Property Problems

Last weekend I went by the construction site where the apartment that I bought was suppose to be built and to my surprise there was no progress since I last saw the place in December. I’m now really worried about what is happening with this project. I have not received any letters about any construction delays from the developers and I’m really in the dark about what is going to happen with the property. The developer’s site office was closed the day I passed by so I didn’t get a chance to ask anyone about it.

According to the original sales and purchase agreement, the apartment was supposed to be completed by March 2006. Till now the only thing that I’ve seen completed is the piling work for the foundation of the building. In my first meeting with the developers, I was told that the construction work was delayed due to some of the building approvals being tied up with the local city council. When I saw them the second time, they say that they were facing some labor shortages due to the majority of their workers were migrant Indonesian workers who got sent back home after their work permit expired. I have no idea what excuse I will be hearing out to explain the delay in the construction work.

I guess I count myself still lucky as the bank has not release any payment from my housing loan to them yet or else I would have to start paying the interest on the loan for an apartment that is not even completed. Still I have about RM 13K tied into the property to date and I’m really tempted to call the developer up to get my money back by canceling my agreement with them. I saw another property for sale near my current place that is a much better investment compared to what I have now. I’m really tempted to take up that offer instead as I’m really fed up with the current developer company.

I wonder how long I have to wait before I can get my money back if I do that.