Hard to say, but at least the affected parties now know where to seek assistance since got precedent 😅

More new rescues https://www.thestar.com.my/news/nation/2023...housing-project

Meeting between Liquidator and Kuchai East Scheme Purchasers was held on 20 Feb 2024.
99% Puchasers voted in favour to the proposed Resolution tabled by the Liquidator to revive the project.

The liquidator will proceed with the process to appoint a new contractor via tender after informing the High Court on this.



This post has been edited by Kanelam: Feb 29 2024, 03:37 PM

got hope

It's good to see action and hope.

This is meeting for Kuchai East ?

need to top up goa gao

Ya, usually the painful process only kick start after finding out how much need to top up. Since this project abandoned in mid stage, maybe the buyers loan still got remaining portion for further disbursement.

My uncle got one abandoned condo also which is now completed few years ago, sadly the developer bankrupt after complete 95%. Each owner have to top up 30-50k for new contractor to complete the remaining 5%.

LAD accumulated over 6 digits all evaporated when buyers finally agreed to sue the developer for liquidation.

This post has been edited by Jingle91: Feb 29 2024, 02:10 PM

If there's a white knight to continue the project, the best hope and main goal is to get the project completed and ccc-ed.

LAD is something secondary... can't be too "ambitious" la...

I don’t think there would be LAD for this right especially since it’s abandoned. Are old SPAs honoured or is it a brand new one with the saviour? Don’t know cuz I’ve never experienced it.

Don't think there will be white knight for this kind of project. It is affordable apartments with low profit margin

The moment they liquidated the development company by liquidator, their LAD already burnt. The developer's shareholders only lost their initial capital in this company and washed hand.

Just hope that the government can provide easy loan for house buyer to top up the shortfall if there is any need to be beared by buyers. Because it is not easy for buyers to get additional loan from bank for this kind of project.

This post has been edited by Jingle91: Mar 1 2024, 09:36 AM

LAD? Guarantee New white knight will ask for waive before restart project

Hopefully have a win-win solution by liquidator.
At least existing buyer don't have to keep paying interest for many years.

My early statement is a polite way of saying let's not think of any LAD. It's grateful if the construction can complete and get keys.

My early statement is a polite way of saying let's not think of any LAD. It's grateful if the construction can complete and get keys.

Good to know it is progressing like Plaza Rakyat

Heard from Ms Yap (S.L Ng) mentioned that they are in touch in main con to settle this project. Don't know is true or not ... As got developer is interested to taking it but rejected by Ms Yap ....

wat is the progress now?

This Ms Yap qualified to approve or reject not? Got developer also reject oh. Price or profit for them not ngam??

Nothing