Malaysia Real Estate

[meowin]

I purchased one unit in Belveeder Service Condo within Lagoon Perdana, developed by Tenaga Gagah (under the management of Talam Corp). Now only a few piles done and project stopped. I need help in away where someone can show me how to go within or is there a comittee dealing this case. I felt so angry with the Company. On feb 2006, i got this letter from Tenaga Gagah saying that it's no longer under Talam. New owner is 2 funny names. Sounds like local orang asli muslim. How can this be happening. How can the Goverment allow this. Worst of all, how can Talam let go like that. The project is not moving at all and in the end we are ending sueing an empty company own by 2 locals. I don't understand how our goverment can allow this and all i am asking for your help is let me know if there's any info or contact number that i should call. my email is chongmelvin@gmail.com.. i am just a salary earner guy. all my saying is with the property and now the bank is demanding the money given out to developer. Maybe this is rude but those **** shall be cursed.

[nick1994]

...i remember reading sum where Malay Mail on-line that these few developments off sunway is getting started again soon..........

[winnie the pooh]

err... when did you read this? last year???

[meowin]

[nick1994]

...pooh bear got lar..............

tenaga gagah , ex talam.......lagoon perdana.....


meowin, dun believe me, give malay mail a call, mebbe they can direct u on who 2 contact 2 get the latest.............

[winnie the pooh]

okay... here's another by our beloved developer: casa riana at puncak jalil (sorry... just passing the news. have absolutely no idea about this project nor anything that has the talam's or europlus' name to it).

[nick1994]

...dis one i dunno......the one i read has these 4 key phrases

tenaga gagah
ex-talam
lagoon perdana
agreed start again


shld check lar.....guarantee Malay Mail not longer than 2 weeks old.....

[preacher]

I believe that Tenaga Gagah "was sold" to this company called Honest Prestige Sdn Bhd. There is an tread on Lagoon Perdana in the HBA Forum and depending on which Phase you bought, various "Committees" have already been formed.

..aplikasi.kpkt.gov.my/akhbar.nsf/7ad5123b64d6c5124825694a0033cfc0/a223520293b0febb4825711e0015817f?OpenDocument

..hba.org.my/forum/.?board=22;action=display;threadid=1035;start=0

..hba.org.my/forum/.?board=22;action=display;threadid=1204

Good luck...
_________________
practise what you preach

[winnie the pooh]

Not all our fault, says Talam

By P. Rajan
Changing Government policies; bureaucratic delays regarding the hiring of foreign workers; “sudden” changes in policy governing hillside development. All these factors “triggered a chain reaction” that brought about the dire predicament Talam Corp Bhd is now in. So said its executive chairman Tan Sri Chan Ah Chye at a recent media briefing on its debt restructuring plans.

“They contributed to project delays and led to the severe cash crunch we’re facing,” he said, adding that as a consequence, untold damages have been caused. Among them, debt in the region of RM1.2 billion; stalled housing projects littered throughout the Klang Valley; and a reputation now tainted with shoddiness and contempt.

Once one of the most aggressive builders of affordable houses in the country, responsible for producing over 100,000 units since its inception in 1986 – an average of 10,000 a year – the only distinctions of the developer today are its 16 problematic projects accommodating 11,853 housing units. Of these, 5,718 units or 48.2 per cent have been labelled “delayed” while the remaining 6,135 units or 51.8 per cent are “sick”, requiring considerable effort to rehabilitate.

Many disgruntled buyers do not accept Chan’s reasons.

“Labour shortage has been the usual excuse,” said a purchaser of a unit in Talam’s Saujana Putra development. “And how is it that work in a neighbouring project, undertaken by another developer, is progressing so fast?”

“Let’s not talk about the past … there have been many mishaps,” said Chan. “Right now, we have in place a corporate restructuring exercise to sort out the problems.”

He was referring to a reprieve Talam has received from its major lender which holds about RM800 million, or some 70 per cent, of its debt.

Under the recently inked agreement with the lender, Talam will defer payments on the outstanding amount until the completion of its stalled projects. A key feature of the agreement is that a reputable principal contractor – IJM Construction Sdn Bhd (IJM) – will be appointed to guarantee the completion, with some 6,000 slated to be ready this year.

In return, IJM will receive the full cost of the construction from progress billings.

“Main thing is to clean up our act and do some house cleaning to regain buyers’ confidence,” said Chan.

“The corporate exercise should take about 12 months, after which the Group’s gearing will go back to a more comfortable level.”

But not everybody is as sanguine about the future as many issues have still to be ironed out. One bone of contention involves the payment of Liquidated Ascertained Damages (LAD) for units delivered late.

In one case, Honest Prestige (HP) Sdn Bhd, which is now managing the development of Lagoon Perdana, is believed to have requested buyers to waive the LAD that has been due since 2003.

HP was appointed in a multi-layered deal that originated with the sale of Lagoon Perdana developer, Tenaga Gagah Sdn Bhd (a Talam subsidiary) to two individuals, Asli @ Martinus Musa and Ombokou @ Francis Sauyang in November last year for RM55,000.

“We’re pushed into a corner,’ said a buyer. “If we do not (agree to a waiver of the LAD), the project will be abandoned and we stand to lose everything.

“But if we sign, we’ll lose the LAD, which would help us mitigate our loss (that arose from servicing bank loans for houses that have yet to be delivered).

“Also, what guarantee is there that the new owner will complete the project?”

Given the Catch-22 situation facing buyers, their woes – as well as Talam’s, which registered a nett loss of RM513 million for the year ended Jan 31 2006 – may continue at least for a while.

- Property Times 29 April 2006 issue -



wonder how this escaped me. radar probably wasn't tracking talam perhaps. came across the article while googling for some other stuff. anyway... posted it here for the benefit of those who missed the drama.

[meowin]

would it be possible to take over the job. talk to the developer. check the cost for completing the job. if the cost is still ok (most likely have to top up additional 10-15%), find ways thru the minister or adun or media to force the developer to surrender the rights on this project. write to the bank and etc. this will take sometime but thru this, we are sure that it can be completed. as u see, the honest prestige is also under their gang. this is just to delay and drag the case. i work with a contractor company. many project are stalled due to increase or price in materials. During their tendering time, the raw material such as steel bars, cement, formwork (wood) are much cheaper than now. Not to mention diesel.

My question is, why this honest prestige willing to take over the job knowing that this project won't make a profit?

If honest rpestige wanted to take over tenaga, they have to absorb all the debts. Can they manage to do it?

What i see if this honest prestige is nothing but a 2 ringgit company. now we have no right s to sue the developer. They are only considered delay in progress. so in the meantime they sell off the company. (they have the rights). Later when the due date comes, we can only sue HP which is rm 2. If i am not mistaken, this lee h beng advise us to sign the agreement for the selling to tenaga to honest prestige. he said dun make things worse. no point fighting over the LAD charges. I dun see it that way. I am not judging him but i dun think he's doing his job. I definately won't vote for him.

To be honest, my sister once kena before by zed enterprised sdn bhd, also sub of strawberry park. it took more than 3 yrs (after completion of the unit) to get the CF. We are lucky because the committee bargain with some contractor to complete the job. Those whom took part earlier pay only the working cost. those whom came in late paid extra for interest becoz the contractor paid everything in advance. At least this contractor company are under our control. It's like complete then sell. If Talam doesn;t want to carry on the project. surrender the rights. I definately dun know about banking law if it allows such but if the goverment are willing to help. many things can be done. Why our (many voice) are nothing compare with Tun M

I am going to post this to the forum.


If u find my statement reasonable, do cc to other.

Thanks.

[waikiat]

Hi,
Not sure whether does you guys aware of this. I have just read an advertisement on SinChewJitPoh Finance column. It was a notice from Tenaga Gagah.
In Summary, Tenaga Gagah is asking all buyer of Lagoon Perdana to bring their SAP (or debt proof) to their office for some sort of 'arrangement' before 5pm 30/03/2007. To all who fail to do so in the period before 30/03/2007 will be treat as give up on repayment (refund).

Here is the address:
Tenaga Gagah Sdn Bhd,
Level 2, Menara Maxiseger,
Jalan Pandan Indah 4/2, Pandan Indah, 55100 KL
Receiver: Mr Alvin Low / Mr Gan
(Proof of Debt Exercise)


In between, I am not a buyer for any Talam project Luckily my superior advise me NOT to touch any of Talam properties 6 years ago when I started to work. But I do have some friend whose is also victim of Talam project. So good luck!

[yowchuan]

TALAM = TENGGELAM?
_________________
.://..meshio.com

[donald]

Just to say:

Dealing with TALAM is a big waste of time.

We will most likely not get anything at all. The crooks up to something fishy. I can smell those CLOWNS in the air.

Well, i be sending the form in this friday. I guess there are no choices here.
Have yet to talk to anyone from the Belvedere Association.

Good luck fellas.
_________________
Thanks. Donald

[waikiat]

Just read this article in the edge daily. Hmm!!! Look like TALAM is really the lowest class listed company!

===============================================
09-04-2007: Talam, executive chairman reprimanded by Bursa Securities


Bursa Malaysia Securities Bhd has publicly reprimanded Talam Corporation Bhd, its executive chairman Tan Sri Chan Ah Chye and three indepedent directors, and also fined the company RM11,250 for breaching the listing rules.

The stock exchange had on April 9 publicly reprimanded Talam for not taking into account the adjustments as stated in the company’s announcement on Sept 5, 2006 in its fourth quarterly report for FY06.

This resulted in a deviation of 50.33% between its unaudited results and audited results for the financial year ended Jan 31, 2006.

Talam was fined RM11,250 for failing to submit the company’s quarterly report for the financial report ended July 31, 2006 on or before Sept 30, 2006.

Bursa Securities said Talam had also failed to immediately inform Bursa Malaysia of default in payment of various bonds and banking facilities as announced by the company on Oct 2, 2006.

Talam had also failed to furnish its FY06 annual report to Bursa Malaysia on or before July 31, 2006. The annual report for 2006 was only furnished to Bursa Securities on Oct 12, 2006, after a delay of 52 market days.

Bursa Securities also publicly reprimanded Chan and independent directors Lai Moon Chan, Tengku Sulaiman Shah and Tsen Keng Yam for breaching the listing rules.

[Miba]

There's actually lots of stories that I heard about Talam...really 'Talam Dua Muka' one.

So when I am looking for a house I wouldn't dare go near this name.

If I am not mistaken, my friends told me that Putra Perdana is one of their project. (If I am wrong, looks like there's another culprit)

One of my friend unluckily bought a house there and got to find out that there's actually somewhat like a small stream right under her house while renovating!!!!

And also I heard that if you wants to renovate the house unluckily you even have to renovate the whole house because of its poor quality.

Lots of people sighing when mentioning the name.

[yeehs18]

Buyers whom are suffered from Talam in the project Lagoon Perdana and Belvedere Condo feel free to join below community. We are strong at fighting for for property back:

..groups.yahoo.com/group/Lagoonperdanaresidents/

[Nell]

Hi All

Just wondering if anyone has bought any properties in/near Bukit Beruntung. Honestly, it has been so long and I have got to the point that I couldn't care less attitude with the property purchased there that I've even forgotten it's actual location! However, I'm stuck with the mortgage repayments. I remember that there was a Proton/Perodua assembly point (I think).

Anyway, just came on here to let it off my chest, and I would appreciate if you could let me know if there is any progress that you are aware off in this area. In the meantime, I'll crack on and read more postings in here (as any newbie would!) and perhaps will find the answers before long

[venetian]

[quote="Nell"]Hi All

Just wondering if anyone has bought any properties in/near Bukit Beruntung. Honestly, it has been so long and I have got to the point that I couldn't care less attitude with the property purchased there that I've even forgotten it's actual location! However, I'm stuck with the mortgage repayments. I remember that there was a Proton/Perodua assembly point (I think).

Anyway, just came on here to let it off my chest, and I would appreciate if you could let me know if there is any progress that you are aware off in this area. In the meantime, I'll crack on and read more postings in here (as any newbie would!) and perhaps will find the answers before long [/quote

Hi, Nell. Just to tell u tht u are not alone in the Bukit Beruntung case. There are many like us out there, praying and hoping for miracle. Perhaps 20years down the line it will come true.

[daisy]

I have read quite a bit about Talam and their abandoned or uncompleted projects.

Can somebody with enough info (Talam staff or ex-staff maybe) help us all to understand better by providing the following details:
1. Name of project
2. Type of project - condo, apt, houses
3. Location of project
4. Present status of project - eg piling stage, or apt at 4th floor concrete frame,
5. No. of units - built, sold, unsold
6. Unit selling price and present market price

Can the Administrator provide this service or direct me to the site (if there are any already in existence with all the comprehensive info)

Why is the Ministry letting this happened and continued to happen???

[cherasbuyer]

Dear All,

Pls go to the new post which I have written concerning Mudi Angkasa's status. This is serious problem now. We all need the coperation of all Talam neglected housebuyers to unite with us this coming Monday at Menara Maxisegar at 9.30am to have a face to face meet with the Talam Reps. I believe that this will be solved somehow. I am wondering why Talam Director Tan Ah Chye not doing anything at all. What is his plan? Why are we suffering financially due to this ?? So, if you want more answers, please be there. Mudi Angkasa Project Mananger Mr.William ( 012 3105252) will have a lot to explain to us . He has given us the sweet talk all the time but no action! Yet he has challenged us to bring in the Exco Selangor and see whether he can do anything or not. Is this Talam's way of showing appreciation to the house buyer? Even the subcontractor is willing to help complete the project but Talam has not even settled the insurance yet. This is not subcon's problem but Talam. We are not sure if the subcon has even received the payment from Talam.

So to all affected, do come and support. If only a few turn out, Talam will not entertain us. We're planning to have another press conference soon to expose Talam's lies to the public. Once 8TV came and reported it over the Mandarin News and suddenly Mudi Angkasa scolded us that said that we are like hooliganns organising the Press meet at the site. We are not afraid anymore. Please anyone there, show your support by turning up for the meeting. I am sure not only Nusa Mewah is affected but other projects by Mudi Angkasa is also facing the same problem.