First Meeting 10 Sept 2011 @ 2.00pm
First and foremost, the committee wishes to thank Dr Mohamed Rafick Khan bin Abdul Rahman President PERSATUAN PEMILIK BANGUNAN TERBENGKALAI MALAYSIA (VICTIMS) for his ability, dedication and sincerity in helping us connect fruitfully with Prokhas Sdn. Bhd.
To confirm & update Record of Purchasers To conduct a survey on the Keep/Sell decision of purchasers Briefing on the status of the project ◦ By protem committee ◦ By invited professionals viz., legal, Dr Rafick Formalisation of the Owners’ Action Committee ◦ Appointment of committee members ◦ Establishment of scope of work ◦ Determination & collection of funding requirements Discussion & formulation of action plans ◦ What are our options? ◦ Sell our land to I&P Group? ◦ Continue development as originally planned? ◦ Redeem our individual land and walk away? ◦ Work together with developer(s) to redevelop the land? ◦ Others? Other matters
SURVEY FORM (TO ASCERTAIN THE NUMBER OF OWNERS OF BROGAVILLE HORTICULTURAL VILLAGE BUNGALOW LOTS WHO WISHES TO KEEP OR TO SELL THEIR LAND) Name: __________________________________ Tel. (Hse): __________________ Would appreciate if you Lot No.: _________________ Tel. (HP): __________________ fill up this Survey Form Address: _______________________________________________________________________ before the end of this Email: _______________________________________________________________________ meeting. Next of kin information: Name: ___________________________________ Relationship: _________________ Address: _______________________________________________________________________ Tel. (HP) ___________________________________ Tel. (Hse): __________________________ Email: _______________________________________________________________________ Loan Taken From (Banker): _____________________________________________________ (This information needed by Prokhas Sdn. Bhd.) I would like to [tick below] my land: KEEP SELL REMARKS _________________________________________________________________________________ _________________________________________________________________________________ __________________________ __________________ Signature Date
History – Timeline 1) ◦ Feb 1998 – Project abandoned ◦ Mar 2000 - KPMG (Liquidator) wrote to all purchasers informing that Rumpun Jadi Sdn Bhd has gone into liquidation ◦ Jan 2004 – Petaling Garden Bhd’s subsidiary company viz., Corporate Premier Sdn. Bhd. bought over the unsold lots totaling 102.45 acres. ◦ July 2005 – Jayaratnam & Partners, solicitor for KPMG wrote to purchasers informing that individual titles ready to be transferred ◦ June 2009 - That’s when Bernard Ho & Tham See Ho decided to help themselves (and others) by forming the BHVOAG. June 2009 – 3 people (2.5%) Oct 2009 – 16 people (13.6%) Sept 2011 – 85 people (72.0%) Methods – website, emails, banners, meetings with liquidator & Prokhas esp. to obtain list of purchasers, telephone calls to purchasers, house to house visit, mouth to mouth contact etc.
2) What have we bought? BROGAVILLE HORTICULTURAL VILLAGE PROJECT @ SEMENYIH SUMMARY Total Phase 1 Phase 2 Phase 3 Total (Sq Ft) 5,188,033 1,487,473 1,796,529 1,904,031 Sold 1,640,367 1,096,424 416,648 127,295 % 31.6% 73.7% 23.2% 6.7% Value Sold (RM) 32,850,484 19,162,524 9,247,122 4,440,838 RM Per Sq Ft 20.03 17.48 22.19 34.89 Total number bungalow lots 365 104 106 155 No of Lots Sold 122 79 32 11 % Sold 33% 76% 30% 7% No of Lots Unsold 243 25 74 144 OVERALL ANALYSIS Acres % Remarks Total land area per our S&P (acres) 209.00 100% Total raw land size Bought by Petaling Garden Bhd 102.45 49.0% excluding infrastructure etc. Sold to purchasers (Victims) 37.65 18.0% excluding infrastructure etc. Land used for infrastructure etc. 68.90 33.0%
2) What have we bought? – Lots Layout
3) Site Location
4) Negotiation results with Prokhas Sdn Bhd (verbally communicated) Redemption Sum: 10% on balance purchase price E.g. Purchase Price RM200,000 (with infrastructure) Land size 10,000 sq feet Price per sq feet RM20 psf Amount paid to developer RM120,000 (60%) Balance purchase price RM80,000 Redemption Sum (10%) RM8,000 Total costs RM128,000 (without infrastructure) Final cost per sq feet RM12.80 psf Exemption on stamp duty – Prokhas is trying to accommodate Arrears on Quit Rent & Assessment – Purchasers will have to settle Time period for settlement of Redemption Sum – 60 days (from date of letter of demand) Those who doesn’t settle within the 60 days period will render their land being foreclosed Meaning those purchasers can’t be contacted will also stand to have their land foreclosed Foreclosure means all subsequent proceeds from the sale of the foreclosed land will go back to Prokhas and nothing for the affected purchaser Legal fees for the execution of MOT – Prokhas can only help to arrange for a solicitor to give bulk discount No advertisement in newspapers as a last ditch to contact purchasers
Fresh from the oven!!!
5) The Letter of Demand From Prokhas/Liquidator ◦ Firstly, Prokhas has to send a demand letter to the Liquidator to ask for redemption and if there is no response (definitely so because Rumpun Jadi is now insolvent) within 30 days , Prokhas will then issue out the Letter of Demand to the individual buyers; probably by mid to end Oct 2011 ◦ Will give 60 days for purchaser to redeem – meaning by December 2011 ◦ Things to note: The amount paid to developer – please check your records The land size – please check your S&P to ensure that the land size indicated is correct Name of owner – please check to make sure that there is no mistake Dual names - if one of partners is gone, get legal help 6) Individual Land Titles ◦ Will be transferred into purchaser(s) name (s) but delivered to our end financier ◦ Purchasers advised to settle their outstanding loans
7) Information required by Prokhas via BHVOAC ◦ Name of end financier of each purchaser ◦ Latest address – as the Letter of Demand will be sent to it 8) List of Contacted Purchasers ◦ A list of contacted purchasers together with their: Name, Lot No., Address, Telephone No., Email To be made available to all especially I&P Group?
Formalization of Brogaville Horticultural Village Owners’ Action Committee
Why do we need to do that? (Scope of Work) ◦ To act as an official conduit between Prokhas and Purchasers ◦ To negotiate with the state governmental authorities to waive/reduce the arrears of quit rent and annual assessment etc. ◦ To negotiate with I&P Group Sdn. Bhd. and/or other parties to deal with the land after obtaining individual titles ◦ To continue the search for those purchasers who have not been contacted yet; so that with more members we can strengthened our nego with I&P Group ◦ To conduct research on the valuations of our land etc. in preparation for negotiation with I&P Group and/or other developers ◦ To explore ways and means to deal with our land for the benefit of the owners Appointment of members – proposed 11 members Contributions to finance the above objectives plus to reimburse those who has spent money during the protem stage ◦ Proposed – RM50 each ◦ Those who wish to contribute more to the cause is most welcomed!
Discussion Points and Questions & Answers
◦ What are our options? ◦ Sell our land to the I&P Group? ◦ Continue development as originally planned? ◦ Redeem our individual land and walk away? ◦ Work together with developer(s) to redevelop the land? ◦ Others?
Wholly owned subsidiary of Permodalan Nasional Bhd (PNB). Formed in May 2009 after the merger of: ◦ Island & Peninsula Sdn. Bhd. ◦ Petaling Garden Sdn. Bhd. ◦ Pelangi Sdn. Bhd. The unsold lots (102.45 acres) were purchased by Corporate Premier Sdn. Bhd. which is now a 100% subsidiary of Petaling Garden Sdn. Bhd.
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