fyi, secondary market selling more expensive than mossaz new launch.
Exsim take over from empire city to refurnish the whole EC1. 2 different developer, so you cant compare past & now.

Same buying scenario from 8 years ago, a boutique developer try go big... Way bigger than their head... The only reference point of success are few small past achievements.... Maybe we should see what's the recent delivery standard by this white knight.... And mind you this is basically a revival project not from ground zero. Better safe than sorry. Bon voyage optimistic buyer.

This post has been edited by davwon: May 29 2019, 09:58 AM

Please guys.
Don't spam or abuse the report button.
Thanks 🙏

Pls check the past achievements from the white knight, and see is it convincing enough.
i dont get what do u mean by better safe than that, i could be more worry if this is completely new development in an empty land. nothing much info u can assure with but only the reputation of developer.
basically the new takeover of EC just to continue the remaining construction left with an additional development.

Well little boy upset apparently. So you know about the white knight internal operation and their deal with the owner ya? Then you should have the same info i have as i also deal with one of the party. They need to cover a lot of holes before they can discharge the land. And do you know how big or deep the holes? Pray you could get the strata title on time or you can forget about subsale. or leasing out forever maybe. lol. keep up your 'good' work here lil boy or girl.

This post has been edited by davwon: May 29 2019, 02:44 PM

From wat i read....exsim DIDNT TAKE OVER THE ENTIRE EC.
Stand corrected.

They just bought a plot of land in ec and launch mozzaic and promised to get the shopping mall up which was left at 80% completion.

Empire was supposed to ensure the rest are up and running.....

the last line will scare everyone away.. haha

empire as in mammoth?

The offiical name os Mammoth Empire but based on their launched projects Empire seen to be their brand name.

Yeah, heard from insider info says the same too.

As usual one year after another, developer will give statement that the development will complete next year and next year and next year and next year and next year and next year and next year.

Despite the recent news, nothing big is moving out of the abandon section.

On another note : Quality is seriously questionable. (same goes to empire residence)

Their completed Empire Damansara quality has been shitty with loads of complain, so just imagine how the overly-ambitious-mostly-abandon-EmpireCity going to be?

You can give defect report on your own unit, but common area defects? See see only.

See the catch is there.. Empire (meh) ensure to complete the rest..

But track record wise, they couldnt

So what's good that they brought in white knight Exsim, Binastra, Ak
1. They r loaded, obviously
2. They have good past record completing projects. That's the most basic things

What's the concern then, if these concerns are address, we believe EC success rate would significantly better
1. A marriage of 2 parties can turn sour. Like Genting vs Disney & Century Fox, what about 3 parties.. There isnt a single master developer. A development of this size claimed to be as MV2, but none r a master developer, so what if they hv different visions / interest. Would the marriage turns out well? Is there any mega development like this with 2 or more Dev turns out well?
2. The 3 white Knight, similarly doesn't have successful mix Dev or mall developments yet.
3. There are stiff competition interms of mall in Damansara
possible solutions?
a) Run in house - maybe inexperience, bcos all there Dev don't have any track record running one yet.
b) Let Meh run - questionable, let's not hope it gonna delay and delay again
c) Let mall management consultant run the show - involve from the beginning design the mall, ensure balance mix of retails, theme of the mall (differentiating it from 1U, Starling, 3D, Atria...)

Jz our 2 cents.. A neutral post from a little potato..

1+

Finally someone say what in my mind. Very straight to the point.

Traditionally, meh keep everything in house from architect, consultant, etc to main contractor, eatery, mall management, etc. Leopard is unlikely to change it's spots to allow others to lead or manage.

AK bought land at EC2, not Ec1.

I don't know where Binastra come in......in EC1 or EC2.

When everything is run internally, the chances of failure is high if the management doesn't run the show effectively.

You can see from their project signboard, most of their address is at empire subang.

U can compare with BBCC, TRX, Midvalley. They are run by well established international developer, project manager, consultants, with proper tender for all their packages.



This post has been edited by ameer1988: May 31 2019, 09:30 PM

It all boiled down to bosses philosophy to keep every profit in house. Meh down fall was financially overstretched, was hoping more uuu/BBB to sign snp and didn't expect units sold to drop off with end of dibs.

This post has been edited by icemanfx: May 31 2019, 09:52 PM

Units sold drppped off????

You sure they cant sell the units?

In fact commercial non schedule is the easier to sell
1.payment upfront
2. No bumi quota
3. Vp not as tedious as scheduled propeeties.

I would say more like mismanagenent of cash flow.

Just few days we start discuss MEH capability and debt obligations, suddenly today got announcement. Seems like someone is watching. Lol.


Latest status: Exsim In, Aset Kayamas Out & what about Binastria?


https://www.edgeprop.my/content/1546174/mam...-city-damansara

NEWS
EdgeProp.my / June 01, 2019
Mammoth-Exsim JV to complete Empire City Damansara

Launched in 2011 by Mammoth Empire Holding Sdn Bhd (MEH), the RM5 billion Empire City Damansara (ECD1) may finally be completed in a joint venture (JV) with Exsim Group.


From the "Party of the Century" where Paris Hilton attended, to lend glitz to the mall and upcoming development, to reports of MEH having insufficient funds and of construction delays for ECD1, the rough waters may soon be calm, as Datuk Danny Cheah tells The Edge that the next two months will see MEH clear RM300 million of its debts from loans taken from AmBank and Maybank.

"Soon we will not have that kind of pressure [to settle the outstanding loans] and the group can start afresh," he says to the publication.

Sale of multiple assets to Exsim, including a 65-acre tract meant for Empire City Damansara 2 in PEtaling Jaya and 4.5 acres of undeveloped land that was a part of ECD1 have seen reports peg the value at RM800 million, though neither Cheah nor Exsim have confirmed the price tag.

About reports that Aset Kayamas Group had paid RM236 million (RM270.90 per sq ft) for 20 acres of the 65 available, Cheah says the deal had been terminated by mutual agreement by both parties.

"There were certain condition precedent, which could not be met, so both parties (MEH and Aset Kayamas) decided to terminate the sales and purchase agreement last year and the money has been refunded [to them]. Exsim is now the [sole] owner of the 65 acres of land," says Cheah.

Michelle Siew, the head of corporate communications at Exsim says its entry into the project is as a strategic partner to MEH for the ECD1 project, and not as a white knight.

"We are JV partners and we see this so-called problem as an opportunity. We like the concept of ECD and its strategic location," says Michelle Siew, head of corporate communications at Exsim.


The JV company plans to complete the outstanding five developments (with some changes to be made to a few of the hotel blocks under construction, which Cheah says will be apartments instead of hotels) for ECD1, with its gross development value (GDV) of close to RM800 million. Two of the projects are called QUB and QUAD+, which comprise multipurpose suites, the MacGuffin Hotel, the Autograph luxury hotel and Tower G.

Completion is expected within the next two years, with each component taken up by a special-purpose vehicle set up by Exsim and MEH.

The HCK Tower, still under construction is slated to be completed by first quarter 2020.

Exsim will have full control over the developments on the 4.5 and 65 acres while MEH has been tasked with ensuring the connecting infrastructure is completed.

Exsim's plans for the 4.5 acres is two developments called Mossaz Tower and Paxtonz Tower, which have a combined GDV of over RM690 million. Mossaz Tower will be a 39-storey tower with 1,117 suites from 314 to 494 sq ft, while Paxtonz Tower will consist of 775 suites with cuilt-ups of 332 to 526 sq ft within a 23-storey block.

"We see a growing demand for compact suites due to their versatility. The Mossaz and Paxtonz towers are designed to cater for young entrepreneurs," says Siew.

Expected completion is in 48 months, with a soft launch scheduled this month.


Exsim plans to turn the 65-acre tracts into a mixed-use development with a GDV of RM9 billion. The first phase is affordable houses (rumah mampu milik) scheduled to be launched in September.

Exsim will not be involved in the Empire City Mall, having no experience in such projects, while MEH will be using its entitlements from the JV to fund the completion of the mall.

Now at 80% completion, the mall is expected to be completed in the next two years, but only fully open for business in 2022.

"Previously, we had a different [way] of thinking. The direction in the last three years had been to provide a lot of incentives to retailers, including international brands, to come in, thus we spent millions of ringgit in capex to lure them [as tenants] for the mall.

"However, we had a rethink of this direction in the past year and we realised that we were actually wrong. If the retailers come in with us spending the millions but there are no customers, they would need to close shop and leave," says Cheah.

"So now, we have [realigned] the focus to get the population in first by completing all the high-rise development surrounding the mall, then the retailers will be knocking on our doors [and not the other way around] and we would have more favourable terms in terms of rental [agreements].

"In the next six to nine months, we expect to complete the infrastructure portion, which is the bridges connecting to the mall. [Previously,] we were affected by the delays in the construction of the Damansara-Shah Alam Elevated Expressway (DASH) as there is some interfacing between our project and theirs. As we understand that the national interest should come first, we have decided to let them complete their part first before proceeding with ours," he adds.

This post has been edited by davwon: Jun 1 2019, 03:28 PM

With two and possibly more bank recalled banking facilities, meh is unlikely to obtain sizeable loan in next few years for development.

From the above, meh depend on cash flow from exim jv on 4.5 acres to complete the mall provided have enough money left after servicing outstanding loan. It won't be a surprise, meh will offload or seek a JV partner to complete the mall.

Basically, meh wings is crippled, it will be quite a few years before meh could if ever roar again.

Jz our 2 cents.. A neutral post from a little potato part 2 - Continue from our previous views.. Would EC manage to turnaround this time...


Concern #1 - Great thing addressed.. good thing that Exsim came in as JV partner and take over the land for EC2 as well. with the removal of AK and seems Binastra wasnt in the picture as well. it will then be MEH and Exsim now. Lesser stakeholder is a good thing to ensure the vision and masterplan being carried out in less disturbance. as mentioned in the article, MEH is suppose to complete the infrastructure. Having the funds settled now, execution is KEY.
this time they would have to focus on the infra, and exsim on the other developments. This increases EC1 and EC2 success rate.


Concern #2 - not fully addressed but practically a right decision too because Exsim doesnt have any track record in mall management. at least Empire done it with their Subang before. but still be cautious on the usage of the funds from Exsim. should they manage it well, the chances of completing the mall will definitely help on the entire development. though, expected completion 2022 is rather slow, but at least, this scenario slow but surely complete is more important.

Mammoth-Exsim JV to complete Empire City Damansara - Full Article link

By 2022, many of m&e equipment and i.d of the mall will be aged, require a substantial sums to upgrade and replace. Given limited access to bank loan and servicing outstanding borrowing, meh may or may not have this money. If this uncompleted mall is sold or meh bring in a financially strong partner, it stands a better chance to be opened.

Wonder how many investors could sustain until the mall opened.

This post has been edited by icemanfx: Jun 2 2019, 09:08 AM