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Posted: 12 Oct 2012 | 6:00 am
A dispute between property buyers and the developer over unpaid rental revenue at the Nexus Residence in Kota Kinabalu is gaining overseas media attention.
The program which offered 7% returns by means of a lease-back arrangement for five years now has over 100 owners clamoring over alleged delayed payments which are a year overdue.
An owners group called Nexus Property Owners Association has been formed in Hong Kong. Clouding the issue on mass legal action is that the developer currently has liens on the property by banks, hence the owners group hasto now fall into a line of creditor.
As Asia'a property market continues to soar, and guaranteed returns continue to be flouted, buyers should be aware of the adage -"if the offer appears too good to
true, it most likely is".
A column featuring environmental issues and conservation around the island. Click here for more Green Reports check out the latest story from the leading experts:
A recent Channel News Asia television segment Boomtown Asia checked into the island's environmental, and sustainable tourism sectors.
The innovative Evening Breeze environmental cooling system is gaining global attention in the resort markets and villas.
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