Abandon Project Landmark of USJ!!

[Mason]

I have been living in USJ for the past 2 years and have seen various dead projects!!

Does anyone know the status of these projects
1. A huge abandoned condo cum shopping complex near USJ20
2. A office block near USJ22 (near sime UEP dev office)
3. A office block near Summit

What's happening to the owner and how about the culprits involved?

This is the right time to decide if our political reps have done their job! What’s the rational of building thousands of condo units when the USJ jam packed roads has not been resolved.

Is this the USJ that we are praising about especially by our MP and ADUNs during the election campaign?

Are these our more to come USJ landmarks?

Come on…..

Any comments MP, ADUN and MPSJ], pls....

[orchipalar]

Hi Mason,
Allow us(me family) to welcome you good neighbour to this community web forum, though belated, considering that you have been living in USJ for some time now.

Let me try to answer some of your questions, since the issue been happening for as long as we could remember vaguely.

Rhythm Avenue n Newgate Apartments(USJ 20/21), n one office complex near the junction of summit(behind Shell), have been few of the abandoned projects ran by or jointly or separately managed by then listed companies on the mainboard or secondboard of KLSE - YCS, Hiap Yik, n Advangarde, which had failed n were hugely indebted due to their 'technical' incompetancy.

There is also one such abandoned large property project under their spell of 'bad luck' which is located behind Mint Hotel/Sg.Besi Highway, n infront of the Selangor Turf Club/Palace of Goldern Horse 6 star Hotel.

In the height of our economic turmoil some years back, Danaharta took over all these abandoned projects, hence today, you don't see the companies being listed anymore, except for Advangarde(secondboard). Before that they managed 'well' under Section 176 or PN 4.

Through n under mergers/acquisitions/sell offs/trade offs/under deals/overdeals/receiverships, or whatever they may call it in the biz terms, the main owners/private directors/larger shareholders of these companies, the YAP families(YCS was named after the founder), got off scot free. Privately they are still being regarded as among some of the richest chinese families in Malacca. Shame on me(chinese).

Most of the family's younger YAP generations n siblings, are mostly living in SJ/USJ community.

Infact, their current offices n operations are still located within the vacinity of USJ, opposite USJ 3/C, across the Elite Expressway.

In the process, hundreds of creditors n would be home owners, thousands of workers, n tens of thousands public share holders, billions of dollars involved with these public prior listed companies, have been either shoveled to who knows where, or have been blown away until who knows when.

Hence the saying goes 'what you see is what you get'.

[KH EE]

don't 4get the "twin towers" that was supposed 2 b built by YCS as their corporate HQ @ the Giant traffic light along jln kewajipan. wat's happening?

[tnn]

yep!

it's funny that the YAPs already have a bad reputation about the twin towers at USJ 1 but yet, got approval for Rhythm Avenue, Newgate & the one in Serdang (All under MPSJ jurisdiction & in a very short span of time!)

what does our MP & ADUN got to say?? cannot do anything? is this what our BN stands for?

[KH EE]

Read somewhere that someone complained that our YB LHB was in cahoots with the yaps abt rhytem avenue project.

[Mason]

Aiyaaaa... make first then sell..lah.

No cheating then no ecomonic crisis/downturn.

Simple layman rule of economics!

MP and ADUN pls. put a stop to this before matters become worse and people end up working for the banks!!!.

Hope you get the message.

[Cool Hand Luke]

I am perturbed as to how every issue can become a political issue. Incredible. I am pondering whether I can blame some politicians for me losing my job or for my cat being eaten by the neighbour's dog.

[Mason]

Well..CHL

U tell me what's the issue that a politican handles? Why should we elect them?

Well as for you cat, sorry, even this issue the owner can't handle it well!!.

[jericho]

there always bound to be some kind of conspiracy theoreis around whenever things turned bad....

[topguru]

if u think this is bad - wait after the elections as there are more such projects planned in Subang despite claims the last time that no further serviced apartments would be approved.

after this elections monies need to be regrouped and what better way but by quickie projects which will be later abandoned and purchasers royally screwed like in the Rhythm & newgate Apartments in USJ19 & 22 where despite various promises and claims nothing has been done except certain pockets of decision makers filled during the approval stages.

but what can we do - its the YBs & their machais who are smiling all the way to their banks!

[orchipalar]

Hi Topguru - At the height of the sales compaign by Advangarde or Hiap Aik for RythmAvenue & Newgate, we learnt that quite many of these service apartments/shoplots were sold on contra basis with their owings to their previous n present creditors from cumulative failed projects elswhere.

We were almost suckered into 'contra' for one each of these apartments n shoplots, being promised 'good values' for our would be investment. They had planned for a 'bintang' walk type of environment with the commercial units. Carrefour was even targeted as one of the major rental clients.

We also understood that by them 'living' off from huge banks' loan facilities, they would not have the means in mind to complete these buildings projects, when the economic table was turned against their 'eating' habits, after the banks put a tight squeeze on their further planned projects' borrowings.

What happened in between, we'ren't so sure, but this we know, a huge amount of the project funds from the banks was siphon off to the major company owners for their own intentions n purposes.

We are not good in this kind of things, we could be wrong also, but just take a look at the now Hiap Yik's corporate building cum storage yard at the opposite of USJ 3C, we could not help but wonder, the 'private' funds for the costs of that completed property, could have been utilized to complete RythmAvenue.

IF they wanted n willing to of course.

[cskok8]

The only way to prevent yourself from being a victim of abandoned projects is to buy only completed properties. That way what you see is what you get. When you buy these dreams in the sky (new launches) you are financing the project. If everything goes well, you get your house (although the quality may be horrendous) and the developer make money. If it get abandoned you lose your money and the developer gets away scot-free. Most architects will certify completion ahead of actual work so when the developers have collected 60% they may have actually done only 50% of the work.
If you want to know more about the problems that housebuyers are facing log on to www.hba.org.my (House Buyers' Association)

[orchipalar]

Hi Cskok8 - TQ for a good pointer, which was why me n me wife decided to move into USJ 2. Although the house was neglected or ill maintained, after what we got the reno guys 'went' over it, voila we have a decent home now.

But one particular problem being buying 2nd houses being that the banks are not so keen to offer max. loan facilities, hence, a would be housebuyer would have to fork out more initial cash Then there is the paperworks hassles, more infact compares to if one is buying a new property.

One good point is we got to do the 'window' shopping for the house of our likings leisurely, rather than flocking in frantic crowd over new launches.

[tnn]

oh, i wud luv to get a completed property in USJ but they are really mighty pricey,aren't they? especially the ones done by reputable developers or else i may have to move further north, Kelantan,maybe?

but then, i dun wan to line up separately at the supermarket or stop wearing lipstick!

[KH EE]

maybe get our incoming mp (bn or keadilan) to lobby parliament 2 make it compulsory 4 developers 2 complete their properties b4 selling them, like what was done in bdr utama, i think.