Hi people, let me share my opinion based on my experience and knowledge
Developers normally obtain Bridging Loan (BL) from Bank for their property development project.
The BL drawdown is based on the certified work done by architect. Hence, in order for the developer to drawdown higher amount of loan during the early stage to fund their construction, it is common for the developers (Highrise Project) to allocate higher portion price for the Car Park. This explains why Ohako restructured the pricing for Car Park and Unit but the total price remains the same. Ohako’s mistake is that it should set it right the first time instead of changing it the 2nd time which causes some buyers’ dissatisfaction or worries.
The SPA dated/stamped on November 2015. According to HDA, developers are not allowed to collect 10% deposit without signing the SPA. However, it is a quite common in the industry that the 10% deposit is collected by lawyers first prior to the signing of SPA. But if you are really so particular about the few weeks gap between the collection of deposit and signing of SPA, go ahead and complain with the authority, you have your right.
Many people are talking about is Marimo Co Ltd really behind the project. My view is as follows:-
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Maybank is the main financier of Ohako Project. According to banking industry practise, Bank will not grant loan to developers with experience less than 10 years. In this case, I have not heard of Exxx Vxx Sdn Bhd and hence Maybank most likely granted the loan based on the support of Mxxxx Co. Ltd and guarantee of Maxxx Fukaxxx, who is also the director in all Mxxx companies. I take comfort from the fact that Mxxxx Co Ltd with net worth of USD$200m is behind this project, not merely through common directors, but as a parent company with effective shareholding of 48%.
Cemetery:
Simple and straight forward issue. You ok, you buy, you not ok, don’t buy, no need to argue.
Low quality of SAs:
I agreed. Most of their SAs don’t know what they talking and look/talk like some desperate SAs who just want commission. I am lucky that my SA is honest and ok. I raised the issue to their management and I am glad that they finally took action to change all their SAs.
Progress of Work:
Yes, If SPA dated November 2015, I think the project progress is a bit slow. As a buyer, I will find out more detailed information from Ohako.
Personal feeling:
John Taro is a developer who is willing to listen to buyers' opinion. Project design is good. SA is crap. Ohako didn't utilise online platform fully to market their project.
Peace
