Talam: Tan Sri Chan Ah Chye
We were reading the year end bumper issue of The Edge last weekend, and a short column caught our eye amidst the many interesting articles.
It was the Newsmakers section, highlighting the biggest movers and shakers in the industry, and included such power players like Tan Sri Lim Kok Thay, Soh Chin Wen and Tengku Tan Sri Mahaleel Tengku Ariff, formerly of Proton.
But the write-up that interested us most was on the Executive Director of Talam Berhad, Tan Sri Chan Ah Chye. We have been quite familiar with the wheeling and dealings of Talam and their many subsidiaries for many years now, mostly through our many contacts and associates who either work for them or with them.
We have highlighted Talam before here in Property Malaysia (mostly to strong feedback from readers!), you can read them here:
Talam’s Many Problems
Bright Future for IJM Properties
The write-up in the Edge pretty much confirmed some of the insider news we have been hearing months ago, especially since the entrance of IJM.
To quote the article:
…Talam Bhd and Kumpulan Europlus Bhd had shaky foundations. After the Asian financial crisis, with debts piling up and projects drying up, the group embarked on a restructuring exercise that bought it time to get back into the game. Big projects were lined up and more of Chan’s famed affordable houses were planned. The only thing was to convince buyers, partners and the market that this time, Talam-Europlus and Chan would get it right.
Unfortunately, it didn’t work.
The article went on the highlight the problems that IJM faced after acquiring some of Talam’s ‘best’ projects, these are actually listed in our earlier posting (here). The Edge hinted that there was a possibility of the IJM-Talam-Europlus deal may fall through, and that Chan “is unlikely that he will make another effort to go it alone“.
In reply to ’shoddy’ workmanship, a plight quite commonly associated with Talam homes, he had this to say,
“What shoddy work? Maybe a few, okay lah more than others, but we also build more than others. That’s what I told the minister.”
A classic case of a man taking on too much more than he can chew. Their problem I think started from Bukit Beruntung & Sentosa, now most other developers have learn from Talam failure, never acquire massive landbank, do not build mass cheap homes and quality and delivery must never be compromise. What does this lead to…..more expensive homes in the future
Comment by soowm — December 29, 2005 @ 10:20 am
very true. Far too much than he can chew. but at that time, in that economic climate, he probably thought he could do no wrong…
Comment by Administrator — December 29, 2005 @ 10:30 am
Tan Sri has weathered recession & financial crisis. Im sure he will get through this one as well.
Bkt Beruntung & Sentosa would have been a major success IF the international airport wasn’t re-located to Sepang.
True, he builds mass cheap homes with “few” shoddy workmanships. But where else can you get CHEAP and GOOD?
Everything comes with a price and I like the saying “cheap things no good, good things no cheap”.
cheers!
Comment by Lord Vendetta — December 29, 2005 @ 12:59 pm
Talam sucks !!!! penipuuuu
Comment by Wingz — December 29, 2005 @ 1:09 pm
Talam can no longer use the arguement “I build more houses so I have more complains” or “I am a supermarket whereas other Developers are Boutiques”. This is similar to the arguement put up by first National Car and I believe we are all sick and tired of that.
As Malaysians get more affluent, there are willing to pay RM50K more spread over 30 years and this is what is killing Talam/Euro-Plus that their projects are not of high quality.
I personally know people who have complains ranging from bad workmanship, to “abandoned project” and now recommenced so classified to “delayed project”.
These disatisfied house buyers are telling their sad stories to all their friends and relatives and this “word of mouth” is trully the best form of advertisement. Unfortunately, its to the favour of CAC.
A house is the single biggest investment that we make in our lives and after the various horror stories of its previous house buyers, new buyers are shying away.
Its not the house buyers problem if the developer did not get his costing correct when the house was priced and cost of building materials went up. Nor when the Developer sub-con employed illegals and the illegal workers were subsequently caught.
These are all just excuses. Talam needs to improve on the quality. Else they will never get a repeat buyer nor will existing buyers recommend their relatives / friends to buy. Similar story to our First National Car.
Happy New Year to all of you.
P/S - Really wish if you could do a write-up on Taman Bukit Mewah by Metro Kajang. How’s their “quality”?
Comment by preacher — December 30, 2005 @ 2:58 pm
preacher,
happy new year to you too! We’ll send you an e-mail soon…
Comment by Administrator — December 30, 2005 @ 3:02 pm
To all affected purchasers of Lagoon Perdana’s abandoned blocks,
Pls get the latest updates via the official Lagoon Perdana Residents Association (LPRA) website at :
http://groups.yahoo.com/group/lagoonperdana_residents_assoc/
We are currently in talks with Honest Prestige S/B, the new owners of Tenaga Gagah S/B and Dato Lee Hwa Beng, ADUN Subang Jaya.
Please join us and share your views and comments in our discussion group.
Kind regards,
Nina Moy
co-owner of Block 3-1512
Block 3 Representative, LPRA
Contact : 017-337 2820
Comment by Nina Moy — March 29, 2006 @ 2:55 pm
I AM A SVC APT BUYER OF THE UNFINISHED PROJECT IN SURIA KINRARA 3. I PAID THE LOAN INSTALMENT EVERY MONTH WITHOUT FAIL BUT A FRIEND GOT HIS NAME BLACKLISTED BY BANK NEGARA FOR NOT BEING ABLE TO DO THE SAME. THE ETD IN SP AGREEMENT IS 2006 BUT UNTIL NOW NOTHING IS TO BE SEEN APART FROM DILAPIDATED STRUCTURE WAITING TO CRUMBLE. WE THE BUYERS ARE DESPERATE AND WILL NOT HESITATE TO TAKE THIS MATTER TO THE HIGHEST LEVEL IF NO ACTION IS BEING DONE. WE ARE CONSIDERING NOT ONLY TO EXPOSE THIS TO THE LOCAL PRESS BUT INTERNATIONALLY. TO WHOM IT MAY CONCERNED: PLEASE BE WARNED. YOU ARE NOT GOD.
Comment by Nawal Ghazali — December 23, 2006 @ 1:00 am