Puteri Harbour Community

[Tekkun]

Don't Pray Pray! Even the ANIMALS of Johor are following the doctors, lawyers and esteemed businesses to move to Nusajaya!

They should all move to Forest City to avoid paying 24% corporate taxes, la

We are all party animals...lol.
Not all get corporate tax incentive in Forest City la. Only companies involved in tourism and MICE, education and healthcare.
Duty free and tax free not same.

 

[SikitSikit]

Hi All,
Just to check with buyers of Encorp Marina...i received a letter from Encorp this afternoon saying that the completion period as provided in the SPA have been amended to 48 months instead of 42 months.
Am i right to say that with this, they can delay the VP by another 6 months without incurring the late penalty of 10% they are supposed to pay us?

 

[Stimpy]

Don't Pray Pray! Even the ANIMALS of Johor are following the doctors, lawyers and esteemed businesses to move to Nusajaya!

They should all move to Forest City to avoid paying 24% corporate taxes, la

It looks good, especially with the sultan pushing for iskandar to become Malaysia's second biggest city. Will be far better planned than the existing capital.

Still thoroughly enjoying the Malaysian PR spin circus!

1) an 'official' interpretation of a 3rd party's findings:

http://www.channelnewsasia.com/mobile/asiapacific/four-corners-report/2649586.html

2) the report from the 3rd party itself:

http://mobile.abc.net.au/news/2016-...unts-triggered-money-laundering-alert/7280244

Absolutely classic.

 

[hondawave07]

Hi All,
Just to check with buyers of Encorp Marina...i received a letter from Encorp this afternoon saying that the completion period as provided in the SPA have been amended to 48 months instead of 42 months.
Am i right to say that with this, they can delay the VP by another 6 months without incurring the late penalty of 10% they are supposed to pay us?

Hi SikitSikit,
You are right. With the extension, they can extend the VP by another 6 mths without paying 10% penalty to the buyer.
Nonetheless, i think Encorp still cannot get the VP within 48 mths from the original S&P date as the project previously has been delayed for quite some times.

 

[Tekkun]

Hi All,
Just to check with buyers of Encorp Marina...i received a letter from Encorp this afternoon saying that the completion period as provided in the SPA have been amended to 48 months instead of 42 months.
Am i right to say that with this, they can delay the VP by another 6 months without incurring the late penalty of 10% they are supposed to pay us?

I have not received the letter yet.
However, one cannot amend the terms and conditions unilaterally after the S & P had been signed between 2 parties. It is legally enforceable.
Some months ago, I had a telephone conversation with Encorp JB and they told me the completion date will be extended and LAD is in order. Refer to the terms of the S & P, they will have to pay as stipulated at 10% per anum calculated from the day as stated to the date of VP.

 

[DCputeri]

Are you owner of unit in Tower 1 or Tower 2?

Hi All,
Just to check with buyers of Encorp Marina...i received a letter from Encorp this afternoon saying that the completion period as provided in the SPA have been amended to 48 months instead of 42 months.
Am i right to say that with this, they can delay the VP by another 6 months without incurring the late penalty of 10% they are supposed to pay us?

 

[Stimpy]

I have not received the letter yet.
However, one cannot amend the terms and conditions unilaterally after the S & P had been signed between 2 parties. It is legally enforceable.
Some months ago, I had a telephone conversation with Encorp JB and they told me the completion date will be extended and LAD is in order. Refer to the terms of the S & P, they will have to pay as stipulated at 10% per anum calculated from the day as stated to the date of VP.

Unfortunately they can...if the housing ministry accepts a request for extension, your LAD is gone. Just had it happen to me on a medini property...it seems to be a theme in Iskandar. A non-transparent gov agency ok's it: buyers get screwed. So much cheaper for a developer to kickback a small sum to an individual controller than pay LAD to hundreds of buyers.

Product of an endemically corrupt, opaque state...but hey, that's just country risk.

 

[Tekkun]

Hi All,
Just to check with buyers of Encorp Marina...i received a letter from Encorp this afternoon saying that the completion period as provided in the SPA have been amended to 48 months instead of 42 months.
Am i right to say that with this, they can delay the VP by another 6 months without incurring the late penalty of 10% they are supposed to pay us?

http://www.federalgazette.agc.gov.m...ERUMAHAN (KAWALAN DAN PELESENAN)(PINDAAN).pdf

FEDERAL GOVERNMENT GAZETTE
HOUSING DEVELOPMENT (CONTROL AND LICENSING) AMENDMENT REGULATIONS 2015

 

[Manhattan]

Which law say they can anyhow change the completion date on a signed SPA?

 

[Tekkun]

Which law say they can anyhow change the completion date on a signed SPA?

The law only take advantage of those who do not know the laws.
That's why we employ and pay lawyers to act for us.
Be extra careful on those lawyers whom the developers provide to you for free.

 

[DCputeri]

I understand that the extension was sought and approved on 30 Aug 2012. My SPA was dated 3 Sept 2012 and stamped on 25 Sept 2012 even with 42 months in the original SPA. So no case. I believe they will not finish with the additional 6 months.

The law only take advantage of those who do not know the laws.
That's why we employ and pay lawyers to act for us.
Be extra careful on those lawyers whom the developers provide to you for free.

 

[Tekkun]

I understand that the extension was sought and approved on 30 Aug 2012. My SPA was dated 3 Sept 2012 and stamped on 25 Sept 2012 even with 42 months in the original SPA. So no case. I believe they will not finish with the additional 6 months.

Extension of completion period and late delivery charges are totally different items. One is project, the other is contract.

They still have 15 more levels to go. Assuming they can do 3 levels in 2 months, the fastest they top up would be Dec 2016. Give another 6 ~8 mths for finishing, it should be late 2017.

 

[cow138]

That's true but unfortunately most realise it a bit too late

 

[menghuii]

obviously, if encorp bhd can they will try not to pay n even if ultimately they must, the minimum then. buyers shld not wish they make a loss or less. I wont mind if they finish it nice n neat without issues. whatever the case theres no hurry for me but I will be staying healthy meantime so that I can savour it n for sure it will be ph>senai>gentinghighlands>senai>ph.
I m really looking forward to doing this. ferry to spore if ready wld be perfect. driving? no way.

 

[Tekkun]

obviously, if encorp bhd can they will try not to pay n even if ultimately they must, the minimum then. buyers shld not wish they make a loss or less. I wont mind if they finish it nice n neat without issues. whatever the case theres no hurry for me but I will be staying healthy meantime so that I can savour it n for sure it will be ph>senai>gentinghighlands>senai>ph.
I m really looking forward to doing this. ferry to spore if ready wld be perfect. driving? no way.

You should visit The Strand, the shops and surrounding office towera at Kota Damansara, in Petaling Jaya to see the workmanship. They are done by Encorp Construction, the same people doing PH.

 

[DCputeri]

Is the workmanship good at the strand?

You should visit The Strand, the shops and surrounding office towera at Kota Damansara, in Petaling Jaya to see the workmanship. They are done by Encorp Construction, the same people doing PH.

 

[Tekkun]

Is the workmanship good at the strand?

Nothing exceptional.
I would rate it acceptable considering I used to be from this industry.

 

[nusajaya2020]

If you use Imperia's progress, there is no way Encorp can handover keys by end 2017.

A more realistic estimate would be 18mths after Encorp is built to the top floor.

Extension of completion period and late delivery charges are totally different items. One is project, the other is contract.

They still have 15 more levels to go. Assuming they can do 3 levels in 2 months, the fastest they top up would be Dec 2016. Give another 6 ~8 mths for finishing, it should be late 2017.

 

[nusajaya2020]

Tekkun, have you seen Imperia's finishing?

 

[DCputeri]

They have already asked for interior fit-out design.

If you use Imperia's progress, there is no way Encorp can handover keys by end 2017.

A more realistic estimate would be 18mths after Encorp is built to the top floor.