Owners of Once-Abandoned TTDI Condominium “Abandoned” Again

From: http://komunitikini.com/kl-selangor/kuala-lumpur/owners-of-once-abandoned-ttdi-condominium-%E2%80%9Cabandoned%E2%80%9D-again (accessed 20 October, 2011)

Posted on July 20, 2011 by Leven Woon

Sudah jatuh, ditimpa tangga. Purchasers of the once-abandoned Kondominium Mas Kiara were recently shocked to discover that their units have been sold to third parties by the liquidator of the now-defunct property company.

About 23 purchasers, who bought their units in 1995, alleged that the new developer, Intan Permata Properties Sdn Bhd (IPPSB), has not only failed to give them the much-delayed units, but have instead sold them on to new buyers.

One purchaser, Syaniza Hisham…, claims the developer disputed, without cause, many of the original purchasers’ legal documents when they were asked to sign a new sales and purchase agreement (S&P) in 2007.

“Some 100 purchasers were not invited to sign new S&Ps eventually due to unreasonable excuses such as non-payments although they have shown the receipts,” she added.

“Some of them were asked to show their purchase documents to a lawyer. They went to meet the lawyer a few times but in vain. Eventually the developer claimed they were not interested [to meet with them],” she said at a press conference yesterday.

Syaniza claims those units have been resold to new buyers for between RM400,000 and RM500,000, much higher than the initial price of below RM200,000.

Another purchaser, Hamzah Ibrahim, said the Ministry of Housing and Local Government had, in a meeting, stated that IPPSB can only sell the remaining 53 units which had not previously been sold, and assured that the right of existing purchasers will be protected.

“Many of us feel cheated as we have paid up to 80 percent of the loan instalments,” lamented Hamzah.

Sixteen years dreaming of a new home

Launched in 1995, Kondominium Mas Kiara in Taman Tun Dr Ismail consists of two blocks and 240 units with a built up area of 1,300 square feet.

The purchasers were promised their dream homes in three years, but instead they waited until 2003 to find out the initial developer Petplus (M) Sdn Bhd had been liquidated.

In 2004, IPPSB took over as the new developer and thus began the new saga.

All purchasers who attended the press conference yesterday said they refuse any compensation and only want their units to be handed over to them in the soonest possible time.

They also want IPPSB to recognise them as the genuine purchasers. (emphasis added).

6 responses to “Owners of Once-Abandoned TTDI Condominium “Abandoned” Again

  1. This is an interesting development in a liquidator appointed wind up of a distressed company whose assets were eventually sold off albeit to new purchasers for a significantly larger amount than was originally sold to the original purchasers against whom the developer defaulted.

    An action may lie against the liquidator and the liquidator must be called to account for his receipts in the sale of the development showing how the funds received from such sale were applied to satisfy the liquidation.

    All of this is the natural course of action to take if the story as posted here on the 100 or so purchasers is true. More facts needed please. And why are the 100 or so original purchasers out of pocket and title now not pursuing a course of legal action against the liquidator, the lawyer and the developers? any assistance needed please write.

  2. The liquidator should conduct Public Examination and Summoning related persons (including purchasers) in the liquidation administration.
    The purchasers should report to police and the Ministry of Housing and Local Government and the Insolvency Department about the fraudulent sales. They can sue the liquidator in court.
    Further, Proof of Debts should be filed by purchasers against the liquidated developer requesting return of money, compensation and other costs.

  3. Fatirah Sabil

    I am one of the purchasers who could not get hold of anyone!!!! When i finally did i was asked to provided proof that i have paid and receipt is not good enough – they asked you to make sure the bank showed that the money is actually deducted from your account. And when the process which take ages is over you could not get in touch with anyone – going round the bush and the last i heard is the unit is sold and considering this is a bumiputera project no bumiputera in the country is able to help!!! This is a theft in broad daylight. So many parties were informed but NO ONE is helping…

    • Assalamualaykum

      If you are one of the victims in an abandoned housing projects, my advice is to report directly to the Department of Enforcement and Supervision or Abandoned Projects Unit, Ministry of HOusing and local Government, Putrajaya, for help.

      Good Luck.

    • Do u want to fight d case again to claim ur entitlement?

      • Fatirah Sabil

        of course but I heard some buyers who sued lost the case – where’s justice? The bank released the money even before project was half way completed and buyers ended paying loan for nothing. But when they lost the condos were taken!

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