What Is Happening at Plentifield's Melaka Business Centre ( MBC ) Project ?

[BlackTiger]

Heard from a friend that invested into this project and it seem the developer -Plentifield Marketing is not completing the project in a timely manner -delay after delay...

Seem like they are also the same developer for the the Best Western Sandakan a few years ago.

Anyone out there facing this problem too ?

 

[Iskandar007]

Sound familiar...
Is this project marketed by Norman Sia?

I have friends invested in it. Seems like it is a hotel investment project. The developer kept on delaying and investors started paying the loan.

 

[BlackTiger]

Sound familiar...
Is this project marketed by Norman Sia?

I have friends invested in it. Seems like it is a hotel investment project. The developer kept on delaying and investors started paying the loan.

Yes,it under Norman Sia again...

This time it seem the developer is adopting questionable tactic to delay paying the guarantee return to investors and also left one building in a uncompleted stage.

 

[FHBH12]

Yes,it under Norman Sia again...

This time it seem the developer is adopting questionable tactic to delay paying the guarantee return to investors and also left one building in a uncompleted stage.

It looks like this project in this set of slides (just taking a reference):
https://www.dropbox.com/s/w2s62f2ev0qm5vl/Plaza_MITC.pdf?dl=0

In slide #10, there is mentioning of Blocks A-D completion by Q4 2014 (usually VP is 1 to 2 quarters later in Malaysia). I suppose the delayed block is E since no firm completion date is provided for this block in the slides.

In general, guaranteed returns (especially if they are above 5%) are very risky and questionable. The price of the property would have been inflated and owners are mostly paying themselves from the inflated price of the units. Moreover, developers may try to wriggle themselves out from the guarantee after eating up the inflated profit and rental revenue. In some contracts, owners are required to renovate their own unit at their own expense every few years to maintain the guaranteed returns.

In Malaysia (to some extent in Singapore recently too), if the developer wants to play tricks, it is typically very difficult for individual owners to seek redress of their grievances. It could be a difficult and expensive long court case if owners want to fight it out.

 

[Tekkun]

Commercial projects unlike residentials are not regulated by Housing Ministry.
So owners will have to fight it out in civil courts.

 

[ToryBurch]

Any Best Western Sandakan investors or owner out there ?

Can come up, share their experience with the same developer ?

Sound scary ...

 

[borei]

I am surprise bros in this forum actually invested in this project. It is so far away, and have no direct flight from Singapore to Sandakan, very mafan to go there.

Can share more info for this project? I am trying to google now. Thanks.

Enjoy your weekend :-)

 

[BlackTiger]

Hi Borei ,

The current project is at Ayer Keroh ,Malacca. It is called Melaka Business Centre.

What Tory Burch asked is on the other project done by the same developer in Sandakan a few years ago.

There some mentioned in other chatgroup of Bad developer behaviour ,but not much other information.
Will be good to know anyone out there who has past dealing with Plentifield before.

 

[Aviator]

I think this one will be a long long long term play for HSR, if it ever comes... will be lucky to see any positive outcome. Sorry for those stuck.

 

[EltonMax]

Heard from a friend that invested into this project and it seem the developer -Plentifield Marketing is not completing the project in a timely manner -delay after delay...

Seem like they are also the same developer for the the Best Western Sandakan a few years ago.

Anyone out there facing this problem too ?

Hi There

I have face the same problem as your friend, I don't know how to do now, I want to sale my unit, any on can help me for it?
This developer keep delay the GRR, now I already fade out about it.
I hope some body can help me.

Max
Regards

 

[ElaineB]

Any Best Western Sandakan investors or owner out there ?

Can come up, share their experience with the same developer ?

Sound scary ...

Hi there,
I am one of Plentifield sandakan buyer. Do cobtact me 0135000117 for furtger discussion. Elaine