A certain development had currently initiated a lawsuit against it’s Developer with the non issuance of their Strata Titles in Medini. Below is the link with some details of the complains. http://m.thesundaily.my/node/563025
Some of my friends & associates after reading this news also advise me to abort my Sunway purchases since it also shares the special Medini lease attributes and i might not be able to obtain my Strata Titles. Dilemma. 🤦🏻♂️ 😭
Owning our Strata titles is important as it is our legal black & white ownership of the property & the land it resides on. If u have a loan, the bank will safe-keep the strata titles as collateral. Without Strata Titles, technically your next Buyer won’t be able to obtain financing from Banks. This will kill your resale demand hence future Capital appreciation etc.
The problem now with Medini is i believe that the current Malaysian Strata laws does not allow Private Lease land to be able to sub-divide into individual strata titles & also change hands amongst multiple entities. Thus those current buyers whom filed their lawsuits after their homes VP’ed in Medini felt they have been deceived.
I send my concerns to Sunway & their panel lawyer & Sunway acknowledged my concerns & promised to give us buyers a satisfactory answer soon. They also told me they are going to work closely with the Proprietor (Iskandar Investment Berhad), IRDA & others to come out with an official statement on this issue.
As my purchase is on deferred plan, Citrine Lakehome (dec 2019) & Grid (dec 2020), i have yet to decide if i want to secure loans & if yes how much etc from banks. Technically i am only 5% in (deposit) & if it is confirmed that i will not be able to obtain my Strata titles i will walk away from the deal.
In the meantime i will just chill & wait for Official announcements from both Sunway & relevant Authorities. I might even be able to get back my 5% deposit as it is clearly stated in my S&Ps that applying & obtaining Strata titles prior to VP is a requirement from Sunway under strata act recently passed in 2015. I hope things don’t have to come to such extend & there will be a happy ending for all parties. 🤞🏻
I like Sunway as a developer & also the masterplan that they envisage. Thus i bought into it’s potential & actually looked forward to relocating from Tebrau sometime in the future. I believed e in their community living concept & had been to KL Bandar Sunway twice & really liked what i saw. Will be a waste if Sunway Iskandar could not fulfill it’s ultimate potential due to this Medini Strata Title saga.