How should we judge a government?

In Malaysia, if you don't watch television or read newspapers, you are uninformed; but if you do, you are misinformed!

"If you're not careful, the newspapers will have you hating the people who are being oppressed, and loving the people who are doing the oppressing." - Malcolm X

Never argue with stupid people, they will drag you down to their level and then beat you with experience - Mark Twain

Why we should be against censorship in a court of law: Publicity is the very soul of justice … it keeps the judge himself, while trying, under trial. - Jeremy Bentham

"Our government is like a baby's alimentary canal, with a happy appetite at one end and no
responsibility at the other. " - Ronald Reagan

Government fed by the people

Government fed by the people

Career options

Career options
I suggest government... because nobody has ever been caught.

Corruption so prevalent it affects English language?

Corruption so prevalent it affects English language?
Corruption is so prevalent it affects English language?

When there's too much dirt...

When there's too much dirt...
We need better tools... to cover up mega corruptions.

Prevent bullying now!

Prevent bullying now!
If you're not going to speak up, how is the world supposed to know you exist? “Orang boleh pandai setinggi langit, tapi selama ia tidak menulis, ia akan hilang di dalam masyarakat dan dari sejarah.” - Ananta Prameodya Toer (Your intellect may soar to the sky but if you do not write, you will be lost from society and to history.)

Sunday, December 23, 2012

From STB to BTS... then DIBS

My previous experience in housing development took me through STB (Sell-then-build) which had a standard Sale & Purchase Agreement (used by lawyers to make tons of money if well connected to big-time developers), wherein house buyers were to pay progress payments according to progress of construction certified by the architect. It had its problems relating to abandoned projects which left buyers 'high and dry' and having to pay rental on their existing accomodation and to pay interest on portions of their housing loans disbursed.

Recently, BTS (Build-then-sell) was introduced to safeguard house buyers. Even before this was introduced, developers of Bandar Utama had decided on this because of the high appreciation in value of houses built, so that they could make more out of their development projects instead of benefiting buyers and speculators. Apparently, BTS will be made mandatory in 2015.

But in the meantime, some developers have come out with DIBS (Developers' Interest-bearing Scheme) to compromise on BTS. Effectively, instead of the developers bearing the risk during construction, buyers committed to their housing loans are doing so. Yet, some advertisements give the impression it is the same as BTS a la 10:90; 5:95 or even 0:100!

Chang Kim Loong's article House-buyers beware of DIBS in The Star explains...


"Some even have the audacity to equate the same with the 10:90 concept of built-then-sell (BTS). One even goes as far as to advertise the mode of payment as 5:95 model. The connotations in all these advertisements are that buyers do not make any progressive payments until the houses are completed and ready for vacant possession.

All these advertised "schemes" of payments are nothing more than loan packages. Although the advertisement states "no payment until vacant possession", in reality the buyers' loans are "locked-in" with panel banks/financial institutions and hence, buyers' housing loans are used to pay the developers as they construct the houses.

It is based exactly on the current sell-then-build (STB) or progressive payment formula. This formula has got so many house-buyers into trouble when the houses they buy are abandoned by the developers.

The only difference in the advertised system is that the interests towards the progressive payments are shouldered, absorbed and borne by the developers. Buyers still have to secure their end-financing housing loans as soon as they sign the SPA. Buyers are still responsible to the banks and financial institutions for the loans whether the houses are delivered or not..."

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