Re: AXIS Crown update

From: "Martin Pitcher" <dmarc-noreply@xxxxxxxxxxxxx> ("martpitch")
To: axiscrown@xxxxxxxxxxxxx
Date: Wed, 1 Dec 2021 18:25:43 +0000

HiOthers have managed to sell.Martin

Sent from my iPad
On 1 Dec 2021, at 15:53, Przemyslaw Zacny <przemyslaw.zacny@xxxxxxxxx> wrote:

Matthew, Matt, All, please find below the answer about strata title ... Can someone confirm that unless we don't obtain strata title we are not able to sell our units?
Dear Przemyslaw Zacny,
We refer to the above matter and to your electronic mail dated 29 November 2021.
Pursuant to your abovementioned electronic mail, we inform that we wish to inform that the Company had a meeting with Pejabat Daerah and Tanah Hulu Langat (“PDTHL”) on 19 April 2021 to discuss the application of strata title for the entire Axis Pandan development. The entire Axis Pandan Development is erected on the two (2) plots of lands/ master titles (“the Lands”) which have different lease periods remaining for the respective lands. We were advised by the appointed land surveyor to re-alienate the Lands to have a lease period expiring in year 2106 (84 years remaining) and the premium payable is estimated to be RM3.2million based on the market price. We inform that the said premium was not accounted for during the collection of the contribution sum from the residents of Axis Pandan. As such, we inform that the Company is in the midst of liaising with the land surveyor and PDTHL to request for a waiver. We have not received an feedback on our appeal as of date.
We are following up closely with the relevant parties on the same and we shall update you on the development of the above matter. Your patient on the above matter is much appreciated.
Should you have any further queries, please do not hesitate to contact us of this office.
With regards,
Ashley Loh
Associate Consultant, Corporate Recovery and Restructuring

wt., 30 lis 2021 o 10:26 Matthew McGinty <mpmcginty@xxxxxxxxxxx> napisał(a):

Hi Przemyslaw,

It was a while ago that the liquidators told me of their plans for the strata titles. I have written to them recently following the latest circular for an update, but I got no response.

Perhaps if we all wrote in to ask them when they would be applying for them?

Matt

Sent from Mail for Windows

From: Przemyslaw Zacny
Sent: 29 November 2021 08:19
To: axiscrown@xxxxxxxxxxxxx
Subject: Re: AXIS Crown update

Hi Matt, Martin and All,

"I’ve written to the liquidator to ask them when they will be applying for the strata titles for all the unit owners. They said they plan to do this after disposing of all the non-participant units."

I am a bit anxious as to why the liquidator decided to wait until the other units were sold to obtain the strata title for us? What does one have to do with the other? Is there anything about the developer's obligation in our contract to do so asap?

Attached is the occupancy permit, which I was able to obtain from the liquidator, I think that each of us should have this document.

Can someone explain how the rent is paid, who can be asked about the current balance of the bills? My inquiries to the liquidator remained unanswered.

thanks, Przemyslaw

pon., 29 lis 2021 o 08:03 Matthew McGinty <mpmcginty@xxxxxxxxxxx> napisał(a):

Hi All,

E H Quah did all the inspections and snagging for me, then got the apartment semi-furnished and rented. It’s been rented for about 2 months.

I know he’s been struggling to rent in the current market. In his last communication he said he’s only been able to rent 2 out of 10 under his management. He’s not managed to sell any either, he recommends waiting until Q3 next year for selling to see if the market picks up. I’ll forward you an email from him, if you’re interested.

I’ve written to the liquidator to ask them when they will be applying for the strata titles for all the unit owners.

They said they plan to do this after disposing of all the non-participant units.

Matt

Sent from Mail for Windows

From: axiscrown-bounce@xxxxxxxxxxxxx <axiscrown-bounce@xxxxxxxxxxxxx> on behalf of Andy Myers <andy@xxxxxxxxxx>
Sent: Sunday, November 28, 2021 8:35:39 PM
To: axiscrown@xxxxxxxxxxxxx <axiscrown@xxxxxxxxxxxxx>
Subject: Re: AXIS Crown update

Hi Martin

I hope all is well. You may recall I 'lead' the NPP group (non participants) that spun off our main community. There are about 30 or so of us.

1. Dealing with FH is painful (now part of Baker Tilly). Covid excuses but no phone calls returned so just emails which are sporadic.

2. That being said, we did get an update this week. Simply, there seems to be some buyers hovering now but their offers are below the cost basis of the units (no surprise but this is also the c. 2007 cost basis with no add ons). The NPP (legal) clauses stipulates that any offer needs to be at least at this base.

I have asked for more details on this. And indeed some people may take an offer to be job done. We shall see.

3. I have not had sight of the Axis circular/AGM invite you refer to - probably as I am a NPP so am not in that class.

4. A couple of the NPPs (inadvertently?) received the note re the property management changes. Again, more side information for NPPs now but I would like to think that this 'shift of attention' means that Baker Tilly are working down a list and hopefully will look at the NPPs more avidly shortly.

Apols this is slanted to the NPP side but as above, I don't see much (if at all) on the (successful?) occupation purchaser side

cheers

Andy

Andy Myers

FCA, Director

ABMV Ltd - Chartered Accountants

175 High Street
Tonbridge, Kent, TN9 1BX

Tel: 01732 366077 / 317035

Website: www.abmv.co.uk

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On Sun, Nov 28, 2021 at 1:28 PM martin pitcher <dmarc-noreply@xxxxxxxxxxxxx> wrote:

Hi everyone

Its been a while since there was any emails on this mail group so I thought I would check that people have received the update circular from FH and the AGM invitation and docs sent by the AXIS management board in the last couple of weeks.

It would be quite interesting to attend the AGM to find out whats going on but it seems they are limiting numbers due to Covid and not offering a means of joining by video.

It looks like FH will give an update about dividing the master strata title at the meeting which may be relevant to those thinking of selling in the near future.

It made me think how it will work having the Crown building under the same building management committee/team as the other AXIS towers. I thought Crown was designed to be a bit higher spec than the others with more facilities. I have not seen the other buildings so do not have any details, its just a memory from the time many years ago when I signed up to buy. In that case, I wonder how it will work in terms of charging management fees (the same per square foot as the other towers?) and ring fencing the management fees we contribute to be sent on the Crown building.

It was a little concerning that the AGM agenda points include seeking approval to settle legal claims which total about RM 300k.

I hope that some of the local Crown purchasers are interested in joining the management committee to represent our interests, so that the building is not managed by those in the other towers.

It also made me think how it will work for the service fees paid up to 1 December to Conlay - are they just kept by Conlay or does the part not spent on building costs get handed over to the new joint management board? (Having said that, I am not sure about the rest of you but Conlay have not contacted me for a while to demand service fees).

Separately, I see FH were silent in their circular about attempts to sell the units of the non-participants. Andy -did you get anywhere on this with them? They previously hinted they were in discussions with certain parties. I would have thought that at this point they would consider selling the units in bulk to a financial buyer who want to earn a rental stream. I may be out of date here.

Also, I would be curious as whether any of you who were originally thinking of selling have managed to do so yet? It may have been very difficult to do so in the lockdown - I decided to delay for a while rather than sell at a firesale price.

best wishes

Martin

--

Pozdrawiam / Best regards

Przemysław Zacny
przemyslaw.zacny@xxxxxxxxx
EU mobile: (+48) 571 338 571

US mobile: (+1) 702 613 2000

https://www.linkedin.com/in/przemyslawzacny/

--
Pozdrawiam / Best regards

Przemysław Zacny
przemyslaw.zacny@xxxxxxxxx
EU mobile: (+48) 571 338 571US mobile: (+1) 702 613 2000https://www.linkedin.com/in/przemyslawzacny/

References:
- Re: AXIS Crown update
  - From: Przemyslaw Zacny

Re: AXIS Crown update

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