Axis Crown group

[mpmcginty]

There seems to be several different groups now. The most active seems to be Santi's group. His email is santi vathenen (vath...@gmail.com) if you want to join the distribution list.

Hi Everyone

 

I have pasted below the list so far, looks like we may have about 26 people interested in taking some form of action. The email below from PF (thank you for forwarding Matthew) is depressing, but not surprising. My worry is it might not even be completed at the end of 2015. Still worth meeting to see what we should do with mortgage and CIMB Bank and what pressure we can put on the developer. It is possible that lawyers who are used to dealing with developer delays (I suspect common in Malaysia) may be able to offer something – at this stage we simply do not know enough.

 

Please could I ask if you could forward this to anyone else who may want to be on the list. Also there is I think a yahoo group or another chat group set up by PF for Axis Crown and it would be useful if someone with access to this could post a note asking those interested to join this list. I am also copying this to Zoe Hart at PF to ask if PF can help further. My apologies if you get a second copy of this email as I may send it to of the early circulation email list used by PF.

 

Santi

 

Dear Zoe

Would you be able to forward this email to all the purchasers of Axis Crown in case they want to join our action group? Also is there any further help you can provide in guiding us? Do you have a meeting room we could use if we all met in Oxford?

Thank you

 

Santi

 

From: ZH...@propertyfrontiers.com
To: mpmc...@hotmail.com
Subject: Axis Crown
Date: Thu, 25 Sep 2014 13:27:21 +0000

Dear Matthew,

As you are aware, we have been trying for some time to obtain a detailed update from the developers at Axis Crown.

We have recently received a brief update through email, which I will summarise.

The developers are in the final stages of calling tender bids to complete, particularly in the case of the communal facilities and M&E.

They emphasise the shortage of skilled labourers, and mention that the costs of the building have increased, and further increases are expected. These increases have had an effect on the planning and budgeting for the completion of the project.

The email calls to attention the slowing down of the property market, and stresses the stringent rulings put in place by Bank Negara which have effectively ended financing, and are making it difficult for the developer to raise further funds. The developers have had to source funds from other projects in order to complete Axis Crown, and as such completion is estimated at December 2015.

I appreciate that this is not the detailed and positive news that was hoped for, and as such I am still actively trying to obtain as much more information as possible. We have a contact in Kuala Lumpur who is planning on visiting the site in the next two weeks to ascertain whether there is more information to be gained from the developer’s actual office on site.

I have been made aware that although it appears the proposed September viewing did not take place, the site is still open for viewing, and appointments can be made through Zaj Properties.

Please be assured that Property Frontiers are actively trying to obtain as much information as possible on a frequent basis, and we appreciate the frustration that the difficulty of obtaining such updates can cause.  Reverting back to clients is a priority for us, and we will of course be in touch as soon as we have anything further.

Kind regards,

Zoe Hart Sales Progressor DDI: 01885 278572

 

[Jonathon Gowen]

All,

What is the latest update on this project? Any hope to get out of this nightmare situation?

Best,

Jonathon

Your reply has been posted