Malacca Developer Fails To Complete Projects After 8 Yrs, S’porean Buyers Affected
#1

https://mustsharenews.com/malacca-real-e...up-hatten/
Reply
#2

Ice cream soda liao


Smile
Reply
#3

I have posted before in Msia it is very common to see unfinished housing projects. Row and row of taman houses unfinished and soon at night drug takers go in sleep and do their stuff etc. Very messy and dangerous but it seems Msians are used to it already. Only way to safeguard is go for "branded" developer by paying more but this is not 100% guarantee.
Reply
#4

(19-03-2023, 07:19 PM)sgh Wrote:  I have posted before in Msia it is very common to see unfinished housing projects. Row and row of taman houses unfinished and soon at night drug takers go in sleep and do their stuff etc. Very messy and dangerous but it seems Msians are used to it already. Only way to safeguard is go for "branded" developer by paying more but this is not 100% guarantee.

I have seen quite a few unfinished projects back in the 1990s. The wires, doors, windows etc all stolen.
Reply
#5

I was at a Malacca shopping center and saw the Habor project on sale and a sales girl came to talk to me. I think it was 2017 or 2018.
They guarantee 8% rental yield for 3yrs and sales girl said many nice things about the project including govt plans to develop the Habor area.

Wow turned out to be a scam. If ever people buy such Malaysian properties better buy already built and has market price. And don't expect to make any profits just stay for retirement like Mr Loo.

Also for when you die I heard such properties are a night mare to inherit.

I, being poor, have only my dreams; I have spread my dreams under your feet; Tread softly because you tread on my dreams.
Reply
#6

(19-03-2023, 07:24 PM)Levin Wrote:  I have seen quite a few unfinished projects back in the 1990s. The wires, doors, windows etc all stolen.

Just to add on even if got ppl live still got burglary. My spouse elder sis in Butterworth the telephone wires leading into the taman get stolen. The drain covers get stolen even so when walking be more careful. While Spore has a high standard of living, in terms of security I think it is quite good already. Guess there is a price to pay for everything. In fact some Msian later PR in Spore or even convert to Spore citizenship part of their deciding factor is security, meritocracy etc which they did not get when they are Msian citizen under the M race rule.
Reply
#7

Company probably going to be bankrupt that's why it stopped the development.

[Image: hric4Oy.jpg]

I, being poor, have only my dreams; I have spread my dreams under your feet; Tread softly because you tread on my dreams.
Reply
#8

Looks like large scale scam.

1. 2000+ people
2 10+ projects all not built.
3. Hundreds of millions collected.

By right the large amounts collected should be sufficient to complete project. Likely siphoned by the scanners.

Authorities have to step in and freeze the crooks accounts.

I, being poor, have only my dreams; I have spread my dreams under your feet; Tread softly because you tread on my dreams.
Reply
#9

(19-03-2023, 07:27 PM)sgbuffett Wrote:  I was at a Malacca shopping center and saw the Habor project on sale and a sales girl came to talk to me. I think it was 2017 or 2018.
They guarantee 8% rental yield for 3yrs and sales girl said many nice things about the project including govt plans to develop the Habor area.

Wow turned out to be a scam. If ever people buy such Malaysian properties better buy already built and has market price. And  don't expect to make any profits just stay for retirement like Mr Loo.

Also for when you die I heard such properties are a night mare to inherit.

The problem with buying finished projects is the price is so much higher than those haven't build yet. So I guess price is deciding factor. My uncle buy one condo unit near KL Sentral train station. He find it hard to rent out despite it's ideal location. The locals simply live at the outskirts or too poor to afford the rent. He can only rent out to foreigners working in KL but we know Msia is more pro-locals than pro-foreigner in their policies so the tenant don't rent for long period. There will be time period no rental income. Then he engage a local snakehead and that guy keep asking for "entertainment" expense as he look for prospective tenants. Everytime he drive up meet that snakehead always say hard to find need more monies etc. In the end, my uncle sold off the unit at a slight loss after factoring in the rental income for I think 2-3 years.

Another is my spouse elder bro who is Msian and buy a taman house to rent out also sold off. His reasons slightly different. The tenant play hide and seek. When time to collect rent he MIA cannot find. His tenant are those local Msian working as restaurant aka zi char chef kind as the location is near. In the end elder bro fedup also sold off at a slight loss after factor in the rental income.

But if one buy Msian property is for ownself to stay and utilise I think it is ok doable.
Reply
#10

They need to pay lots of under-the-table cost before the projects can proceed for the various stages of construction.

For a basically non-bummi company, how to survive in such an environment?

Laughing
Reply
#11

(19-03-2023, 07:46 PM)Gstalk Wrote:  They need to pay lots of under-the-table cost before the projects can proceed for the various stages of construction.

For a basically non-bummi company, how to survive in such an environment?

How private companies survive is at their top position must put some M race ppl sit. Then every month give them monies. Whether they do work is besides the point. Their job is to help the company settle govt rulings etc issues. This is so common you can go to their listed companies financial and see the faces of the top ppl inside the company. In fact Msian ppl also used to it liao. In the lowyat forum (aka Msian forum) you can sense or feel their sentiments is like like that one lor what to do? Resign to fate liao lar.
Reply
#12

(19-03-2023, 07:40 PM)sgbuffett Wrote:  Looks like large scale scam.

1. 2000+ people
2 10+ projects all not built.
3. Hundreds of millions collected.

By right the large amounts collected should be sufficient to complete project. Likely siphoned by the scanners.

Authorities have to step in and freeze the crooks accounts.

I told u many listed companies here all got fake accounting. Once listed they also bring in their relatives to collect salaries but no work wan. I seen with own eyes many times. By right not allowed but who check?
Reply
#13

https://mustsharenews.com/malacca-real-e...up-hatten/

“Be who you are and say what you feel, because those who mind don't matter and those who matter don't mind"
Reply
#14

Jiu hu kia eating jiu hu kia
Reply
#15

Those investors can afford to lose $. Nothing to worry.
Reply
#16

(19-03-2023, 10:24 PM)mikotan Wrote:  Those investors can afford to lose $. Nothing to worry.

They have too much money in their hands............................ Big Grin
Reply
#17

Malacca Project Developer is an Singapore based property company listed in SGX

Also wonder what made the buyer paid so much for malacca property pricing comparison to buying KL property ?

Shop with Health Shop !
https://iherb.co/BeaDs49
Reply
#18

(19-03-2023, 07:29 PM)sgh Wrote:  Just to add on even if got ppl live still got burglary. My spouse elder sis in Butterworth the telephone wires leading into the taman get stolen. The drain covers get stolen even so when walking be more careful. While Spore has a high standard of living, in terms of security I think it is quite good already. Guess there is a price to pay for everything. In fact some Msian later PR in Spore or even convert to Spore citizenship part of their deciding factor is security, meritocracy etc which they did not get when they are Msian citizen under the M race rule.

Agreed, the security we get here should not be taken for granted.................. Big Grin
Reply
#19

Ever went to view some incomplete landed terrace house in Johore. The worker stacked the bricks to form the wall but there was no cement between them to cement them together. Outside the layers of brick, they put a large fiberboard to cover them.
Reply
#20

(19-03-2023, 10:58 PM)Clyde Wrote:  Ever went to view some incomplete landed terrace house in Johore. The worker stacked the bricks to form the wall but there was no cement between them to cement them together. Outside the layers of brick, they put a large fiberboard to cover them.

Is this how they build brick walls.........................? Big Grin
Reply
#21

(19-03-2023, 10:35 PM)SgWinner Wrote:  Malacca Project Developer is an Singapore based property company listed in SGX

Also wonder what made the buyer paid so much for malacca property pricing comparison to buying KL property ?

Malacca got very renowned aka famous hospitals near also to malls and tourist spots. That whole area got very well connected amenities so as to speak. So it got its own charm besides the typical JB,KL,Penang trio darlings.
Reply
#22

(19-03-2023, 10:28 PM)debono Wrote:  They have too much money in their hands............................ Big Grin

Comfirm S$1 - RM$3, Singapore 2rm bto. Tongue
Reply
#23

Hatten Group is very popular among Sporeans.
Reply
#24

The buyers bought because of the proposed kl-sg hsr?
Reply
#25

I remember Hatten CEO chairman are pretty young and suave. Con king Big Grin


Smile
Reply
#26

(24-03-2023, 08:03 PM)lvlrsSTI Wrote:  Hatten Group is very popular among Sporeans.

But why the delay in it's construction of the homes....................? Big Grin
Reply
#27

(24-03-2023, 08:43 PM)debono Wrote:  But why the delay in it's construction of the homes....................? Big Grin

Good question…my relatives bought homes there, no delay no problems…however after a few years they found out a lot of issues at homes, tiles start cracking…water leaking etc.
Reply
#28

(24-03-2023, 08:29 PM)Niubee Wrote:  I remember Hatten CEO chairman are pretty young and suave. Con king Big Grin

Really a con man.

Quote:Projected profits after tax for Hatten Group will be RM300 million in FY19, but Colin has his sights set much further and higher. “I hope that I can grow to a point where our revenue exceeds that of Singapore’s GDP”, he shares, while acknowledging that this eventuality might be far off. In spite of his bold aspirations, Colin isn’t just a numbers man–he also has a deeply altruistic side that aims to create social value by impacting the local community. “When we first started Hatten, all I wanted to create was a billion-dollar portfolio, so I could sit back and relax afterwards. But as we grew, I realised I didn’t want to stop. I’ve found a purpose larger than just money—the priority is helping certain communities grow, ensuring that their unique histories and cultures are remembered, even as we add commercial value to the area.”
https://www.hnworth.com/article/spotligh...ty-empire/
Reply


Forum Jump:


Users browsing this thread: 1 Guest(s)