Nov 8 2016, 09:44 AM
QUOTE(icemanfx @ Nov 7 2016, 01:02 PM)
Bank will release payment upon presentation of payment certificate, they have no obligation to verify progress at site unless borrowers complain. If bank delay in making payment, buyers may need to pay penalty to the developer.
Sound like developers cash flow is tight.
There is another project from the same Developer (JL99 Group) happening in Sri Segambut which i noticed there is lorry moving in and out. I think the construction is starting now, but i don't think this developer is having financial issue now as few of their projects still going on and almost completed Eg. The Reach Titiwangsa and LakeParkSound like developers cash flow is tight.
If they want cash i think they already Pre-Launch the Sri Segambut project and collect booking fees from buyers like other developers doing now.
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