving high legal fees.. im quite sure, the only guy who will walk out of this happier would be the lawyer =).

If prop is 500k (before rebate), then u will get RM15.3k using their method.
if using the snp method, then u will get RM16.6k..

Overall difference only 1.3k. legal fees duno how much.. good luck

For info sharing :
I just got off the phone with the Tribunal. The person in charge stated that the Court has already decided that LAD payment is from Purchase Price. Latest case Nov2014 confirmed that LAD must be calculated from Purchase Price in S&P and Not Discounted Price. The person in charge attributed that many such cases from developers not following the protocol. Requested me to submit for tribunal.

I just booked a unit from MCT.... based on what u faced now I think i need to reconsider my booking in MCT... Tribunal doesn't need lawyers.... MCT also cannot use lawyers.... case have to fight individually.... I heard the process is fast....

Tribunal got people take call one ? So nice.

Maybe can read through this article. There's a link to the webpage of the tribunal.

http://www.thestar.com.my/News/Nation/2014...-late-delivery/

2 month become 1 month = 50% LAD. Is good already!!

But their still launch Cyber South Case green and get very good response!

How come u so fast can collect keys? They hv not called me yet. Anyone else hv not received VP notification?

good to know..above everything, mct malu la.. now they launching their most ambitious n overpriced reo but no hope fr lad there la.

If LAD is not more than RM50K file the claim in the Housing Tribunal. Less costly and fast. The filing fee is RM10/-. Hearing commences within 30 days upon submitting all the relevant documents including a copy of the SPA to the Tribunal. No lawyer required to represent the "pihak yang menuntut"

visionary developer just getting stronger

http://www.thestar.com.my/Business/Busines...ions/?style=biz

i suggest TS just take the offer




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Wah...I had purchased MCT another property -> the place one city in 2012 with DIBS, signed SNP on Jun 2012.

So if they can't handover the keys by June2015, I can claim this also? My SNP also written with purchased price not discounted price.

Is it after 3 years, the DIBS will be automatically cancel even thought they haven't handover key to us? They won't pay interest on behalf of us anymore? I have to pay myself and claim this LAD? tq

This post has been edited by red_scorpion: Mar 29 2015, 10:19 PM

You have to refer back to the document which you got from developer. Developers never include Dibs in the SNP.

There are various implementations. There is no standard DIbs per se.

stupid MCT!

save pennies by breaching SPA terms but lost reputation and trust!

Chinaman.

Yes, if before completion and DIBS expired, you have to pay the interest yourself and claim the LAD afterwards. It's really very unethical for developer not to follow what's written in S&P. It's just like S&P is useless and developer takes advantages on it knowing majority of the purchasers will accept it and not willing to spend long time to fight it. Well that's life....The bigger you are, the more powerful you are......

I suggest you listen to the advise of the seniors here and just take the discounted price to save you time and agony unless u feel that a few 1-2k more is worth your time going to tribunal.

have you been to tribunal in the first place? If no, please check out Amara Service Residence case with the developer.

The developer initially kept quiet about LAD, then owner ask about it, offer 50% off, then 70%.

Not happy, go tribunal fight 100%, some judge not consistent, some award SNP date, some award booking date, some award discounted price.

Keep it short, it depends on the judge. If the judge is crazy, he might award you from your booking date instead of SNP instead.

If you get some fucked up judge, they just award you the discounted price.

You think you're the only one who pays interest after DIBS expired?

thx for sharing this info. these inconsistencies in judgement are alarming. funny how they don't follow precedents.

Last time yes the judge inconsistent...that's the feedback i got from tribunal. But now, already FIXED. Purchase Price. Already fixed and final call that Purchase Price is the one. Is up to you want to fight or not. It's not about 1-2k worth. It's about what's right and wrong !!!

Then please go ahead and share your feedback on this thread. Good luck.

Before you even thinking of going to tribunal, please check and make sure the project is under Schedule H. From your LAD 8% i am quite certain this is another version of SOFO/SOVO that u bought. MCT sold a lot of such projects. Schedule H the LAD is 10% for parcel + another 10% of balance 20% purchase price for the common area deliveries.

Otherwise you might just waste gas.

If that is the case, you can't go to tribunal. It is either you group together with all buyers and bring them to court (after the risk vs reward analysis) or just accept the payment and move on with your life.

This post has been edited by gks: Apr 1 2015, 10:24 AM

Don't just seek the balance 2%. Since u wanted to bring it to court, u make sure u sue together with Interest Rate and other inconvenience that causes u.

TS states that he wants to seek advice, but apparently not accepting any. So let him do his way. Some people need to get it the hard way only will listen.

Yes it's unethical of MCT yada,yada,yada. Suck it up and move on. Point is already delivered across so there is no point going further to waste time.

He may not even qualified to go to Housing tribunal if what he bought is not under Sch H. i am amazed with so many ignorance property buyers.

Good luck.

MCT The Place is SOHO which is under HDA. I hope I'm not wrong.



This post has been edited by 1282009: Apr 1 2015, 08:39 PM

I agreed.

If TS is getting the LAD payment for 5 full months (up to the registered VP letter or there about), it's already good. I got LAD recently from 1 developer who only paid the LAD on the property but not on common facilities claiming that the facilities are already completed on time (but I can't use them because the overall property is not ready yet!). I saved my time arguing because the amount different is <2k.

However if MCT only pays TS 50% of his deserved LAD then it's really bad! Such practice should be highlighted & made known to all.



This post has been edited by 1282009: Apr 1 2015, 08:48 PM

From my shallow knowledge, it is not sch H despite Soho.

Ts, please share with us when there a resolution, I believe many forumer will want to learn too

im not sure about the judge, but i've contacted the tribunal legal department before, and the lawyer i had spoken to for advice was unknowledgeable. i bet she is a fresh grad or something.

1. i mentioned to her about SPA, and she asked me what is SPA. i told her it's Sales and Purchase Agreement, and she said... that is SNP, not SPA.

2. she told me serviced apartment (which indicated in the SPA, is under Schedule H) is not under the Housing Tribunal responsibility.

3. i think i created a ticket or something in some govt portal related to housing, but no reply at all for > 1yr.. and yet, we need to pay GST for their pay rise.

This post has been edited by den: Apr 1 2015, 10:35 PM

They usually answer my calls.

+1

sorry about necro, so ts how's the outcome?
You won or just accept the lad proposed by mct?

Aiyo just let go la....most developers like tat but frum my life experience if u calculate every sen u cannot see BIG MONEY becoz yur mind wasted on small.2 calculative stuff...end up counting less and less money ..the more u count the less the money coz u wasted time counting instead of using yur brain how to make big money

As the Kwailo said Penny wise pound foolish