PR and GH, legal/politic issue?
thought it's clearly a finance issue?
at least that was what was reported to be then? unless you have insider info?

main place and maisson was revived only after donkey years where inflation have overcome the cost of revival.
lagoon? not too sure.
a revival or taking over of a project is a very difficult task.
maisson revived by inclusion of an additional block to cover some of the cost.
not sure whether original platinum buyers and also main place buyers were required to further give additional top up or not as well.

that is correct to a certain extend. but the carrot to meh was not the sold products. it was the retained portion which is what they were really after. the sold components were primarily planned to finance the retain components. at NFA or well over a million sf, safe to say it's worth billions.


and usually when a client struggles to pay, it usually means the problem did not arise then but way back.
if balance works is 20%, it could probably mean amount owed could well be 50%?
contractor billings are always work first claim later.
so if contractor finish certain works, they can only get payment 2 months or so later. so when payments are delayed, it's for works that could be executed as far back as 6 months ago?

ar... finally some meaningful engagement.

The PR and GH abandoned due to financial issue and aftermath of Asia Financial Crisis 2008. However the previous discussion was referred to difficulties in reviving these.. From my reading of news and media... PR was not able to be revived due to tussle between DBKL and PRSB and Ivory deal is aborted. As for GH... do read up the link below.

http://www.theedgeproperty.com.my/content/...-may-be-revived

the developer already satisfied all the charges and holding on to the asset with intention to revive it... in any cases.. dutaland is the sole owner of the project and didn't affect any other buyers.

Yes maisson was revived and from my understanding, the existing buyers require to topup... similarly to lagoon perdana and main place where existing buyers require to topup as well.

I agree with your assessment on MEH. The main incentive is the retained portion of the development. With this... the incentive to push forward the completion is even greater. Do not have the financial status of MEH but given the current struggle by them... it might be true that developer has backlog of payment to be made to suppliers and contractors.

Let's revisit in 6-9months when more news and clarity about their mall sales/ bond and whether this will be translated into more progress in completing EC or they will use the money to plug other holes.

if they want to complete EC and retain the mall, can be done 1.
there are plenty of ways to do it.
just not sure why they didn't do so... kekeke.

as usual, i tok kok lah.

Other than attempting to sell Empire Subang, what other methods ya?

But they are already attempting to sell empire subang, it was in the news that they would consider it if suitable offer, this macam sudah advertise their intentions la

I would think they can try to sell off EC mall for buyer to complete the mall, and ER also can revive, but I think they die die wanna hang on to this kua

This post has been edited by 1ullaby: Aug 2 2016, 12:03 PM

If they manage liquidate some of their assets on time and give a final push to complete EC, still sound do-able. But with their ER are still on the line and part of it has already sold off. I consider Empire got them self checkmate.

The Edge news on 1 August, and stated MEH is plans issue bonds to raise working capital.

The Edge news

http://digital.theedgemalaysia.com/theedge...160801tem/#/32/

no subscription cannot see.
anybody can screen shot and paste here please?
hehehe.

raising bond is a good option.
low financing rates.
full control.

They also said whoa to develop phase 2 of ec by end of this year....60acres....

Balls of steel leh....tis dato sean.

Believe meh didn't have intention to abandon ec at all. Believe the actual cash flow was way below budgeted. Believe they have claimed whatever they could and more from buyers bank. Hearsay some banks have suspended the loan drawdown on some of their project.

As reported, Ambank directors visited ec before raya. By now, meh papers would have discussed at ambank full board at least twice. Bank don't normally extend additional facilities unless shareholders/directors committed more of their own money or increase collateral. If Ambank offered meh additional facilities, meh need not issue bonds. How much this bond will be subscribed is remain to be seen.

As sunday and halo have obtained ccc, buyers investment is safe.

Until phase 1 is completed, doubt any bank will offer bridging loan for phase 2. If meh has the resources to start phase 2, they would have completed phase 1 without delay.

This post has been edited by icemanfx: Aug 2 2016, 07:40 PM

Very ambitious... Good luck to him

That may have been in the case earlier, but last few months transactions are stuck for any buyers intending to get a bank loan. And those with cash are not touching anything MEH related anytime soon

When one is in financial trouble, one gets desperate. Selling ES is already a big sign of desperation. If they could have sold it easily, they would have. And at this time, not many will have the funds and appetite to buy a mall....unless the price is so tempting.

The thing is that with MEH, all their projects were sold out and profitable! They had the money and easy borrowing because they could show the banks that their projects were sold out. And yet they went into financial problem. Now, why is that?
The money went somewhere. And they can't easily get the money back, especially in this economy. Hence the problem.

If one is a big company with solid assets or if MOF gives you a letter of guarantee, then selling bonds may get u money fast. But for a private developer to go to bond market instead of banks to get funds/loans, it tells us that MEH has problem getting loans from banks. Of course this is arguable, but cost of getting bond is more than a simple loan agreement with bank. And for a company with industry known money problem, they will have to offer higher return on bond to get the required subscription.

So I believe they are going to bond market due to desperation and issues with bank loans. A high risk gamble for both MEH and also the eventual bond holders

Unless the bond is collateralized, doubt many institutions would subscribe.

showtime747 jolokia minolta's signature sound familiar.

Bond market is highly regulated by RAM. Bond is an alternative financial instrument with lower overall cost. Assumed empire subang as collateral for bond, and generate good yields to repay bond holders. It also can get full bond value of property, in stead of 70% property value.

Provided ES is clean

I did visit a friend's unit at Colonial Loft, honestly speaking even though the workmanship is not up to mark and needs some touch up still but it is 'liveable' ☺ Comparing with ED's overall condition when first VP, I would say EC's overall condition (except for the uncompleted other components of EC like mall & office towers) is much much better, the carparks, lift lobby & the lifts are at least done up properly. My 2cents, even though the mall, hotels & office towers may be abandoned, but the completed with CCC studios & lofts are still 'liveable', and in fact more & more units there are occupied. I too agree that for the rest of the uncompleted components of EC, with such location, master plan & stage of constructions, it is way too sayang to be abandoned, guess meh will try its best to rescue it, if meh fails, who knows may have white knight from the chineseland will come to its rescue, good luck anyway to the owners😉

I did visit a friend's unit at Colonial Loft, honestly speaking even though the workmanship is not up to mark and needs some touch up still but it is 'liveable' ☺ Comparing with ED's overall condition when first VP, I would say EC's overall condition (except for the uncompleted other components of EC like mall & office towers) is much much better, the carparks, lift lobby & the lifts are at least done up properly. My 2cents, even though the mall, hotels & office towers may be abandoned, but the completed with CCC studios & lofts are still 'liveable', and in fact more & more units there are occupied. I too agree that for the rest of the uncompleted components of EC, with such location, master plan & stage of constructions, it is way too sayang to be abandoned, guess meh will try its best to rescue it, if meh fails, who knows may have white knight from the chineseland will come to its rescue, good luck anyway to the owners😉

ES already collaterised. Same as ED. At least part of it anyways