Sunday, August 24, 2008

Anyone Can Offer Any Comments?

As the Treasurer of this JMB, I have encountered two financial doubts with the Developer which we are in the process of final Handover.

1. They have been charging a certian sum as Management Fees every month and over these 10 years, the sum could sum up to RM1.32M - is this sum charged by them legal and acceptable?

2. In addition, they have also been taking Directors Fees of varing sum, about 50k to 99k per annum over the years - this again is this fees justifiable and acceptable?

As developer pending handover to the JMB, isnt it their obligation to manage the project until the strata title is issued. At the point of writing, our strata title is still pending.

4 comments:

Val said...

I have a 1+1 unit in Damansara Heights and was shocked to learn one day that owners had to contribute towards the repainting of the building. When I asked for an explaination, I was told that there was no sinking fund account for the property. I called the ex-property manager and found out the reason why he resigned. It seems the developer, who also managed the property prior to its startification, transferred access funds from the account and left the property penniless. The manager resigned because he knew that it was impossible to manage a property without any funds and his reputation wil be at stake.

Yes, it does happen. That's the reality and when I enquired further, I was told to forget about it and let the MC start on a fresh slate ! What I learnt from the ex-property manager was heresay and told to me in confidence. There was nothing that I could do.

terence said...

Hello Friends from the CAHC, I read your blog frequently and as our Condominium in Wangsa Maju is going thru some problems such as mismanagement of funds by the developer, I just have one question - can we form the JMB coz our strata title is already out as we have not fulfilled the 25% quota as yet? If we can can anyone be so kind to advice the basic steps?

About 50 of us(residents) got together but we are all in a daze about the formation of the JMB but we want to form it and open our own bank account to stop the mismanagement and the proceed to query about the funds has disappeared.

Your valuable advice is very much appreciated

Thank you. Terence - 016-2118717

CAHC said...

terence, please forward an email to me....pet_luc2002@yahoo.com
I will give you details on how to set up the JMB / MC.

Hock Chye said...

I am a committee member of JMB Li Villas, Setion 16, Petaling Jaya.
We have this same problem of Developers charging RM21,000 per month as Managing Agent Fees since year 2000 and only lately when we formed our JMB in April 2008, we protested and only then we are now charged at RM7,000 per month as per market value....RM14,000 difference every month !!
My question is the same ie. is it legal that they charge us such excessive amount when we initially did not have a voice yet such as JMB to protest against and can we at least for a start call for an EGM with a resolution to adopt and get a full mandate from JMB (all purchasers) to reclaim all excess charges. If the Developer refuses to refund the excess charges, we will go thru' the legal process.
Can somebody share their experience or comments on this.