Buyers of land in the Genting Valley project did not only lose their hopes of retiring to a dream home, they are also in danger of losing their land.
Located along Route B114 in Batang Kali, Hulu Selangor, the Genting Valley project was proposed 13 years ago near the foothill of Genting Highlands.
Brochures for the 297.2ha project featured streams of crystal clear water and a hot spring, while prices for freehold bungalow-type land were pegged from RM15.80 to RM18.80 psf. Facilities offered include a club house, security system, golf course, KTM station nearby and the opportunity to live close to Gohtong Jaya, reported The Star Online.
With this, the project attracted 627 buyers, including foreigners under the “Malaysia, My Second Home” programme. Around 95 percent of the buyers were Malaysians; the rest were from South Korea, England, Bangladesh, India and Singapore.
Most of them have already paid 80 percent of the land’s purchase price, while some have even paid in full.
However, the developer, Jade San Realty Sdn Bhd, did not convert the land, which remained agricultural, with no individual titles.
After making the bank believe that over 80 percent of the project have been completed, the developer bolted with RM60 million, abandoning the project which went into liquidation.
“I wonder how this project on agriculture land was approved. The land status should have been changed first. In fact, I am shocked the bank also did not know about the status,” said Englishman purchaser Bob Steedman, who also represents members of Genting Valley Purchasers Group (GVPG) who own a total of 500 lots.
Steedman noted that in 2008, the liquidators even inked three sales and purchase agreements for the sale of land but never informed them of the real scenario.
“We have paid so much for the properties, we should not be left in the lurch like that,” he said.
To help buyers resolve the problem, Batang Kali assemblyman Mat Nadzari Mat Dahlan promised to bring the matter to Minister in the Prime Minister’s Department Nancy Shukri.