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Investment J. SATINE RESIDENCES / RUMAWIP @ SETAPAK, High dense project near Giant Setapak

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kochin
post Nov 14 2024, 09:39 AM

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please read all your purchase contracts carefully
icemanfx
post Nov 14 2024, 12:30 PM

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QUOTE(thenazek @ Nov 14 2024, 09:29 AM)
What do you mean by alternatives?

Stuck with an abandoned project is the worst thing to happen to a purchaser.

You cant sell an incomplete project. You obviously cant live in it. You cant even fork out your own money to make it habitable. And the worst, you still have to serve your loan and there's no way out of it.

You can only hope for a white knight to come and save it.

Feel very sad and sorry for them.
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White knight will only appear if there is money could be made. Dismantling and rebuilding will cost more than new building. If loan drawdown is substantial, there is little left in the pot for the white knight.

This post has been edited by icemanfx: Nov 14 2024, 12:31 PM
nihility
post Nov 14 2024, 01:03 PM

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My prediction, PV should have the strength to complete the project. Being low profile doesn't mean they have no such capabilities.

Worse come to worse, they just need to dispose the landbanks in their possession to raise fund for the operation / project just like how the southern region developers did recently.

This post has been edited by nihility: Nov 14 2024, 01:03 PM
PAChamp
post Nov 14 2024, 01:09 PM

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QUOTE(nihility @ Nov 14 2024, 01:03 PM)
My prediction, PV should have the strength to complete the project. Being low profile doesn't mean they have no such capabilities.

Worse come to worse, they just need to dispose the landbanks in their possession to raise fund for the operation / project just like how the southern region developers did recently.
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That is like asking them to give up the future on the company to throw at a loss making project just to save the buyers. If only developers in this country had such good hearts.
nihility
post Nov 14 2024, 01:23 PM

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QUOTE(PAChamp @ Nov 14 2024, 01:09 PM)
That is like asking them to give up the future on the company to throw at a loss making project just to save the buyers. If only developers in this country had such good hearts.
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My prediction....it will survive.

Why you view all the developers with bad intentions? PV still have so many strategic landbanks within KV in their possession. If they really abandoned this project, how they need to survive in the same field in future?

Jakel, behind them are backed by "kucheng". Hence, my prediction, they will not let this become abandoned project.

This post has been edited by nihility: Nov 14 2024, 01:30 PM
nexona88
post Nov 14 2024, 02:49 PM

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They would just do some minor adjustments , like small demolition of certain part... And move on as usual...

Those think whole thing demolition.... No way...
gashout
post Nov 14 2024, 04:16 PM

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QUOTE(kochin @ Nov 14 2024, 09:39 AM)
please read all your purchase contracts carefully
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contract languages are for lawyers, not for normal people.


SKY 1809
post Nov 14 2024, 04:56 PM

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High Court Judge said developers would no longer be able to rely on such provisions in the contract to avoid having to pay liquidated ascertained damages for late delivery of properties to purchasers, even if the sales and purchase agreement (SPA) provides for such a move.

SPA is not final .

This post has been edited by SKY 1809: Nov 14 2024, 05:22 PM
Nightskye09 P
post Nov 14 2024, 11:54 PM

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QUOTE(nihility @ Nov 14 2024, 01:23 PM)
My prediction....it will survive.

Why you view all the developers with bad intentions? PV still have so many strategic landbanks within KV in their possession. If they really abandoned this project, how they need to survive in the same field in future?

Jakel, behind them are backed by "kucheng". Hence, my prediction, they will not let this become abandoned project.
*
Agree on this, imagine getting on a big roadblock and able to overcome it, wont it be like a major change in their reputation? getting bigger contracts and stuff, more money coming in...
icemanfx
post Nov 15 2024, 04:15 AM

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QUOTE(nihility @ Nov 14 2024, 01:23 PM)
My prediction....it will survive.

Why you view all the developers with bad intentions? PV still have so many strategic landbanks within KV in their possession. If they really abandoned this project, how they need to survive in the same field in future?

Jakel, behind them are backed by "kucheng". Hence, my prediction, they will not let this become abandoned project.
*
Developer could change name or rebrand. Most people will not remember this incident. For reasons why most developers use subsidiary company to sign contract.

QUOTE(nexona88 @ Nov 14 2024, 02:49 PM)
They would just do some minor adjustments , like small demolition of certain part... And move on as usual...

Those think whole thing demolition.... No way...
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How to demolish partial of a high rise building? Columns and beams don't need to connect? Where have you seen it done?

This post has been edited by icemanfx: Nov 15 2024, 04:16 AM
gashout
post Nov 15 2024, 04:55 AM

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QUOTE(SKY 1809 @ Nov 14 2024, 04:56 PM)
High Court Judge  said developers would no longer be able to rely on such provisions in the contract to avoid having to pay liquidated ascertained damages for late delivery of properties to purchasers, even if the sales and purchase agreement (SPA) provides for such a move.

SPA is not final .
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interesting how some contracts can be over-ruled. wonder what is the reasoning for this.
SKY 1809
post Nov 15 2024, 11:53 AM

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QUOTE(gashout @ Nov 15 2024, 04:55 AM)
interesting how some contracts can be over-ruled. wonder what is the reasoning for this.
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I guess only


Tort Law

Torts can shift the burden of loss from the injured party to the party who is at fault or better suited to bear the burden of the loss. Typically, a party seeking redress through tort law will ask for damages in the form of monetary





This post has been edited by SKY 1809: Nov 15 2024, 06:45 PM
nihility
post Nov 15 2024, 02:09 PM

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QUOTE(icemanfx @ Nov 15 2024, 04:15 AM)
Developer could change name or rebrand. Most people will not remember this incident. For reasons why most developers use subsidiary company to sign contract.
How to demolish partial of a high rise building? Columns and beams don't need to connect? Where have you seen it done?
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I'll not eliminate the possibility you mentioned, it is possible. Yet, I still believe my deduction that they will rectify it at any cost.

This post has been edited by nihility: Nov 15 2024, 03:31 PM
victorian
post Nov 15 2024, 03:24 PM

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QUOTE(nihility @ Nov 15 2024, 02:09 PM)
I'll not eliminate the possibility you mentioned, it is possible. Yet, I still believe my deduction that they will rectify it at all any cost.
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Not so sure at the "any cost" part.

Everything has a limit, now it depends on their tolerance level to absorb the losses.


ZeneticX
post Nov 16 2024, 12:13 AM

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even if can fix.... owners / potential tenants still dare to stay?
SUSSihambodoh
post Nov 16 2024, 12:15 AM

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QUOTE(gashout @ Nov 14 2024, 04:16 PM)
contract languages are for lawyers, not for normal people.
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Most people just sign rather than learning legalese
SKY 1809
post Nov 16 2024, 09:27 AM

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QUOTE(Sihambodoh @ Nov 16 2024, 12:15 AM)
Most people just sign rather than learning legalese
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get chatGPT to read yr legal deocuments and advise u ....

Not now, maybe in near future ..

This post has been edited by SKY 1809: Nov 16 2024, 09:29 AM
moiskyrie
post Nov 16 2024, 09:35 AM

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Demo whole tower 3 to save other 2 tower ?
Refund tower 3 buyer...
Possible?
But other tower will have same defect or not?
SUSBoomwick
post Nov 16 2024, 09:51 AM

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Just put there..

Balance land, sell to another company
Emerge as a new developer, and continue do project..
Too big hole to rescue
johnnycp
post Nov 16 2024, 02:49 PM

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QUOTE(moiskyrie @ Nov 16 2024, 09:35 AM)
Demo whole tower 3 to save other 2 tower ?
Refund tower 3 buyer...
Possible?
But other tower will have same defect or not?
*
The other two tower maybe affected also

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