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Posted: 19 Dec 2012 | 6:00 am
An ongoing dispute between a large block of condo owners at the Nexus Residence in Malaysia's Kota Kinabalu is being played out on the press.
The owners are alleging that lease back rental guarantees are over a year overdue.
Legal issues are now coming into play given that the developer reportedly has bank mortgage issues and has yet to provide unit owners with titles.
A group of owners who are based in Hong Kong has formed into a formal property owners association.
As mixed-use investment schemes are flourishing across the region, expect to see more instances of similar disputes given the current trend of developers increasing return schemes in order to speed up sales.
Many of these are being promoted on illogical levels of expected returns.
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