Genting Valley Abandoned Project | The Valley of Shattered Dreams

Property Investment Is the Sure Way  to Financial Freedom and Rich?

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Do You Aware Commercial Properties and ‘bungalow lots’ are NOT Protected under  the Housing Development (Control and Licensing) Act 1966?

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Genting Valley is located at Batang Kali, nearby Genting Highlands.

Initially it was supposed to comprise a clubhouse, bungalow lots, commercial development and a retirement village resort.

abandonedproject Genting Valley Abandoned Project | The Valley of Shattered Dreams

It sit on a land covering about 301ha and classified as agricultural land, had yet to be converted into residential land or subdivided into individual titles.

It was one of the abandoned residential project  for the past  10 years.

From 2000-2003, about 500 people, which include some from South Korea, Bangladesh, Brunei and Bangladesh, paid more than RM50 million for the plots of bungalow land, with a promise that the land will get its conversion done before the end of the sale by the developer.

Until now it is yet to have it handed over to them. The land is still categorised under “agricultural land” now because the conversion has not been completed.

Some of the buyers bought the plots under the “Malaysia-My Second Home” program.

Their visions of a dream home in the 724 acre Genting Valley (GV) Resort scheme, launched 10 years ago, were crushed when the developer went into liquidation in 2007.

Divided into five phases, the project was to be developed by Jade San Realty Sdn Bhd before it was abandoned in 2004. The developer was placed under liquidation in 2007 after failing to pay the bridging finances.

Abandoned site, no land title, incomplete land conversion, inadequate communication from the liquidator: all reasons why the Genting Valley bungalow lot purchaser feel powerless in resolving their current property deadlock.

Read more on WHY  Buying Properties Like Rolling Dice

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Pt 1 Genting Valley: The valley of shattered dreams

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By the time this story is published in Malaysiakini.tv, the outcome of the Hulu Selangor parliamentary by-election would have been known. The victors would be celebrating and the vanquished would have gone away to tend to their wounds for the next battle.

But whatever is the outcome of this by-election, the future of the purchasers of the Genting Valley resort remains unknown.

Between 2000 and 2003 hundreds of purchasers bought plots of land to build their dream houses. For many the Genting Valley resort would be their ideal retirement home. These 500 over purchasers have sunk in more than RM50 million for their plots. But 10 years later, all that remains are some demarcated plots overgrown with lalang, vandalized street lights, opened manholes typical scenes of an abandoned project.

The developer, has gone into liquidation and the purchasers are left high and dry.

Mr Bod Steedman, chairperson of the protem committee of the Genting Valley purchasers group tells Malaysiakini the journey to a dream home that has led them to nowhere.

Please contact the following if you are a purchaser of the Genting Valley Resort:

Saranjeet Kaur

Secretary of the Pro-Tem Committee

The Genting Valley Purchasers Group

Email: discovery254@yahoo.com

Video produced by Shufiyan Shukur & Indrani Kopal

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Pt 2 Genting Valley: Bob Steedman on irregularities?

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Part 2: The valley of shattered dreams

The Genting Valley abandoned housing scheme have left some 500 buyers in the lurch since 2004.

Many believe that an early implementation of the ’10-90′ concept (where the house buyer pays a 10 percent down-payment and the rest only upon completion of the house) and other improvements to the house-purchasing system could have saved thousands of purchasers millions of ringgit and frustration.

Mr Bod Steedman, chairperson of the protem committee of the Genting Valley purchasers group tells Malaysiakini the journey to a dream home that has led them to nowhere.

Please contact the following if you are a purchaser of the Genting Valley Resort:

Saranjeet Kaur

Secretary of the Pro-Tem Committee

The Genting Valley Purchasers Group

Email: discovery254@yahoo.com

Video produced by Shufiyan Shukur & Indrani Kopal

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Pt 3 | Genting Valley: Not even a drain, but 80% complete!

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Feature: Pt 3 | Genting Valley: The valley of shattered dreams

“This Phase is supposed to be 80% complete. But there isn’t even a drain!”

Between 2000 and 2003 hundreds of purchasers bought plots of land to build their dream houses. For many the Genting Valley resort would be their ideal retirement home. These 500 over purchasers have sunk in more than RM50 million for their plots. But 10 years later, all that remains are some demarcated plots overgrown with lalang, vandalized street lights, opened manholes typical scenes of an abandoned project.

The developer, has gone into liquidation and the purchasers are left high and dry.

Video by Indrani Kopal, Shufiyan Shukur & Maran Perianen

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One Response to “Genting Valley Abandoned Project | The Valley of Shattered Dreams”

  1. Properties earmarked for My Second Home programme
    By JACK WONG

    KUCHING: Naim Holdings Bhd has earmarked three high-end property developments in Miri and here for the largely untapped Malaysia My Second Home programme in Sarawak.

    Corporate services and human resource senior director Ricky Kho said the three projects with gross development value (GDV) close to RM400mil were scheduled for launch next year and in 2012.

    “The first property to be developed in Miri will comprise apartments, semi-detached and detached houses,” he told StarBiz yesterday.

    There will be two blocks of six-storey service apartment (72 units) and a 15-storey apartment (168 units) with a clubhouse.

    The proposed project with GDV of more than RM250mil will also comprise 53 units of semi-detached and detached houses, 44 detached vacant lots, a double-storey shophouse, a mini market and a restaurant.

    Naim is undertaking the joint-venture project on a 20ha land owned by Miri Malay Charitable Trust Board.

    Kho said the service apartment would be priced from RM800,000, semi-detached houses from RM750,000 and detached houses between RM1mil and RM2mil each.

    He said the second property scheduled for launch in 2012 would be a condominium project overlooking the scenic South China Sea near to Piasau Beach, Miri.

    With a GDV of RM80mil, the project will comprise 96 units which would be sold from RM800,000 each.

    Kho said the third project under planning in Jalan Upland here would comprise of town houses.

    “We see great potential in My Second Home programme in Sarawak as it is a largely untapped market. Sabah is doing quite well in promoting the programme.

    “There are many foreigners, including Singaporeans and Europeans, who are keen to participate in the My Second Home programme in Sarawak,” he added.

    Kho said Naim would market its proposed property developments under the programme abroad, targeting particularly the expatriates and retirees.

    He is confident that Miri as a resort city and its scenic beaches would appeal to foreigners looking for an ideal relaxed lifestyle.

    fr:biz.thestar.com.my/news/story.asp?file=/2010/10/4/business/7110859&sec=business

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