Had purchased a property at January, then happened the lockdown. Dont have much update from the property and agent side.

Any guru know if continue like this to may or even longer, will it effect the completion? If delay, will it consider can get penalty?

I also purchased mine last April. Wouldn't be surprised if there's a delay.

Most likely the developers will apply for the EOT (Extension of Time) and it will surely be granted by the Housing Controller due to this Covid-19 pandemic.

This post has been edited by DesRed: Apr 15 2020, 10:05 AM

Definitely

Confirm delay...
Every project like that unless they like PRC style..
24/7 working 😁

then meaning interest also....+++

delay doesn't matter, must pay LAD!

But if ur contract signed 48 months, probably still enough time for the developer to avoid paying u hehe

https://media.edgeprop.my/s3fs-public/pullo...n3MtQS33G57RQs9


Can refer to page 8 from the edge pull out.

If the property u bought is under HDA then shouldn't be a problem

No guru would knows better than your developer or seek advise from your SPA lawyer.

If our Mco is continuing to May or even longer, it will impact the construction period but not necessary affect the completion (maybe yes or maybe no) because they follow by law, regulation or any Act by the Federal Government to pause all the construction works that beyond developer's control.

In the SPA, developer needs to complete the property within the schedule period, example 36 months.
If the MCO delayed 2 months and after that, the developer able to rush back all the backlog within remaining period or the other buffer of 34 months, there are no delay.

If there are delay, the developer have to apply the EOT from the Authority and surely the extension is granted due to sanction was happened during MCO, it's up to the government. If your SPA stated a clause of force majeure, then the developer has no liable to pay the LAD for the cause of late delivery by this clause.

You need to check when is your property commenced the construction even though you just bought in January. If the project launched, constructed and started to sell one year ago, the developer will construct according to this schedule to avoid any LAD or delay, or at least minimized it, so in a nutshell those who bought one year later may probably not affected by the completion date due to SPA date is also late.

did not logged in for a month into lyn forum.
glanced through and surprisingly didn't find a specific thread to do a common Q&A on covid19 and mco impact on properties.

so let's begin, shall we?

generally common questions being thrown about are:
1. can tenants ask landlord for discounts?
2. will completion date of undercon be extended?
3. would DLP be extended?
4. i'd booked a property before the mco. dateline to execute has lapsed, how?

the above are all common questions that has been raised. and while there may not be a one size fits all approach but generally after attending a couple of webinars hosted by various legal firms, i'd would think i'd gathered some general insights into the common approach to these questions.

so feel free to discuss and let forummers deliberate in this forum in an open mind concept to help each other, shall we?

so for now, let's raise your most desired questions and see if there are experts coming forward to help answer it.

cheerios!

yea i would like to know also, hopefully developer will pay LAD accordingly regardless of MCO.

if housing minstry allow exemption they need to study the case carefully. Example, lakeville block C and D already made known to the buyer that VP will be delayed until JUNE, and this was notified in December few months before MCO. hopefully developer cannot use this as excuses want to deduct the LAD for MCO period.

where to get the answer ?

This post has been edited by Pain4UrsinZ: Apr 16 2020, 11:10 AM

undercon or subsales?
if it's undercon, may seek extension of time to complete the documents.
similarly for subsales.
even if you manage to sign the spa, land office and lhdn not open to do stamping also.
as such, it would benefit all parties to follow through the transaction post mco.

you are correct. contractor would firstly apply EOT from the consultants. if valid, extension would be granted. similarly the developer would follow suit to apply from respective authorities for an extension as well. and needless to say, if granted, VP to purchasers shall also be extended.

you only pay interest for portion that's billed. and since part of your property may or has been completed, you are liable to finance your own 'part property'. obviously the most painful group that are exposed to this may be those who are just about to vp. they would need to pay substantial interest while not able to get vp. but the same applies to the whole chain of developer/consultants/contractors/suppliers and even authorities too. the whole chain of stakeholders involved are equally affected. the only consolation is the bank's 6 months moratorium which helps to cushion this crushing blow.

Maybe it's time (hint) to cancel?

excellent point.
however for HDA's schedule G or H, it has neither force majeure clause or frustration clause.
however there is a newly introduced determination clause by the purchaser (clause 10) which they have the right to exercise. read through carefully as it has its own pros and cons.

there is a lot if property value drop to 20%

https://www.facebook.com/64839963085/posts/...58320712278086/

One property jedi master foresee price drop in range of 30%.

As most bought poorperly with bank loan, vendor losses if include loan interest, services, etc incurred would be higher than price drop alone and mounting with time.

This post has been edited by icemanfx: Apr 16 2020, 01:52 PM

Drop by*

Property price stagnant mean incurring about 4% p.a financial loss. Financial loss from a few years holding could be more than nominal price drop.

This post has been edited by icemanfx: Apr 16 2020, 02:14 PM

That is only one part of the bigger picture..