The difination of Fraud
A deception intentionally practiced in order to secure unfair or unlawful gain.
(Satu penipuan yang dilakukan secara sengaja untuk mendapatkan keuntungan secara tidak adil)
Also know as : deception, scam, cheat or con.
In case of Pantai Lagenda Sdn Bhd, Bandar University Teknologi Lagenda, this can be viewed from many espect :
(1) Maintenant fee
During promotion, the agent of Pantai Lagenda calculate for us the investment return to buy the apartment.
To make the plan more attractive, they purposely (no way they can miss this) do not including the maintenant fees in their calculation.
This hidden cost is about RM480 per quater. For 15 years, the expenses on this matter alone is RM28,800. This is a huge amount especially considering the owner can not use the apartment during the 15 years period.
(2) Guarantee Return Scheme
Most people buy the apartment due to the Guarantee Return Scheme. Under this scheme, Pantai Lagenda “agree” to rent the apartment from the owner, for 5 to 15 years (base on the agreement), with every year 8% return of the purchase price.
However, all buyer do not realize that in the agreement document, there is a clause state that the company have the right to terminate the rental, for whatsoever reason, without agreed by the owner.
In other word, the company can freely decide how long they want to rent the apartment. If they want it, the owner have no choice to rent to them (tied by the contract). But if they change their mind, they can return it to the owner anytime. The so call, Guarantee Return Scheme, (as printed on the cover page of agreement document itself) is actually a “Force Rental Scheme”!
(3) Multimedia Nervous System
During half way of the construction of the apartment, the company urge the buyer to allow them to install additional net work system. Multimedia Nervous System, as they name it, was suppose to be the bleeding edge technology in networking, where they connect every unit of apartment with fiber optic cable. And the student stay in the apartment will enjoy fastest, stage of art, multimedia experience.
By now, the apartment already long completed and student already occupied it for a few years. It have become campus for The Lagenda Group of College, where the largest among them is Kolej Lagenda. But the system is not there. Not sure whether the system is totally not in place, or they just do not activate it. (Owner paid for this system should check it out).The students currently access to internet by sharing a streamyz connection. One streamyx line per block.
(4) Quarterly Rental
Base on the agreement, the rental for apartment should be paid to the owner on quarterly basis. However, the rental payment (for every owner that I personally know) is delayed. At the beginning, it just delayed for 3 months. Then 6 months. And now it were delayed for 9 months, at least.
(5) Contact number and fax.
The “official” contact number for this company can never be reached. It’s either no body answer, or engage.
Many owner try to get other active phone number. We ask their sister company Dataran Mantin. This company have very close relation with Pantai Lagenda. First of all, they are the company who actually construct the apartment. Secondly, they still doing the maintenant work for the apartment (at least they charge for the maintenant fee). But when ask Dataran Mantin whether they have telephone number for Pantai Lagenda, they only give the same unreachable phone numbers.
Some how, this give the impression that all the companies which have business with Pantai Lagenda already pakat on this matter. For the fax number, you are able to fax thought your complain letter, but will never get a reply.
Don’t believe, try it your self.
The Rental agreement ( so call Guarentee Return Scheme) also mention that each apartment owner allow for 7 days stay in apartment. However, until now, neither we know of any procedure to get it, nor we know any owner have experience this. One thing for sure is Pantai Lagenda never send us any mail to offer us on this matter.
During promotion, the purchasers also were promised a membership of a club house. The club house is suppose to be located near the lake, where many fun activity is available such as rafting and other water sport. And now….
Additional notes 22/8/06:
(1) In the Guarantee Return Scheme agreement document, there is a claus state that the developer have the right to terminate the return scheme, without any specific reason.
In fact, even if the company do not have the right to do so, they can always declare close shop anytime. Take note the constructer(Dataran mantin, in this case), the rental management company(Pantai Lagenda, in this case) and the end user (Kolej Lagenda, in this case), can be three different company. So anything go wrong with the rental management company will not effect the other two.
(2) For the Bandar University itself, there is estimate 5000 unit of apartment soled.
But the student for the college is just about 2000.
And the rental management company put 6 students in one unit of apartment.
Do the calculation. How many apartment is empty there?
(3) Properties with GRS usually recieve great response.
On of the trick is they use the “buyer recommend buyer” system, where the recommender recieve return of cash money. For Dataran Mantin case it’s RM3000 per unit. As a result, many Ah Pek and Untie become victim after approached by their relatives and friends.
The most tricky parts is the developer only let you know about this after you sign up for the unit