Developer VS Buyers. Buyers Go on Strike

September 26, 2017

 
After staging a protest on 3 January, home buyers at Empire Remix staged another protest over the developer’s unfulfilled bank payments.

Located off the Kesas Highway in USJ1, Subang Jaya, Empire Remix is an integrated mixed development project featuring hotel suites, office suites, loft offices and retail mall.

“Under the Developer Interest Bearing Scheme, the developer is supposed to pay the interest for the buyer’s loans during construction, until we get the house,” said 32-years old Pavenraj Singh, who purchased a unit in May 2012.

“We were supposed to get the property in August last year, but until now it has not been completed… We are worried that if they abandon the project, we will be stuck with paying the loan for the rest of our lives, without having the property.”

He revealed that True Renaissance Development Sdn Bhd has not been making timely payments since last May, which has affected his credit valuation.

In concurring, car sales adviser Bryan Leong said he was unable to secure a loan, whether for a credit card or car, due to the developer’s failure to service the loan.

“My credit evaluation is jeopardised and the bank thinks I am a slow paymaster,” he said.

Nurul Hayati Ismail, on the other hand, settled the bank payment for the developer, for fear that the bank might raise the interest from four to nine percent.

“The developer is asking us to make the outstanding payment first and they will reimburse us starting November this year, over the course of five months,” said the 34-year old business owner.

“I want to give them the benefit of the doubt and believe that they will reimburse us.”

Datuk Danny Cheah, group executive director of True Renaissance Development Sdn Bhd, said the company had reached an agreement with the home buyers.

“We will give this matter serious consideration and do our best to settle this in good faith,” he said.

“Reimbursements will be made in November this year to buyers who update their accounts with their respective banks.”

 

Image sourced from The Star.

 

This article was edited by the editorial team of PropertyGuru. To contact them about this or other stories email editorialteam@propertyguru.com.my

 

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