Maybe rushing to finish interior works so that can further bill the purchasers? Hehehe

This post has been edited by 8sg9ft: Jun 6 2016, 09:20 PM

Source from PropCafe.net

Cannot read the articles, are there going to wrap up the company? Or get more cash to rescue other projects.....

Not moving at all


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Heard from reliable sources that they are in serious financial distress. Banks no longer want to give them funding to avoid potential NPL. In fact 2 banks, I heard, have provided provision for NPL for the earlier loan granted to them. They hv no choice but now to sell their crown jewel, Empire Subang to fund the Empire City project. I also heard that even their staff payroll has also been delayed. My neighbour who went for 2nd inspection yesterday told me that literally nothing been done after 8 months, in fact condition has further deteriorated especially the flooring as contractor did not close window and rain water got in and spoiled the floor. No activity at all at the mall side. Also been told by my neighbour that he was told someone have moved in (guards told him). Site office staff changed so many times.....so many owners whack them after seeing the deteriorating conditions. I am going to do my 2nd inspection soon. Keeping my fingers crossed but not expecting too much....

Sell the company to setia or ecoworld lah...
Guarantee revived de....

oh no..

and I heard tenants already starts to pull out from opening at empire city mall

frankly speaking, if indeed they are in financial trouble, would disposal of ES be sufficient?

tail end works of a gigantic mall requires massive funds. that's when bulk of the equipment (M&E) comes in, ID works comes in, etc. that's pretty costly items.

not forgetting they still need to face both the ER projects which will be in LAD territory as well.

would a white knight comes in to rescue?

The final finishing phase for the mall is the most expensive. It's nowhere near that yet. Wow, I don't think 500 mil from selling empire subang is sufficient....

That is assuming the ES is clean....

How much meh owe banks, contractors and suppliers? Proceed from sale of es may need to pay to banks first before could pay for I.d and m&e contractors to complete ec.

The ripple effect could be the tipping point to cause a severe downturn in construction industry. Hopefully, there won't be any other developers in similar situations.

This post has been edited by icemanfx: Jun 7 2016, 09:23 AM

Tradewinds can be a white knight!

ES also not fully free of debts lah.
sales of that obviously need to repay the financiers first.
so definitely they won't be pocketing RM500mil.
More like RM300mil max.

Sunway spent RM1b refurbishment cost on 600,000 NLA space. However I suspect RM500m from it was used to purchase the mall.

http://www.thestar.com.my/metro/focus/2016...ld-charm-is-re/

where is Kicimiao66cc ? what is your point of view about these comments? Will the forummers here get suit again ?

They had archive their sales target from EC and ER launching, most of the buyers and business's associates are so excited on their completion but how can this developer fail so badly.

http://www.theedgeproperty.com.my/content/...ce=facebook.com

Online The Edge news

honestly if they can go through their financial tsunami this time, 5 to 10 years later EC mall will be bigger cash golden cow to group...hope they don't repeat the same thing in EC2

If they can.

+1