Payment Procedure

Downpayment

The initial down payment, as stated in the Letter of Offer, must be made upon the execution of the Sale and Purchase Agreement (SPA). This payment serves as confirmation of your purchase and forms part of the total purchase price of the property.

 
Late Payment Charge

In accordance with the Sale and Purchase Agreement and the Housing Developer (Control and Licensing) Act, a late payment interest of 10% per annum, calculated on a daily basis, will be imposed on any overdue payments until full settlement is made.

Example:
Invoice dated 11/4/2005 for RM28,100.00
Due date 10/5/2005 i.e. 21 working days from date of invoice.
Payment received on 16/5/2005
No. of days delayed: 11/5/2005 to 16/5/2005 = 6 days
6 days/365 x 10% x RM28,100.00 = RM46.19
 
To Avoid Late Payment Charges (LPC)

You can avoid the imposition of LPC by adhering to the following:

  • Apply for your housing loan immediately. Our team will be pleased to assist you in any way possible.

  • Liaise with EPF to ensure prompt release of your withdrawal amount.

  • Settle the difference between the loan amount and the purchase price immediately upon loan approval or upon receipt of our invoice.

  • Monitor your loan application closely with your bank or finance company to ensure that all loan documents are finalized within the grace period.

  • Communicate actively with your bank, finance company, and solicitor upon receiving our invoice to ensure payment is made within the stipulated period of 14 days.

 
Progress Billing

The periodical invoicing issued by us as and when each construction stage, as stated in the Third Schedule of the Sale and Purchase Agreement or Government Schedule, is completed and certified by the project architect.

 
Payment Period

All payments must be made within 21 working days from the date of receipt of the invoice.

 
Invoice to End-financier/Treasury

Invoices are forwarded directly to the bank, finance company, or treasury with a copy sent to you. This enables you to liaise with them promptly for the release of payment.

 
Mode of Payment

Payments should be made by crossed cheque, bank draft, or money order. If possible, please avoid making cash payments, except for settlement of miscellaneous charges during the handing over of vacant possession.

 
Refund of Over-Payment

Refund of Over-payment is subject to the following conditions:

  • Loan has been approved by your bank or finance company.

  • Release of the first progress payment from the bank or finance company.

  • Settlement of the difference between the loan amount and the selling price.

  • Settlement of any outstanding late payment charges or other miscellaneous fees (if any).