Developer will reimburse buyers for bank payment
Friday, 22 Sep 2017
More than 80 buyers of Empire Remix units turned up at the developer’s office to voice their grievances.
MORE than 80 buyers of Empire Remix units in USJ1, Subang Jaya, staged a protest to voice their grievances over unfulfilled bank payments by the developer.
Since buying his unit in May 2012, Pavenraj Singh, 32, has been eagerly awaiting the keys to his 65.96sq m apartment at Empire Remix Loft Tower.
However, till today, he and other buyers have not received their keys and are facing difficulties securing new loans due to unfulfilled payments by the developer, True Renaissance Development Sdn Bhd.
“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.
“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.
“Since last May, they have not been making timely payments and this is affecting our credit evaluation,” Pavenraj said during the protest at Empire City in Damansara Perdana.
Echoing similar thoughts, car sales adviser Bryan Leong, 36, said he and many other buyers received notifications from the bank demanding payment.
“I am not able to secure a loan, whether it is for a car or a credit card, because the developer did not service the loan.
“My credit evaluation is jeopardised and the bank thinks I am a slow paymaster,” he said.
Empire Remix is an integrated mixed development project located off the Kesas Highway in USJ1, Subang Jaya. It comprises a combination of hotel suites, loft offices, office suites and a retail mall.
Unhappy buyers staged their first protest regarding the late payments on Jan 3, adding that they had not seen much progress in terms of construction of the building.
Business owner Nurul Hayati Ismail, 34, hoped to move into her new home this year and had no choice but to settle the bank payment.
“If I do not make the payment the developer did not settle, the bank will raise the interest from 4% to 9%.
“The last time we saw the construction site, it looked like there was still a long way to go.
“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.
“I want to give them the benefit of the doubt and believe that they will reimburse us,” she said.
True Renaissance Development Sdn Bhd group executive director Datuk Danny Cheah in a statement said they had reached an agreement with the buyers.
“We will give this matter serious consideration and do our best to settle this in good faith.
“Reimbursements will be made in November this year to buyers who update their accounts with their respective banks,” he said
Read more at http://www.thestar.com.my/metro/metro-news/2017/09/22/developer-will-reimburse-buyers-for-bank-payment/#d6rMPT9DA6kPZTqZ.99
