Pray for Kuchai East Buyer. Recently the abandon issued is so series, i go to xhs(xiaohongshu) to see how the china abandon project victim condition. But i am surprised it pretty helpless especially if it is private sector project (if government project then it may revive one day just depend how long), so the victim at china just stay in the project without electric & water, and if the richer group will looking for constructor to revive the project by paying from their own pocket until vp. Hope this issued can be solve as soon then every victim can get their dream home.

The victims are literally being hung by just servicing the monthly instalment with no end in sight

There would be a white knight provided majority existing buyers need to top up 10-20% cash based on current progress. Those that unable to top up eventually will be take up by the white knight and resell their unit and in the end lost on downpayment & interest.

From this progress, it hasn't even appointed a liquidator yet. even if the white knight to appear, it will take at least 5 years from now. Buyers are losing side and it's a nightmare for them. The Mark took about 10 years to be revived.

Hailat to the max. You can wait till menopause.

Liquidation is towards selling all available assets and pay off creditors and eventually deregister the company. In other words, the company is not in a good financial position to cont its operation ... no valueable assets for any investors to come in to take control and no creditors willing to participate in its revival

In abandoned projects, administrators will try to revive the projects with all affected parties, buyers included.

If buyers not willing, then liquidation comes in and buyers have no further claim in the project other than to receive token of what balance money available.

The next of kin will follow on it.

https://www.google.com/amp/s/www.nst.com.my...andoned-project

Normally certified public accountants specialises in revival of dying companies.

He will study the overall and recommend the next best solution.

Based on what their background is still not very convincing if for me to put the bet on it.

Back on those days I was from a bank that they have really come out with developers in tier that they will choose to finance with when it comes to undercon. Basically there are 4 tiers.

Tier 1: YTL, SP Setia, Berjaya Property, Sunway, Tropicana Group, UOA Group, UEM Sunrise, IJM, Gamuda, Mahsing, IOI, Malton, SDB, Tan & Tan, BRDB, Perdana Parkcity and etc these are all big names with strong financial background.

Tier 2: UDA Land, Trinity, Platinum Victory, Akisama, Exsim, Boustead, Ivory Group and many more those are also very good and competent to complete their projects.

Tier 3: AmberHomes, Mayland Group and many more smaller in scale but somehow there are track records focus on property developments.

Tier 4: Talam Group and those blacklisted too many.

I'm lucky that I know there is this list to help me place my bet on my undercon projects and so far all of its are able to complete although with some defect issues. But the point is project must complete otherwise it's zero value. The risk is very high on buyer side. Doesn't matter, where is located or price on but must choose the right developer if buying on undercon. I will always check if I have doubt on their background through ssm and ctos on their companies and directors background.

And actually many private colleges are losing money except those big one and money games can appear in TV show too. Due diligent is really important when deciding on undercon properties.

I think a lot of victims also focus on price and location itself and tend to ignore the credibility of the developer. It's a big lesson for everyone including future buyers. You must know who you buy with.

You r right…this is where HDA provides little to no guidance especially to first home buyers…or now is amateur victims..
Some suggested SPa termination and seek for refund from developer but do u think developer can refund the monies in full to the victims?

Based on the clause of all banks letter offer, after 4 years or so, regardless of project completed onot, borrowers have to pay installment in full based on amount stated in letter offer. Nothing to do with stages of construction.

U r wrong…buyers have turned to victims sinking under water
Every month have to pay rm1.5k -rm2.5k for nothing

Heard alot of prop agents bought in bulk since 2018, so that explains why alot of cover up on this abandoned proj..particullarly on the prop agent circle

But not only whole Kuchai Lama know about this abandoned proj, those highway users MeX Sg Besi all know about this

The developer name also display very big along the highway

it is mentioned already - after 4 years, the bank will charge the interest, and part of the principle.

it will not forever just change interest while the principle remain the same.

But there are rumours that got some buyers managed to meet and greet developer datuk at the office earlier this year, what happen afterward not sure

In the end, the buyers are the one who suffered…to many more endless loan instalment

she said this is not the abandon project. that is just sick project.

which one

why arh hck project all edu edu one?

boss bukak college or own tuition centre?

This kuchai lama project boss also operate a private college, why outcome so different?

One is successfull public listed company
One made hundreds of customers lost life savings