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Firefly
08-12-2010, 04:57 PM
Just assisted a staff (non bumiputra) to auction a PKNS apartment unit. 3 months after the auction, it is now made know to us that the unit is part of a Bumiputra allocation. The Bank auctioning it did not make known that it was a Bumiputra reserved unit and now they refuse to return that 10% deposit we have paid. PKNS refuse to proceed with the transfer. What is can we do?

Firefly
08-12-2010, 04:57 PM
One Malaysia and we still have this BUMIPUTRA allocation.

zinglicious
08-12-2010, 05:04 PM
Sue them for non disclosure and misrepresentation of facts while conducting unlawful sale and retaining monies which is abused with intents to cheat. I am sure they have the funds allocated for the suitawarded in your favor.
It is unfortuante that we dont have a class action suit like in USA to make examplary of those big corporation who bullied and bulldoze small consumers and business

Firefly
08-12-2010, 06:24 PM
What other options?

silver_bird
08-12-2010, 07:07 PM
Read T & C of the auction procedure.
If there's flaw, file complaint to Finance Ministry (overseeing Auction matter)

compounding
08-12-2010, 07:56 PM
One Malaysia and we still have this BUMIPUTRA allocation.
because we live in a capitalist system, i think things will be worst for the bumis without these bumi alloctions, which in turn will not b good for the country.

just imagine if there is no bumi allocations.

but the day will come when the bumis will feel its ok to lift these allocations.please be patient..very patient :)

birdy
09-12-2010, 06:46 AM
Check with lawyer... I think the contract (S&P) is void since the bank failed to disclose the fundamental terms of the contract. The bank must disclose clearly in the contact that this is a bumiputra lot.

currymee
09-12-2010, 07:58 AM
A very astute businessman friend of mine gave me this advice - don't worry or fret too much about the Bumi whatever, if you do business, just consider whatever their demands as business cost and factored in 33% in your final pricing. If they really demand, no loss, sudah kira masuk, if not EXTRA 33% untung !! :)

Challenger
09-12-2010, 08:59 AM
yeah...and y r v [read: consumer/end user/sucker] ever so willing to live with the xtra 30% cost as opposed to some1 outside bolehland @ ceteris paribus???

do v earn/have xtra 30% household income to foot tat bill? Narp.

currymee
09-12-2010, 09:04 AM
yeah...and y r v [read: consumer/end user/sucker] ever so willing to live with the xtra 30% cost as opposed to some1 outside bolehland @ ceteris paribus???

do v earn/have xtra 30% household income to foot tat bill? Narp.

Well, he must be doing something right coz he is living in a bunglow in Kenny Hills with a BMW 7 series chauffuer driven while I am in a link-hse (mortagage to pay) in USJ4 driving a Wira .... :(

chewie
09-12-2010, 09:20 AM
if i am not mistaken, after a certain years bumi lot can be turned into a non bumi lot...

gary yap
09-12-2010, 12:26 PM
if the unit had been left vacant for sometime then provisions can be done to 'open-up' the status. you look at malacca, lots of bumi vacant units cos the state government said must allocate 50%. Makes you wonder why the Klang-Valley based big boys are not so keen in investing there.

pucman
09-12-2010, 01:21 PM
if the unit had been left vacant for sometime then provisions can be done to 'open-up' the status. you look at malacca, lots of bumi vacant units cos the state government said must allocate 50%. Makes you wonder why the Klang-Valley based big boys are not so keen in investing there.

After how many years before it can turn into non-bumi ? any guideline ?

rakyat
09-12-2010, 01:36 PM
After how many years before it can turn into non-bumi ? any guideline ?

Not so simple-la. U need to make an application to the land office and it is not worthwhile as u need to pay a premium for the conversion (hence u do not purchase at bumi price) Quite abit of hassle unless u got some connection.

For TS case I don't think can apply since already bought and the deposit should be due within 30 days (hear the conversion takes at least 3 mths)

Firefly
09-12-2010, 03:01 PM
Now going through the auction documents..the original leaflet have some listed bumi lots but not all. The unit we assisted in the purchase do not have that listing. BUT there is a fine print in the documents. At the time of bidding, we did not read those fine prints as it was for all the properties listed.

So now what??