Lastest June 12 P11 Meeting with KPKT

STATUS OF -- DELAYED HOUSING PROJECT

PRECINT 11, PUTRAJAYA

The following information were derived from the latest meeting / briefing:

Thursday 12 June 2008 at 2.30 pm

Kementerian Perumahan and Kerajaan Tempatan, PBD, KL

Attended by: 1. Officials of KPKT

2. Ariff Cerah Sdn Bhd (ACSB ) ( present developer )

3. Putrajaya Holdings ( PjH ) ( new developer )

4. Representatives of buyers :

• Dr Onny .. Garden Resort

• Puan Rozi ….Garden Resort

• Puan Zarinah. Garden Resort

• En.Azali ……..Amber Home

• En. Ryan .......Aster Condo.

• Puan Azilah ..Aster Condo

INFO:

1. Project to be taken over by PjH.

2. Project work to commence in Oct 2008 and completion and handing over varies with the different zone and phase. Earliest 12 months .

3. PjH will need ALL the buyers to sign a new S & P Agreement with PjH.

Terms and conditions will be about the same as the old S&P Agreement.

Legal, documentation and other costs will be borne by PjH

New standard LAD clause will be incorporated .

The date of conversion from the old S&P Agrmt. to the new S&P Agrmt. will be finalized soon.

The actual cost of the house will be the same.

PjH will undertake to inform the end financiers ( banks and other financial institutions ) of the buyers of the change of the developer.

4. The LAD clause in the old S&P Agreement with ACSB will remain

binding. Buyers are free to submit and institute their claims to ACSB anytime, even now, before signing the new S&P Agreement with PjH.

BUYERS Role

1. The representatives present generally welcome these developments and thank the parties involved in the effort to solve the problem. But we were not mandated to accept these decisions on behalf of all the other buyers.

2. We request that PjH expedite the official S&P Agreement as soon as possible for us to examine ,consider and decide.

3. We request that ACSB inform all the buyers of the latest status of the project , informing them of the positive developments.

4. We undertake to help by trying to inform and explain to all the buyers of these latest developments. We are organising a meeting for this purpose:

Please attend.

Saturday 21 June 2008 at 10 AM

Dewan Serbaguna , Kementerian Pembangunan Usahawan

Dan Koperasi

No. 18, Persiaran Perdana , Presint 2, Putrajaya.

Points to consider:

1. The new developer , PjH, needs the agreement of ALL the buyers .

2. All considered , this appears to be the best option.

3. Instituting legal action against ACSB will be self defeating. Should ACSB be declared insolvent, the whole project will be frozen for good.

4. Need to consider forming an official “ Precint 11 House Buyers Association.”

Dr Onny