QUOTE(Nasca89 @ Jul 28 2020, 01:47 PM)
Hua Yang looks like very welcome for cancelation , they dont try to stop you to go for cancelation.
If no charge better pull back your booking , once bank release money you will need to paid for loan.
Which is you dont get Sales agreement done , but need start pay loan.
And no promise or document to support you will get this unit , most likey abandon project
Cancellation of your booking is your right. So in a way it's a professional thing that they serve your questions to cancel.
Actually, it's common for developers to wait until they reach a certain sell % with loan approved before they sign the SNP, after SNP is signed, they will need to start work and deliver within 4 years, else LAD. And buyers also will have their loan confirmed.
The reason they don't sign SNP now is to prevent an abandon project as well, and to ensure win win for everyone.
Imagine if they only sell out 30% but die die proceed with SNP, and build halfway cannot fund the rest... then u'll really have an abandoned project, it's a lose lose for everyone.
So, if this is a development that you like, within price range and location, it's actually a win win, not to scare people away or cancel (unless u can't wait d), as it'll be harder for them to kickoff their project. I think they need a minimum 50-60% sales confirmed with loan to officially start work, with full assurance that the entire building can be completed on time and at cost.
Financially, I don't see too much problem with the company, as they're a listed company and you can actually study their financial position.
Most newly launched condo projects is in the same position actually... so from launching, need to wait longer until SNP and project construction can start. Unless those hot areas la.
https://www.thestar.com.my/business/busines...b-from-hua-yangThe contract for pilling work have actually been awarded last year, so i think they're quite near to go ahead with the construction... but then covid hits everyone also la... so a lot of aspect actually... hard to say who wrong.
This post has been edited by eltaria: Jul 30 2020, 12:04 PM