Condo owners CRY FOUL: How can such lapses occur, what is the Housing Minister doing?

KUALA LUMPUR -They made a 10% downpayment for their houses some 10 years ago but till now the 15 home-owners of the Nusa Mewah Villa condominium here have yet to receive the keys to their residences.

Instead, they found out that the houses they have been financing for years have been sold off after their sale-and-purchase agreements were terminated before they were consulted.

Speaking at a press conference organised by Teratai assemblyman Tiew Way Keng , construction site supervisor Chow Kok Wah said he paid RM18,000 as downpayment for a 865 sq-ft unit that was sold for RM112,900 in 2002 and was looking forward to move his family into their new home in 2005.

However, construction was stopped in 2006 with only about 60% of the two-block, 360-unit condominium completed as the developer, Mudi Angkasa, went bankrupt.

"It says in the agreement that the condominium is supposed to be finished by 2005, failing which the developer will compensate according to how much longer it takes to complete; until today I haven't received a single sen in compensation," said Chow, 45.

Some of the affected house buyers protesting after highlighting their problem to Tiew. SUNPIX by ASHRAF SHAMSUL

Ferrier Hodgson, an Australian-based company that handles insolvency issues, then stepped in and liquidated Mudi Angkasa's assets, and in 2008 offered to complete the condominium on the condition that home-owners pay an additional RM30,700 each to finance construction.

Apparently, only some of the affected owners were informed of the offer, while the others were left to finance loans for a condominium that, to their knowledge, may never be completed.

Tiew said the matter was brought up to the state government last year, and they have been discussing the matter with Ferrier Hogdson.

When contacted, Ferrier Hodgson representative Andrew Heng said it is grossly unfair for the stakeholders to claim ignorance as at least six to seven letters were sent to purchasers.

"We have also had several meetings with them. I think they are fully aware of the situation," Heng said. - The Sundaily