Friday, November 11, 2011
Why there are just too many disgruntled housebuyers in Malaysia?
Almost every day, a prime TV channel reports dissatisfied house buyers: abandoned projects, shoddy workmanship, late delivery etc. Yet, there's no progress in resolving the situation. All ministries in this country have been under spits of fire, except that one seems to enjoy high immunity from any kind of scrutiny. Why? Malaysia is one weird country where buyers have to pay for a property without it being even structured. The laws allow the buyers to finance the project & are vulnerable to liability without strong legal nor financial security. In my case, the company failed to deliver an apt I purchased & is now filing for Chapter 11, yet the same group of co's is securing a high profile governmt highway & property project under a different name. & this co is granted by court not to pay LAD charges (as in S&P) to buyers due to financial insolvency. So S&P is worthless but akins to what you wipe your in the toilet. Developers, politicians & banks are protected not buyers interest.
No comments:
Post a Comment