What is happening at Brunsfield Iskandar Waterfront ( BIW ) @ Danga Bay?

[BlackTiger]

I am one of the investors in the Brunsfield Iskandar Waterfront ( BIW ) property.

Of late,we are hearing various news/rumours that this project will either be delay , totally aborted or sell off to some cash rich China developers.

Brunsfield is not making any effort to assure investors or keeping us in the loop of their plan going forward.

I am reaching out to existing investors /ex-investors of this project to gather feedback on what is happening with Brunsfield as a company and this BIW project.

Hope other Iskandar property owners can provide suggestion where we can seek advice and support from the relevant authorities should the developer fail to carry out their commitment .

 

[OracleMasia]

I am one of the investors in the Brunsfield Iskandar Waterfront ( BIW ) property. Of late,we are hearing various news/rumours that this project will either be delay , totally aborted or sell off to some cash rich China developers.Brunsfield is not making any effort to assure investors or keeping us in the loop of their plan going forward.I am reaching out to existing investors /ex-investors of this project to gather feedback on what is happening with Brunsfield as a company and this BIW project.Hope other Iskandar property owners can provide suggestion where we can seek advice and support from the relevant authorities should the developer fail to carry out their commitment .

You are protected under the HDA. You can refer to http://www.hba.org.my/laws/list/hda.htm.Suggest that you clarify with the developer directly first. Big developers usually have customer service dept.

 

[OracleMasia]

the website is http://www.hba.org.my/laws/list/hda.htm. It had all the info.

 

[hockbeng]

I am one of the investors in the Brunsfield Iskandar Waterfront ( BIW ) property.

Of late,we are hearing various news/rumours that this project will either be delay , totally aborted or sell off to some cash rich China developers.

Brunsfield is not making any effort to assure investors or keeping us in the loop of their plan going forward.

I am reaching out to existing investors /ex-investors of this project to gather feedback on what is happening with Brunsfield as a company and this BIW project.

Hope other Iskandar property owners can provide suggestion where we can seek advice and support from the relevant authorities should the developer fail to carry out their commitment .

did you sink in any money yet??

 

[Stevewish]

I am one of the investors in the Brunsfield Iskandar Waterfront ( BIW ) property.

Of late,we are hearing various news/rumours that this project will either be delay , totally aborted or sell off to some cash rich China developers.

Brunsfield is not making any effort to assure investors or keeping us in the loop of their plan going forward.

I am reaching out to existing investors /ex-investors of this project to gather feedback on what is happening with Brunsfield as a company and this BIW project.

Hope other Iskandar property owners can provide suggestion where we can seek advice and support from the relevant authorities should the developer fail to carry out their commitment .

Heard that the developer will not continue this project. Some speculations but better don't mention without understanding the truth.

Better take back your $? never buy take over project. i have a bad experience in take over condo project last time in Singapore. Workmanship and quality of material are terrible.

 

[dongfangmeiren]

Hi, i also bought BIW property. I have signed the SPA and loan agreement last year december. but developer does not proceed with the stamping.

Called them during april this year, and was told that the project will be put on hold.

The manager told me that either i can withdraw and get back the deposit or hold on, but they are unable to give me the timeline.

I think they should have a meeting with all the buyers and give us an explanation and not keep us in the dark.

 

[dongfangmeiren]

Hi, I also bought BIW property. I have signed the SPA and loan agreement last year December, but the developer does not proceed with the stamping.

I called the developer during April this year, and was told that this project will be put on hold. The developer's manager told me that we can withdraw the unit and deposit will be refunded or continue to hold on the project , but they are unable to give us the timeline.

I think the developer should held a meeting with all the buyers to make clarification and explanation without keeping us in the dark.

 

[BlackTiger]

Heard that the developer will not continue this project. Some speculations but better don't mention without understanding the truth.

Better take back your $? never buy take over project. i have a bad experience in take over condo project last time in Singapore. Workmanship and quality of material are terrible.

I have put in the 2% down payment , signed the SPA and get the bank loan approval from their panel banks.

Hi Stevewish, can share more information from your end on why they will not continue the project ?

I only heard that they have conflict with their other shareholders in this project and highly suspect that they may want to sell that plot of land to those Chinese developer who is willing to pay higher premium than what Brunsfield have paid for.

So they are trying to get early investors out of the way !!

It is very sad that such a so-called reputable developer from KL will act so un-ethically if they really adopt this approach.

 

[dongfangmeiren]

Blacktiger, do you contact Brunsfield? what did they told you?

I heard that 2 general mangers had left....one is Daniel ?? and the other surname is Thai.

Are Brunsfield having financial problem? Seems like they are a big and solid developer....but why are they putting the project on hold?
Since they adopting a very passive approach, maybe we should go and ask IWH, since both are JV.

I think we should try to gather every buyers and solve the issue. Can you PM your contact to me?

 

[yikyangchai]

I am one of the victim as well....

 

[cow138]

Wow. This is a scary development from Johor. Buyers left in the lurch. Hope that it will be resolved soon.
Hardly hear this type of thing happening in Singapore.

BTW who are the developer of the project.?

Sometime buyers are swayed by the fantastic presentation that they don't check in detail on the developer track record. Maybe that's the reason.. The presentation really looks very nice.

 

[hockbeng]

all this is part and parcel of life in malaysia.

just enjoy the durians / rambutans /cheap food and beaches can already.

never park money there

 

[potter]

Better siam nsglobal.:p another holland rd.

 

[BlackTiger]

Wow. This is a scary development from Johor. Buyers left in the lurch. Hope that it will be resolved soon.
Hardly hear this type of thing happening in Singapore.

BTW who are the developer of the project.?

Sometime buyers are swayed by the fantastic presentation that they don't check in detail on the developer track record. Maybe that's the reason.. The presentation really looks very nice.

The developer is Brunsfields .They are KL based and have done JV project with Sime Darby.

The BIW project is a JV between Brunsfield and Iskandar Waterfront Holding ( IWH ) which own hugh land parcel in Johore.
So their track record is there ,at least in KL.

If IWH also cannot be trusted , then all the Iskandar projects is a big question mark,because most of the developers either buy the land from them or Joint-Venture with them in the project development.These include Country Gardens ,Tropicana@Danga projects as well as Capitaland purchase of the Danga Bay parcel.

So there seem to be some hidden agenda that they didn't want to make know to the public.

Very disappointed there is a lack of authority control unlike project development in S'pore. IRDA is pushing hard to get more investment into Iskandar,but they need to have a proper check and balance system to protect the investors interest.

If there are other Malaysian investors in this project,do give us your suggestions who is the right authority to seek assistance on this matter.

Thanks.

 

[cow138]

What's ns global? Another developer?

 

[malpaso]

I am one of the victim as well....

seriously.. i think this is not as disastrous as what you think.. how much deposit you paid? it is only booking fee, there is no legal document, so no loan etc to pay for yet. if unsure, i would get my deposit back.

it could be blessing in disguise. of course 3k, 5k is still money, but it could be much worse. look at some projects in KL, abandoned and only resolved after 10 years, in the meantime those buyers have to pay interest on loan disbursed!

 

[potter]

seriously.. i think this is not as disastrous as what you think.. how much deposit you paid? it is only booking fee, there is no legal document, so no loan etc to pay for yet. if unsure, i would get my deposit back.

it could be blessing in disguise. of course 3k, 5k is still money, but it could be much worse. look at some projects in KL, abandoned and only resolved after 10 years, in the meantime those buyers have to pay interest on loan disbursed!

of course Peng lar...now have to buy > 1M, missed other opp. if proceed..may kena left right centre..:p

 

[cow138]

Yes. Definitely it could be worse.
Probably the golden rule is to buy from established developer. Safer probably.

 

[FHBH12]

Better siam nsglobal.:p another holland rd.

OMG, the famous agent again: http://www.nsglobal.com.sg/current-projects/brunsfield-iskandar-waterfront/

 

[FHBH12]

seriously.. i think this is not as disastrous as what you think.. how much deposit you paid? it is only booking fee, there is no legal document, so no loan etc to pay for yet. if unsure, i would get my deposit back.

it could be blessing in disguise. of course 3k, 5k is still money, but it could be much worse. look at some projects in KL, abandoned and only resolved after 10 years, in the meantime those buyers have to pay interest on loan disbursed!

A typical unit is marketed at $1mil RM. With 2% booking fee, it amounts to $8k SGD
http://www.nsglobal.com.sg/current-projects/brunsfield-iskandar-waterfront/