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Developer liquidated, 300 land buyers in the lurch
08/10/2009 NST

GEORGE TOWN: About 300 land buyers of the Padang Meha Parkland in Kulim, Kedah, are in a quandary as they have not received the titles to their properties despite waiting for almost 15 years.

They bought the plots in 1996 and 1997, and paid a total of about RM200 million for 323.7ha.

They now do not know whether the development, which featured various facilities, including a private college, would ever take off.

This is because the original developer, Alamanda Development Sdn Bhd, went into liquidation in 2005.

Padang Meha Purchasers Action Group chairman S.K. Tan said the land buyers wanted the new developer, Vintage Developers Sdn Bhd, to give them assurances that their land would not be converted for other purposes and that individual land titles be given to them as soon as possible.

He said in 1996, Alamanda was selling country home plots and orchard homesteads during the project's initial launch, with land priced about RM10 per sq ft for the former and RM8 per sq ft for the latter.

He said the project took off in full steam when it began in 1996 and Alamanda collected progress payments from the buyers.

"They finished 95 per cent by the end of 1997 -- a year ahead of schedule.

"But today, 13 years later, the remaining five per cent is still unfinished."

Tan said the land buyers were in a quandary as they could not sue Alamanda as it had been liquidated.

He added that the land buyers also became concerned after Alamanda's liquidation when its liquidators entered into a sale and purchase agreement to sell all its unsold properties to Vintage Development for RM1.10 to RM1.15 per sq ft when the market price was RM3.

"When we looked further into this new developer, we realised that Vintage is also a subsidiary of MBF Group of Companies, just as Alamanda was a wholly-owned MBF Holdings Bhd subsidiary formerly known as MBF Country Homes and Resorts Sdn Bhd," he said here yesterday.

Tan said the group hoped that legislators would take appropriate action to address loopholes in the legal system to ensure such problems do not arise in the future.

Earlier, the group had also filed a report with the Malaysian Anti-Corruption Commission over possible fraud and corruption over the transactions.

 

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