Part of iCity consist of iSoho (residence) , iSuite(residence), Centralwalk(residence), retail shoplot(own by iBerhad) and carpark running by a JMB team consists of iBerhad staff with majority of committees are iBerhad staff.

Instead of operate according to Strata Management Act, different accounts were opened and managed separately for different blocks under JMB (which is against the Strata Management Act 2013) but the yearly financially report was presented to residents as single account in the yearly report.

However in 2023 when the strata title is ready for perfection, the different accounts were presented for the very first time to resident and caught the resident in shock that all the residential blocks account are in deficit and requested to be increased of maintenance fee and sinking fund which is unjustifiable and unreasonable by 44% to 67% for residential blocks, but carpark reduced by 36%.

During the same year, the JMB hired Gather Management as consultant (lead by Kent Teo) forking out generous amount/month from the maintenance account which imho to manage the situation .

Resident had raised the concern to COB , COB had also done the visit and meet up with the Gather Management consultant and JMB (but all iBerhad staff JMC were absent) in Oct 2023. With that meetup, COB had requested icity JMB to revise to single rate and share 3 third party auditor to COB (for selection to audit the account) by 8 Nov (10 days after the meetup).

None of COB requests were attended by icity JMB at the time of writing, resident continue to suffer with the steep increased maintenance fee.

On top of that , the carpark had increase few times from rm30 to rm75 now.

It is very expensive and hard to invest an iCity property when the rental could never catch up with the increment.

This post has been edited by minems: Jan 10 2024, 03:56 PM

This is the risk when buying mixed strata development. The law provides for subsidiary MC for different segments of the development especially if they are for different usage eg. commercial vs residential. This is because the commercial portion and the residential portion have separate facilities eg. central air con, swimming pool, sauna etc. so if the residents don't use the central air con, they shouldn't pay and vice versa for swimming pool etc. When choosing investment properties, some factors should be considered such as density (more dense, the cheaper the rate), facilities (more facilities means higher rate) and use (commercial vs residential).

hmmm... would say it is a disgrace, for this so call Selangor smart city, flag ship development with strong support from state governments.

but then wouldn't be surprised. as it they are run by group of goons.....

whats the rate before increase?

Saw the isoho I suite centralwalk closed the light during night already know maintenance fee can't cover expenses. But it's too much, need to increase at least 44% ++ above.

Management fees are akin to milking the cow after the cow has been sold to the buyer.

Too bad nowadays, wherever u go, everything is under STRATA Act.....

Welcome to Boleh Land

This post has been edited by boyboycute: Jan 3 2024, 04:57 PM

How much increase in sen?

0.30 psft same as per their current new launching BeCentral...not sure how is that sustainable for the new launch

That is so true...

Refers to here for details
https://www.facebook.com/share/p/J8YEKNSn6x...mibextid=K35XfP

Can't open the link. Just screenshot or copypaste or write the description here.

I thought all gated and guarded housing area is under STRATA?

Electric cost up.. so all kena long

After increase is 0.50 which is about right. That’s the issue cos when people buy from developer, they are usually quoted 0.30++. However in most cases it’s not sustainable. After 2 years; jmb is formed and voila …steep increase

Electric bill for commercial rate increase, detail lot of building not doing well, the centralised aircon need to be open for public, so overall the cost of maintenance keep deficits. In the end maintenance fee increase.

A lot of lighting feature was closed, so it make I city building less attractive at night. It's a bit sad. Except all owner agreed and willing to spend some more money at green energy like solar energy, then it maybe can be prevent the feature cost increment.

The developer (Retail & Carpark) took the opportunity to reduce their commitment too.
Got the image from one the FB user, talking about this topic.

Lol so residents should pay up and cover the cost while carpark could go down and allow them to make more profit?

10 years ago when I heard the scheme the first time already figure out this problem. Told the SA directly and her face was such a precious memory

Thanks for highlighting the issue with iCity . Rip off all the residents

Well spotted!!
They in fact hire Gather Building Management ( using maintenance fund) to manage the noise from residents further deficit the fund.
.

Also instead to adhere to the COB's request, they plan to hire lawyer to defense the COB' request, i doubt the lawyer fee will be funded by iBerhad (likely from maintenance fund)

This post has been edited by minems: Dec 16 2024, 09:29 PM

Hope this sharing will be useful to their future potential buyers, at least the buyers could make an informed decision...

Ken Teo was quite femes in the JMB fb group, no?

Same person ?
https://www.facebook.com/groups/10276729406...00007753173118/

I am not sure if the Ken Teo you hired is the one in the facebook link, but from his post, he seems quite knowlegeable on SMA

I saw this hill12 got high transaction value on bricks. All those paying gross 1kpsf unless 35% rebate be prepared to lose $$$$.

Walao...
Really cunning of the developer...

Now residents need to cover the cost...

Exactly...sad...

This post mostly is ranting about the increasement of maintenance fee. Since Ts you are buying for investment. So what is the ROI outcome after the rate changed?

Before the new rate was implemented, is it I city is a good choice of investment?

This post has been edited by Aldo-Kirosu: Feb 15 2024, 12:51 PM

Did not explore any possibility of exit plan?

Hi, I'm interested to invest in Becentral but looking at all your discussions on the maintenance fees etc, are you able to recover your investment? Is it a good buy in your opinion? Coz from the outside it looks good with the bridge to the mall, tram to lrt3, office towers and hotels, and also a convention centre.

Appreciate your honest input.

Thanks.

Is it below 650psf after rebate?

About RM785/ sqft

Under the shared unit calculation, there are already factors applied to different parcels, therefore same rate should be applied for each shared unit. Developer cannot simply applied a different rate in their favour, complain to COB is the right thing to do.

Survey the market rate to manage the property and try to change the management company appointed by developer if residents is able to take back the control.

Thanks for sharing, good to know how a developer is treating their buyers. People familiar with strata act and jmb operations will see what this developer is doing.

https://www.skrine.com/insights/alerts/apri...ssory-parcel-be

Good to know this court case, it may be possible to get back all the car parks from developer hand.

https://www.facebook.com/share/p/1NdB2avS7H/

Has ts sold the place

Sounds very serious with so many owners present. I should read up on the whole thread 😶