Buyers must sign new S&P agreement

02/12/2002 The Star

The 290 buyers of the stalled low medium-cost Seri Semarak apartment project in Bandar Baru Air Itam have to sign a new sales and purchase (S & P) agreement as a new developer has taken over the project.

For those registered with the buyers’ ad-hoc committee, they are entitled to take up a special housing loan scheme offered by Eon Bank if they apply for a loan of 80% and above.

Based on the offer that will expire on Dec 15, successful applicants pay only RM50 for legal fees for the S & P agreement compared with the normal cost of between RM400 and RM500.

They are also charged only RM300 for legal fees to sign an agreement with the bank. Such an agreement usually costs over RM1,000.

Registered buyers who want to sell their respective units will get back RM4,500 from their RM5,000 down payment. The balance of RM500 is for processing fees.

Paya Terubong assemblyman Datuk Dr Loh Hock Hun said: “This is the best deal that we could work out with the bank and developer. However, I am not compelling the buyers to take it up.”

After the Dec 15 deadline, the buyers have to liaise with the developer and financial institutions on their own, he told newsmen after meeting with some 100 buyers at his Paya Terubong service centre yesterday.

The developer, Chup Seng Holdings Sdn Bhd, general manager Saidi Mohd Kassim, said construction work on the 1,306 low medium and medium-cost apartments was expected to kick off early next month and completed in three years.

“We are optimistic about the project’s completion as we are investing millions of ringgit as well as staking our reputation on it,” he added.

Ad-hoc committee chairman Nazim Mohd Yusoff apologised for failing to inform all the 160 registered buyers of the meeting due to time constraint.

He said buyers who wished to register could do so at Dr Loh’s service centre at 1250-B, Jalan Paya Terubong from 8.30pm to 10pm on Wednesdays.

They need to bring along a copy of their IC and old S & P agreement as well as RM50 for the committee’s fund, he added.

The project comprises a block of 490 low medium-cost units (only 290 were sold) and three blocks totalling 816 medium-cost units which are unsold.

The project, which began in 1998, was abandoned in 1999 with only 30% of earthwork completed.