@Banana
Hi,
Per my understanding recently Public Bank suddenly refrain from any new loans on this project,.. u could check by going to BM sales office, NO MORE PB pamplets only RHB bank…

@val

public bank already hit their quota in this project. i believe this may be the reason PBB didnt take any new loan. this is because initially there only 1 bank is available when tower A was launched.

@Ayesha
In China they could build a high rise within 1 year..why it takes 4-5 years..

as an investor I am really worry when sudden change of lawyer firm..any information on the new lawyer why ?. I do not know the credibility, since to too many abandon building in BM….

@Gerald
As I know there is no such thing as quota on a project, if a bank know the project is credible and no risk, a Bank will not stop loan unless, all the loan quota is fullfill… I do not think so… If a buyer is qualified and the project is credible, no reason why bank would refrain. Normaly a bank will support the whole project untill all units are sold….

I think PB’s so called quota justifies their risk assessment of the project. Just my personal opinion.

@Ayesha
How did you manage to get TLH to provide FULL refund? They just return me 88.6%. Requesting me to collect the Check from them. However, i didn’t collect from them yet.
Latest S&P should be 3 + 1 although i can only check when i see the black and white.

@ Jan
What’s the search name to get the BM City developer?
I can’t find the developer information in the website you provided.

Got information from PB, saying that they may not want to support the project due to the same information from the lay firm stating the developer failed to provide them the neccssary document….it seems the risk is becomming riskier… any feedback from other buyer ??

any response from other buyers here? or anyone back off the purchase, any chances to get back full refund ?

Hi val,
I jst contacted my pb branch today, they do not receive any instruction on not supporting bm city le… But i do ask for a letter/doc of conformation from pb headquater. Unfortunately, they still havent get back to me yet
How abt others bank? Anyone know?

@val
I realised u r full of doubts and anxiety since the beginning u bought BM city till now, I wonder what was the reasons at first made u to buy BM City?

@ Val,

Banks will definatedly imposed certain % of quota(s) e.g 15% or 20% from total units. The %tage is depending on what tier the bank rated the developer e.g tier 1,2,3 and etc. You may double confirm with any of the banks.

“In China they could build a high rise within 1 year..why it takes 4-5 years..”

Just one question : Will you be able to tolerate 24/7 for 365 days of constant noise pollution?

val :@Ayesha In China they could build a high rise within 1 year..why it takes 4-5 years..
as an investor I am really worry when sudden change of lawyer firm..any information on the new lawyer why ?. I do not know the credibility, since to too many abandon building in BM….

@ Val,

In China, you may get cement floor without floor tiles, In China, you may get empty bathroom without sanitary wares and etc, In China you may need to built partition wall because they would give you just anempty house, In China OK In China…

val :
Got information from PB, saying that they may not want to support the project due to the same information from the lay firm stating the developer failed to provide them the neccssary document….it seems the risk is becomming riskier… any feedback from other buyer ??

I just checked with my PBB banker, she said PBB stop for loan apply to new buyer because alrd reached the quota, not because of the failed to get necessary document from developer…

@Ayesha

PBB already reached their quota a few months ago when i start applying loan.

i believe the financial for this company is still strong..if not it wont attract more n more banks join in as panel compare to last time..

just my 2 cents..

Gerald :
@Ayesha
PBB already reached their quota a few months ago when i start applying loan.
i believe the financial for this company is still strong..if not it wont attract more n more banks join in as panel compare to last time..
just my 2 cents..

Yalah, I agree too!

As per developer told me they admit tat the progressing really abit slow, one of the reason is bcoz of the issue suddenly TLH discharged to handle S&P, they need more focus on settle this issue..

According to developer said, we felt other projects running faster bcoz some other projects r not at the main road, we even dunno their progress while they do pilling.. But once the building start then we will feel that the progress is very fast. Unfortunately BM city is at the main road, it is very obvious even the progressing is slow or faster…

Base on he said, the pilling state are ending soon…they will officially launch “动土＂ceremony on 2nd Dec, 2012, All the buyers will be invited to the ceremony.

@Ayesha
i thought pilling consider “动土＂ ady? haha..
so Dec will be move to another stage of construction..

looking forward for that:)

FYI… moving to another stage means withdrawing 4th schedule money from Purchaser.

@ Ayesha
As per developer told me they admit tat the progressing really abit slow, one of the reason is bcoz of the issue suddenly TLH discharged to handle S&P, they need more focus on settle this issue..

A don’t agree with above statement because building progress and documentation office work is handle by 2 separate team. Unless, the developer really needs the money from the purchaser after S&P and Loan Agreement done.

FYI. I saw some pilling work yesterday morning.

1 more additional Notes Before Purchasing BM City. ( Which i’m not aware when i’m purchasing this unit )
Do understand that the re-selling of the units require state government permission.
Seller require to pay additional 0.1% of housing value to state government requesting for permission.
Buyer require to pay additional 0.1% of housing value to Bank Loan. ( Do not need to pay if purchase with CASH without Loan )

@Ayesha

the ground breaking ceremony is on 23rd dec…

http://www.bmcity.com.my/912/ground-breaking-ceremony-%E9%9A%86%E9%87%8D%E5%8A%A8%E5%9C%9F%E4%BB%AA%E5%BC%8F-23rd-december-2012/

@Banana
is this applicable to this project only? What is the theory behind? Why they implemented this rules??

@hunnyshinez
It’s applicable for few land which is consider “Tanah Sekatan”.
Example : Perda Land, UDA, Science Park…etc…

ooo ok ok..first time heard about this.. 😉 thanks for ur information..

i got my refund from TLH. they deducted rm650. The BM city said the new lawyer will call me but until now nobody call

anyone here receive a letter or call from new lawyer?

i just went to the site today. There are some pilling work going on.

Dear All,

I’ve cancelled my booking and seeking a refund from BM City. I’m still waiting for the full refund from them as the S & P is very lopsided. I’ve seek CAP advise and it seems the developer must give me a full refund as I’ve not sign the S & P yet. I’ve lost faith in the project after going through the S & P and also the way the developer handle the S & P where they asked me to go to the first lawyer to sign but it was not ready yet.

Zachary

@Ayesha
Dear Ayesha,

I think you got the wrong meaning. I believe TLH is a very responsible and ethical lawyer. They are not unprofessional as you thought because they do not want the purchaser to simple sign without knowing what you are signing for. The 3+1 or 5 years completion is crazy. The standard S & P should be 3 years. More than 3 is consider risky.

Zachary

had just called BM city mall just now, He ask to go their office and bring together the receipt has been paid to TLH. Developer will appoint new lawyer for complete our S&P. The Reason from TLH is “unable to carry out our professional duty independently” meaning that they are really unprofessional !
Dear Ayesha,

I think you got the wrong meaning. I believe TLH is a very responsible and ethical lawyer. They are not unprofessional as you thought because they do not want the purchaser to simple sign without knowing what you are signing for. The 3+1 or 5 years completion is crazy. The standard S & P should be 3 years. More than 3 is consider risky.

Zachary

Never buy property on mainland Penang……. always choose Penang Island…. that is the best….

@thaddeus
You are right. From legal perspectives, developer has no rights to forfeit any of your money because there is no legal contract until S&P is actually signed. This is part of housing act. The booking receipt has no legal implication. Someone cannot simply take your money and say that is a penalty or administrative fees. That’s illegal if you officially lodge a complaint via housing ministry, BNM or as simple as Tribunal court. I’m sure the developer would want to settle with you.

That’s why you see all established developer will refund your money in full when you cancel your booking.

@thaddeus
Yes I agree, 3+1 or 3+2 puts me off.

@choong wl

Thanks for the comment. It helps.

@thaddeus

You are so geng!!

But do u knw that this project is under commercial title??

@choong wl

do u confirm all developer will refund full booking fees??

please do act like u so pro!!

Pls go check with all developer before u say that!!

@FISH
You don’t have to believed me. But you can always check with the lawyer (not the developer lawyer).

Most importantly, there is no binding contract is in existence. At the time of the booking document signed, the terms of contract would not agreed upon and the agreement was subject to the signing of the sales and purchase agreement. You have not agreed to the terms of the s&p and no contract has been formed.

It is also not difficult to open a case at Tribunal court. This kind of cases usually will be in favour of the buyer because you are not fully satified with the terms in the S&P.

In most cases, this is far less complicated as you think. Because developer would just settle this outside of court without going through the hassle.

@FISH
By the way, how do you know i’m not a professional in this area?

@thaddeus
Which Tower you book ?

@quak
It is ridiculous..to complete in 5yrs, but with DIBS, the developer has to bear the interest until PV.

Correct me if I am wrong coz I am not a seasoned investor (sic), the DIBS is in effect when things go smoothly (bank releases money on schedule etc.) Fine. But in case the bank doesn’t release the money, the interest is to be born by purchaser. This is what I heard from the salesperson if i remember correctly.

choong wl

i think u r a gunner~~

dunno is lawyer gunner or????

haha~

DIBS mean developer will pay the bank interest start from the 1st day bank release loan… normally if developer got offer this kind of package then they will continue until VP.

That y current developer less provide this package cos if late they need to pay very high interest.

@choong wl

if like that i think no any businessmen want to do ur business!!

better u go build ur house by ur own better!!

~~

@choong wl

Hi What is the procedures to get full refund from the developer how to go around it in case they not goin to refund ? Find a lawyer good lawyer to sue them ? What is the chance to get refund ? ANy case mentioned ?

@val
You don’t really need a good lawyer. Here are a few steps that you may want to consider.

1. Try to negotiate with the developer. If you are cancelling because not able to get loan approval, it is reasonable to ask for full refund (except credit card fees if any).

2. If is not due to loan approval, then it is reasonable for the developer to charge some administrative fees. I personally think around RM500 still reasonable. But this really depends on individual.

3. If after many negotiation and you are still not satisfied, then you may try to file claim through tribunal. You can find more details here:

http://www.consumer.org.my/index.php/complaints/rights/252-the-tribunal-for-homebuyer-claims

The fees is minimum, so there is no harm trying if needed. I can’t tell you the chance, but if you are not satisfied with what is stated in S&P and that the term was not mentioned during booking, then there is quite a good chance to get full refund.

By the way, this is just a sharing based on my personal knowledge and opinion. Nothing is guaranteed :). It is always good to negotiate with the developer first.

@kpc
In DIBS, usually there is a max number of years that the developer will bear the interest. You may want to check the fine prints or somewhere in the agreement. No developer want to bear “unlimited” years of liability. This doesn’t make good business sense.

@quak
You are right. DIBS is about bank interest. But if the bank doesn’t release the money, the developer will charge your interest, then that is not convered by DIBS.

But then you can check with the developer what is the grace period. Some developers may allow some delay without any interested. But it is the purchaser responsbility to make sure the money is released by bank in a timely manner. That’s why you should have your bank loan approved before signing S&P, and it is always good to follow up with the bank on the progressive payment.

Rather unwise to pay so much for a mainland property…. furthermore from a developer not many have heard of….. think twice or even thrice….. caution is the word when investing…. especially in mainland properties…. Good luck to all and may you be well and happy

@PG Guy

ISLAND BIRD, BACK TO UR ISLAND PLS….
NO NEED OUT FROM ISLAND…

U LIFE ONLY CAN AT ISLAND…
JAMBATAN PULAU PINANG U ALSO PLS NO USE K!!!

choong wl :@thaddeus You are right. From legal perspectives, developer has no rights to forfeit any of your money because there is no legal contract until S&P is actually signed. This is part of housing act. The booking receipt has no legal implication. Someone cannot simply take your money and say that is a penalty or administrative fees. That’s illegal if you officially lodge a complaint via housing ministry, BNM or as simple as Tribunal court. I’m sure the developer would want to settle with you.
That’s why you see all established developer will refund your money in full when you cancel your booking.

Hi WL, hv you cancelled your booking? does thing go smoothly? I plan to withdraw mine… thanks.

Anyone here got full refund due to S and P lawyer change not due to loan approval ? pls feedback…..

hi carl u want to cancel ur booking?? which block u buy??i interested on it…give me a call on016-3374008

@cawent

Anyone interested in a shoplot. selling at same price.
pls write to valiantchong@hotmail.com

@PG Guy
I have invested properties in mainland, and all re-sell to Pg ppl. It seem Pg properties are not affordable anymore, and over value. With 2 Bridge connect, mind set will shift..

@quak
Hi Quak,
If bank not release money to developer, regardless DIBS or not, we will be charged the late fee interest. I believe DIBS still enforce until VP, as long as Developer not bankrupt..

@ Investor…
As i have stated in earlier forum…
DIBS have 3 clause for this developer… i can’t remember all 3 clause…
But i do remember there is 1 clause which is… If bank late release money to the developer they will stop the DIBS.

I just want to be positive now.. Hope for the best…

@Banana
Thanks for alert clause. Will scrutinize that when call for SnP sign

Just an update for BM City buyers: I manage to get discount upto 40% for lawyer professional fees from Khairil & Co. They say if you buy more expensive units, the discount can be further discussed. I bought the smallest unit.

hello, im really interested to buy Bm ity because of the location, but after reading so many negative comments im really in doubt now.im really confuse when i read about PBb refrain from giving loan.any other bank giving loan for this project?

@strawberry

rhb, affin, bsn, am bank, maybank and mbsb

40% are u sure? in the end how much u paid?

Gerald, thank you. so no need to worry then.
Hai, i heard they are having some sale launch on 23 December, perhaps the banks will be there also.
Anyone here has been invited? i heard they invite confirm Purchasers only.

@strawberry

Welcome. It should be anyone also can join the event. As I read from the advertisement, it will be some special promotion package for new buyer.
All existing buyers for the project should be invited.

@Investor
Total paid is RM3400.00.

@Palm Villa
smallest unit which it should be ~ 200k price house…. That price is about right …
I fight for RM6000 for Type A unit… I’m satisfied..

RM6, 000 is good

isn’t Legal Fee is free ? bare by Developer

@investor

SnP is free but legal fee depends on bank. Most of the package need to bare by buyer.
As i know one of the package offer by BSN is free of legal fees.

went to their ground breaking ceremony just now. alot people eating buffet. but buying condo very few during 11am-1pm. i went there makan buffet.hahahaha. the food was nice. especially the laksa. …..this project seem popular, because i saw alot unit tag sold. anyone hav update after 1pm?

@Gerald
Yes, BSN free loan agreement fee. If take BSN, basically you pay nothing more after 10% down until VP obtain

@investor

ya..i taking BSN. i noticed that my unit price increase around 30K when i visit BM City for the ceremony yesterday. Did any existing buyer here got saw that too?

@Gerald
Usually after launching ceremony, price will increase. This is normal. However, behind the scene, they might offer rebates and free gifts to new buyers.

@Palm Villa
I toally agree with you.
Don’t be too happy Gerald… All this is speculation of Housing prices.. When i wanted to buy block C, they told me, it’s not going to be worth because the price is much more higher…. Strongly Recommend me to take up block B… ( I regreted ) … After 2 months, they open up Block C.. They provide higher rebat…

Anyone wants to sell their shoplots,kindly write to me at shiyaunde@yahoo.com

Heard the developer ‘amended” the agreement secretly without informing the banks…..and now some banks refused to finance this project, heard frm one of the potential buyer who liase with the bank, n being told by the bank. Pls clarify…..

this developer do not seem to be sincere in their dealings … even the first lawyer cannot come to terms with them… there is always a choice !

So mana people redraw after booking, Seem like problems project…4 to 5 year complete small project is first time I hearing….ha ha.

Good luck to all buyer….

@WS
Have one unit of shop lot pls contact valiantchong@hotmail.com. I had sent you the email.

This developer smacks of bad faith. There is no developer in the world that would take 5 years to complete a project of s similar nature. The very fact that 5 years is needed fot it to complete the preject speaks clearly of 2 things:
1. The developer is short of money to complete the project fast nad that is why it needs a longer period to generate funds; and
2. It is not efficient to complete a project within the usual completion period for projects of the same nature ie.36 mths.

Based on the red flags above would you bet your lifetime savings on this developer?

Based on some feedback, this developer had a problem of end financing because its paid up capital was only RM2. That was the reason why banks refused to end finance this project. With only RM2 as paid up capital, do you think this developer is qualified to shoulder a project of this nature??? The facts speak for itself guys. The message is clear. Stay away.

All their monies are spent buying Ferraris, Mercs etc…hehehe

@Donald Teo
This is a rich company. Their family driving big car 10 year ago.
But they doing business very chinese style, mean `meow & kiam’.
But very sure this is not a RM2 company.

@100

I was personally told by a banker that it is a RM2 company. Anyway since its directors are stingy buggers do any of you guys think its worthwhile buying their units which might be substandard…in hokkien “kiam liau” . I seriously think that there is real potential that this project will be one great flop in terms of quality . Well the indications and signs are there for all to see. To buy or not to buy you make the choice

aiyo… the contact is 3+2 yrs, doesn’t mean tat must finish by 5 years la… dun simply sabotage la!

so anxious to criticize the developer, sound very fishy

everyone has right to purchase what they believe, I personally feel that Donald’s comment were negative, does not help and not construtive.

Donald’s statement made me think that his profession is a politician, like to speculate, not helping at all.

I concur with Donald. He is actually trying to help but now perceived otherwise. The choice is yours. If you choose to ignore the tell tale signs, it means additional risks to your investment, that’s all. If you can buy from developers who are confident and commit to 3 years, why in the world would you want to get one for 3+2 years! Good luck, you will need a lot of it !

Donald Teo,
I m one of the banker of this project, there is no way to approve ‘End-Finance’ if this is only RM 2 company. All panel banks have to access developer’s including directors profile, credibility,risk and capital due to the end finance banks will bear the highest risk for the project. Currently they are having 7 panel banks (Am,Affin,BSN,MBB,RHB,PBB,MBSB). Whether, the company detail, u can just spend RM15 to buy their company profile at SSM office or search online www.ssm-einfo.my . I believe banks in Malaysia is having professional risk management team and not dump as u think..That banker who told you the company pay up capital with RM 2 should get fired due to he disclose developer’s details without evidence. Wish you good luck in future and don’t be a dumb!!!

I just passed by here and I am one of the buyer ! Totally agreed with the banker. They have 7 banks as their end financiers and Donald Teo, please don’t simply listen to some of the irresponsible banker. I got my bad experience with some bankers previously. They helped me to apply credit card but not housing loan after I have submitted all my documents to her. Next, is it possible for a bank to support the developer without further risk assessment towards the company?Don’t always listen to others without further findings and evidences, please evaluate and think it yourself! No one force us to buy ! We buy at our own risk ! If let say u don’t have confident, then just walk away for the other properties! In addition, i have visited tlh few times before. Everytime I went for it, I saw different new staff there. The turnover rate is seems so high! It’s only my 2 cents!

Checked in www.ssm-einfo.my. It is not RM2 company. Donald Teo you better verify before speculate.

kpc :DIBS mean developer will pay the bank interest start from the 1st day bank release loan… normally if developer got offer this kind of package then they will continue until VP.
That y current developer less provide this package cos if late they need to pay very high interest.

Dear friend,

For your info, some developer do not pay until VP althought they said DIBS…. please be carefull to read all documents before put your pen down…. as some may worded ” DIBS till 4% of purchase price” or X%

@main

The completion stated 3+2 years. As per lawyer’s explain, the +2 yrs means developer will free from late penalties or compensation to buyer if the delay of completion is due to (some natural disaster and other reason which is out of control by developer) base on the clause stated in S&P.Otherwise, they straight away put in 5 years why 3+2?Just for reference eg. in tenancy agreement, the terms of rental stated 3+2 years, does it mean he must rent the property for 5 years??+2 means optional to both party in tenancy agreement. @Donald Teo

DIBS= Developer Interest Bearing Scheme. In undertaking letter issue by developer to banks and purchasers, the interest will pay by developer until completion (VP=Vacant Possession. By DIBS commitment, I predict the developer will complete the project within 3 years to decrease the costing (interest) pay to the bank.

There is no benefit for developer to delay the completion date of the project till 5 years base on the facts as below.
1) DIBS-developer’s costing will increase phenomenally if the construction delay. The units entitle for DIBS is more than 500 units. Just imagine much they going to pay for the interest.
2) Costing for building material will increase yearly. Due to big volume of material require by this project, minor increase makes million dollar different to developer.
3) Prestige- The 1st commercial project and biggest project for the company.To complete within the timeline and providing the best quality is a must, this create a good image on track record for future project.

Any one interested to get housing loan from me pleas PM me. lcth999@gmail.com

i just book the block B front door facing south is a good fung shui…
after the master told me… luckly not book facing north and the back facing swimming pool because the train way at behind & every day can hear the train sound noise….

Hi, have u all receive the latest news about developer…? Heard that Zheng De Mai was withdraw from this BM CITY project dy… Is it true ? Anyone heard this news…?

Dear Mr. Banker, if the developer has no reason to delay the project why stipulate 5 years in the first place? It must have the confidence to stipulate 3 years in its SPA. 5 years is a ridiculous completion period. Even the HDA does not allow for completion of high rise buildings beyond 3 years. To contract out of the HDA just goes to show how inefficient and lousy this developer is. By the way has this developer any track record completing projects of this size??? I bet the answer is a big NO. Prediction that the developer will be able to complete the project is one thing but whether the developer is capable of actually completing it is quite another.

Zheng De Mai’s withdrawal is true. Confirmed. Such a huge financial backer pulling out of the project. I wonder why?

simple reason for their withdrawal ….. trust the tell-tale signs. BM City relied on the background of Zheng De Mai as their biggest marketing tool and if this is also gone, what is their fall back plan? best is to ask your own instinct ….. pros and cons are all over.

@ Developer
Identify yourself…… This sound interesting….

Someone said CONFIRMED should proof it instead of identify myself.

Dear Roger, i think you have not go through the SPA of this project? is 3+2 and i m not going to state the whole clause in SPA at here. And please understand that this is a commercial development project and not fall under HDA.
In fact, the biggest financial backer is developer’s sales rate for the project. The sales rate is really good and this will lead them to success the project.
I bet your answer is “not dare” to identify yourself to developer office and speak loudly that ZDM is confirmed withdraw, If you do so, i predict they will sue you to court.
@Roger

I think is very clear that many parties feel envy to see BMCITY success in future and attack the developer in this forum. This is useless as all owner will only believe in facts and prove. As the main banker for BM city i m ready to answer your unclear fact and i believe developer’s staff is happy to attend your query.Easy, just make appointment or walk in to developer office.

As the project’s banker. I had join their marketing activity since they started lunch the project , i don’t really realize that ZDM is their marketing tools as they are selling the project with the concept and their own marketing strategies such as roadshow,event, flyer distribution. The marketing never involve anythings to ZDM, all sales was done by their own marketing team. Since the sales rate is very encouraging, why should the developer fin a fall back plan?@withdrawer

If there is a joint venture development, the agreement is non-revoke agreement between developer and land owner. No matter withdraw or not withdraw the project is not affected. @Roger

First launching early 2012 , then suddenly another launch in December 2012, now only completes its first pile cap on 05-12-2012 after ONE YEAR. this developer is really efficient!

@Leow
i fully agree with Leow. They think people are stupid,blind and forgetful, they’re seriously wrong. ZDM was mentioned and referenced everywhere during the said launching!!

@Score
speaking of the pile cap. I noticed the progress photo on BM City website ….. if only Safety Deaprtment sees the level of safety ( or non-safety ), they will surely get saman and stop work! No safety helmet one ! aiyoh very efficient indeed!

there are developer, banker later lawyer will appear

I heard this project got problems long ago…..related to S&P contract issues. Don’t know how it goes now?

Dear tony starks if you read about 10 threads above by donald teo you will realise that it is risky to invest in this project due to the 5 years that the developer needs to complete the project. I am in full agreement with donald that this project is way too risky to put my money. There are plenty of opportunities and im npt taking my risk with this one. The lenght of complaints in this thread is sufficient to discourage me. Have a look at other project

Have a look at other projects in this thread. I am pretty sure no other project attracts so much criticism such as this one.

Sorry I mean the other projects in this website.

OMG….really terrible. I’ve safe 2 people from buying this property….luckily!

But it seems like donald teo is not giving the true fact, it was making anxiety to buyer

This thread is now most popular in this website.

Dear all, I think we should stop criticize or leave bad comments on the thread…our IP address will be easily tracked and it could be occurs unnecessary trouble for us..my kind reminder

All my previous comments is only base on my personal point of view only. It doesn’t stand for any party and not find guilty legally.

I ask my friend who purchase here, the completion is 3+2 not 5 years.Got special term & con for the +2 years.I supercede my previous comment.

If there is anyone interested in buying my Type B, 1087sq ft unit in Block C
(facing swimming pool, low floor & 2 car parks),
pls e-mail me at elrich@1myemail.com

ZDM is merely land owner. Nobody would know for sure what is the agreement between ZDM and the developer, but one can be told, ZDM is NOT FINANCING ANYTHING, thus there is no impact on the project.

One with very little knowledge will know that.

The project is financed by the developer and banks only.

For the record, the company can be even a RM0.1 company, it does not matter, if its financed fully by banks.

There is little risk involved in this project.

recently I received the letter of indemnity from lawyer … you guys got it?

I received a legal letter CC copy that my loan already release by BSN

the indemnity letter is really unfair to purchaser…

Today was Friday ( 16th Feb ), there is no progress / building activity at the site. So Sad.

really? yesterday i pass by got saw ppl working… but not much ppl only..
btw, did anyone alrd got the return copy of loan agreement from lawyer?

@No safety
agree with you..personally think they should also equip with safety belt to prevent them from falling into pile cap hole..

@Ayesha

Loan agreenment still hold by lawyer…

Today was Thursday ( 21th Feb ), can see the 1st row of beam almost complete. The construction should be on track.

haha, don’t simply comment.Where should they hang their belt??u tot they hiking hor?? @pariah king

@Banana

good to hear tat… Banana, pls update frequently here

My loan already released by Public Bank what should i do next???

Today is Saturday (23rd Feb) they are working… the progress looks good… I wonder if we can update photo here in this page… Then i can provide weekly update on the site progress…
By the way,,, Someone is IMPOSTERING me as Banana, ( I, Banana didn’t update on 21st February )

@Banana

ic, someone is pretending others to give comments here lol….

you can go to their website see the site progress update photos here => http://www.bmcity.com.my/category/site-progressing/

@Ayesha
The site progress photo is only updated once a month…. Further more… it only capture those area which showing progress… It doesn’t shows other block which doesn’t have progress..

I just went to BM City yesterday. MBI Reality bought 100 units at BM City and yesterday was the contract signing ceremony.
Block A and C ard sold out and Block B remain some limited units.

Oh really? MBI Reality bought 100 units? Everything is great.. just worried about the Building Progress which doesn’t seems alot of activity going on…

Any proof the MBI realty bought 100 units apart from hearsay?

Earthworks and Piling Works done for BM City Mall. Next payment of 20% is now been excecuted. Letter to buyers have been sent out.

@Palm Villa

yes, i got the letter too, actually how fast bank action to release money?

@Ayesha
It should be fast but do follow up with bank to ensure timely release of the payment to avoid penalty.

Sometimes i ask myself… If pilling work consider complete.. .why i still see the piling work inprogress.. I saw the pilling machine and material is still there..

Im also a onwer of a unit in block A. Really hope that this project can complete ASAP…
@Banana…i heard ta samething MBI Reality bought 100 units. I think this is real as there is big ceremony for contract signning.

@Bunny

I dont know if that is a good news… I think it is reflect the bad side of the coin, I believe with a bulk buyer of 100 units, I do believe they get the best deal… may be 20% off the actual price. Since everyone here getting 5% off discount at least…
Meaning after completion, they may sell and get additional 20% compare to everyone else.. and make the value droped since they can sell cheaper due to the huge discount…
So I believe every bright side has its dark hidden side… not to be too happy… just like politics… it only shows the bright side of the propaganda, and the dark side is deeply hidded… this is a dirty trick….

@val
agreed, if they can’t sold out, this 100 units should be empty & without tenant for certain period. Not a good new for too many investor come in a project.

@val
Please think positively, got people buy u also feel bad, no people buy u will also feel worst…
Meanwhile if the project got no people buy there is also dark side and bright???i think u just want to create fear to every one. Are you competitor of BMCITY???seems like every things turned bad on your comments no matter what happen on this project…

checked with developer, the 100 units is sell to their staffs and friend, not a company to own 100 units.

We should worry if there is no investor to buy that project, Means not worth for investor to come in. In-fact, those big developer at Penang are depending foreigner’s bulk purchase because they have strong holding power.That’s why the property price at island still appreciate phenomenally as as today.@val

@val So, your opinion is negative if a project got bulk purchase?so it is showing dark side side of the propaganda, and the bright side is deeply hidded… this is also dirty trick if the project got no buyer??lol

Dear all,
Someone is using my ID again for comment, I think here is not save and all the comments are fake…Really confusing and unsecured!!!damm!!!This is just a tools for them to promote and attack each other.

More people less share…

@Scout
Hi
I am using risk management rational, do not believe what you read like in the politics.. they only showed you the positive news but the hidden agenda is what you need to catch. Like Enron, Lehman Brothers, Barring bank and our most famous Transmile group which coz our EPF and Pos Malaysia lost a lot of money .. to remind you all…. I hope this is a positive news too..but why there is not mentioning the % of discount they given to the bulk buyer…
I am just speaking my mind.. giving my 2 cents to everyone.. my opinion but may not be true…

@Banana
Wellcome to the world of internet age… get use to this.. this is an open dialog, where everyone can share what ones think…but who is telling the truth is you need to rationalize yourself…

Do not believe everthing you read, this goes to the same as the all the religion book you read.. coz the book is written by someone else that to propagate what he believed and what he wish everyone to believe…. I am a free thinker.. access what you think.. I am just reminding not every good news is as transparent or as naive as it sound.. Cos the hidden agenda is never known to everyone but only to the very few who has plan behind…

Hi Faking, my nick name and trying to say this website is not save. See your own time stamp. The way you talk… is so different from from the real me. (Real Banana)
Anyway… I will stop using this nick from now on…
Hope you don’t get caught in real work impostering others. You can be caught with IP address tracking if you did a serious offend.

Banana (Fake)
March 21st, 2013 at 14:27 | #148 Reply | Quote
@val So, your opinion is negative if a project got bulk purchase?so it is showing dark side side of the propaganda, and the bright side is deeply hidded… this is also dirty trick if the project got no buyer??lol

Banana (Fake)
March 21st, 2013 at 14:34 | #149 Reply | Quote
Dear all,
Someone is using my ID again for comment, I think here is not save and all the comments are fake…Really confusing and unsecured!!!damm!!!This is just a tools for them to promote and attack each other.

we should move to a different forum (with username login) to prevent such confusion of ID theft!

so funny on this post..real banana and fake banana…lol. duno when will appear real papaya and fake durian… half real rabbit or half fake rat???

we are here for info sharing…why so politic one.

To my guess, is that, the housing price is behind China about more than 10-15 years (an average per meter sq in Shenzhen is >RMB 30,000 = RM 15,000 .. so another 10 years from now, the price of the apartment will be close to 800 K to 1 Million in Seberang Prai alone. With the ratio of Malaysian per capita to an average lodging price it will be so high that an average Malaysian will need to take up second job to afford.
However there will be next new generation of kids who inherited the home from this generation. Hence the so call next pampered generation XX will not need to do a shit to own a home and economy will be a disaster… Everything will be so damned expensive if we do not progress…..Presently I can see, the rich is getting filthy rich and the poor is getting poorer… I am afraid vision 2020 will be vision 2050. The market is getting worse, I predict there wll be a bubble after the stock market is pushed by the inflationary momentum to get pass 2200 in KLSE and housing price will be going up another 50% or more. Anyway who is worry with Cryprus, every country is spending in the expense of the future generation….This is why the idea of loan transfer to the next generation idea came about, a path to economic hell…..

@Scout
Check MBI ceremony of MOU

http://www.facebook.com/photo.php?v=438158232939579&set=vb.426707394084663&type=2&theater

anyone know how is the site progressing right now? can’t see any photo update on the website since march..

very slow

even the groud floor haven complete

since launched until now alrd 2 years =_=”

no buyers here go and ask the developer office?

just to clarify, since launched until now is 1 yrs++, sorry for wrong information..

just saw her roadshow at sunway carnival. Looks like >90% of unit are sold.
Not sure it’s a trick.
The developer needs money to construct level one.

BM city mall sold out a lot de

I check with developer last week if the construction is slow. They told me that level one had completed. The lower level is most difficult part and usually need longer time. They say in fact this project progress is faster that projected. Do you all think this is right? Bottom level need more time? Im not architect and no knowledge about this.

Besides, anyone know when is the target completion date? 2015?

@ Cola

If you are the developer and >90% of the units are sold, will you need to do roadshow at KL? Hahaha… this is only my personel thinking as a buyer…

@Bunny
sunway carnival ！= sunway pyramid, though both of them are shopping complex.

just pray the developer can complete the project.

My thinking is regardless basement / ground floor difficult is construct..but at least you should see many heavy cranes, hydraulic piling, heavy vehicles situated to carry out earthwork operation..Do you guys see any ?

This is first high rise project by the Developer, they are no experience before, must give them some time to relieve themselves.

Bought a unit there .. last May ..waiting for loan approval. Seems like no work progress for this past 1 month, I pass by there almost daily.

@100
base on your comment, i think i dare not to stay at the condo being built by inexperience developer, do not know the structure is safe or not….

@Risau
if i was u, i will not buy and cancel loan application immediately. Developer shortage of fund therefore work progress is extreme slow.

@Mok

The developer may be new but I guess the rest of the team e.g architect, engineer, consultant, contractor or even sub contractor are not 1st time come out work kua! Cant agree much with your statement. Furthermore, early stages like piling & foundation will take longer time.

i just a banker , i do so many cases at bm city , 1 week will go there 2-3 times , as risau said bought a unit and also told us 1 month no work progress at site. is no fair with bm city , i 100% can said , site do very well and alot people working . impotant at here , we must share the real information for us. thanks.

How is the progress? Any up dates…..I heard that the project developer having financial problems. Is it true?

as a banker opinion , this bm city sold out so many unit and release so much of money, this project wont not facing financial problem, the progress is complect all eartworks and piling works , right now is doing ground beam works ,i saw is almost complection soon. we all banks befour release the money to developer , we must checking and comfirm all works is fully complection and attach with certificate architect

@banker,

you sounds like developer than Banker. They should has financial problem since the progress take so long if not they slow the progress is not favorable to them, they have to bear the loan interest.

Developed why not update the site progressing photos??? Because of slow progress?

@ banker,

I sincerely think BM city must have referred all their cases to you because it is very rare to find a “banker” like you, who would come all out to defend a particular developer. I really admire your knowledge in construction and i think you should apply for one of their marketing post in BM city since i noticed their team comprises or many fresh and green college leavers. Worth a try with!

Foreign investment clubs had bought a bulk of units from BM City developer ( at a cheaper price, of course) and formed a realty company to sold these units…thus for the road show at place outside penang….so, for the units saying already sold…maybe you guys should ask them whether they are sold to genuine owner or those clubs…

@banker

pls help us to make noise to developer, there is really long time no updated site progressing photo in their officiate website…

Ayesha, @banker is developer and won’t help u… don’t silly

Any update for now?

For worried investors, take Affin Islamic Loan. If the project sangkut, you don’t need to worry about the loan.

How’s the site progress status? Ground floor completed?

hi all,

BM city mall site progress even the first floor not complete yet between 5month already.

1 floor x 5 month = 21th floor x 5month = 105month = 8.75years to complete the building.

@mr.lim
Be patient.. faundation usually take a year to complete.

please la thats no underground or basement construction, it should not be that long…

@Gap
it already took 1 year plus to do foundation work, exceed the time limit of 6 mths as standard. I work in Bandar Perda, i can tell that the foundation work sometimes in progress sometimes not, for eg, on 10 July 2013, nobody work on the site, how can it meet the schedule to complete the project????

This project is extremely & abnormally slow in my view. The construction has started more than 1 year ago & not even ground floor done. It is almost certainly destined for late completion if it continues like this, as it has 3 blocks and more than 20 floors each… Look at Aeon Alma, though only 4-storey and no need deep foundation, but it just started 2 mths ago and it has reach 1st floor.

Also can refer to Kelisa Residence in Seb Jaya, piling started in Mac 2012, even a bit later than BM City Mall, now the whole 11-storey block is completed pending external plastering and painting.

Something wrong of this Developer, internal staff please tell us what’s going on?

Thats the risk of newly founded developer. Anytime run away who knows.

Selling the shop units by developer is also a bad move, may be they are not able to secure quality tenants besides the irrelevant sports car outlet. Or may be they just sell the shops for quick profit without taking care of the quality of the mall in the future? I’m not sure about their retail podium but it may turn out like BM plaza or Megamal Pinang.

Slow progress = selling not good !

@Gap
what i see that’s true if the develop slow progress only the reason financed problem.

if until OCT we dont see any improved pls refund the money to us.

last time when newly launched, there was a red Ferrari parked outside the showroom every night

after some months later, the Ferrari no more there until today

god bless to the buyer

another thing i coudln’t understand, who would bought the shoplot at BM City while 20-30% of shop in Aeon Jaya Jusco are left vacant.

another thing, from the cracks of the shopping centre and the abandoned pasar beside there… i really can’t get a clue to why people still wanna buy the high-rise condo there.

Zheng De Mai Group can change to Jia De Mai Group!