LBS Mini Festival – Mercu Jalil

We are proud to announce the LBS Perks and Plusses – Mini Festival that was scheduled on the 28th and 29th October has ended perfectly. The promising crowd is definitely a reflection of our commitment to enhancing your home buying journey. Heartfelt thank you for helping us achieve our success!

The Journey to Homeownership: Mercu Jalil’s VP and LBS Perks & Plusses Rewards Program

Recently, Mercu Jalil, an apartment complex nestled in the heart of Bukit Jalil, initiated the Vacant Possession (VP) process for its homeowners. This vibrant apartment boasts two blocks, each with 680 units, making a total of 1,360 units. With two distinct unit types, Type A at 1,000 square feet and Type B at 1,200 square feet, Mercu Jalil offers modern living on 5.43 acres of strata-titled land. What sets it apart is its strategic location, near major highways like KESAS Highway, Maju Expressway, and Bukit Jalil Highway, as well as close proximity to Tzu Chi Kuala Lumpur International School, Pavilion Bukit Jalil, and Alam Sutera LRT Station. The apartment complex also offers 16 facilities, with 9 on the ground floor and 7 on the 9th floor.

The VP process marks the handover of a vacant unit to homeowners, void of any equipment or furniture beyond what’s specified in the Sale and Purchase Agreement (SNP). However, before this transfer occurs, the developer must obtain the Certificate of Completion and Compliance (CCC) and ensure that water and electricity services are operational. In essence, this process assures homeowners that their new abode is ready and safe to occupy. Interestingly, Mercu Jalil has embraced a digital approach for the entire VP process, promoting sustainability by eliminating paper usage.

On October 6, 2023, Mrs. Alicia and her partner received the long-awaited call from LBS Bina to take possession of their new home in Mercu Jalil. It marked a historic day for the couple who had purchased their unit during the 2020 pandemic. This was their first experience buying from LBS Bina Group, and they chose Mercu Jalil after careful consideration of location, pricing, and offers. For them, the strategic location, excellent access to public transportation, and proximity to major highways were the key factors influencing their decision. The homeownership process proved to be straightforward, with Mrs. Alicia and Mr. Clarence only having to wait for the keys, as the housing project was still under construction at the time of purchase.

The couple’s unit is a Type A with 1,000 square feet of space and two parking spots, situated on the 36th floor of the A block, which boasts a total of 46 floors. They were delighted with the quality of the finishing and the breathtaking view from their elevated residence. They plan to hire contractors to inspect their unit for any defects or finishing issues, making full use of the 24-month Defect Liability Period (DLP), which began on September 7, 2023. Mrs. Alicia intends to personalize the unit to her liking and will move in once everything is in place.

Thrilled with their decision to purchase in Mercu Jalil, Mrs. Alicia and her family were further delighted to learn about the LBS Perks & Plusses loyalty program. This program rewards LBS property buyers with a range of privileges, including referral programs, cash rebates for second home purchases, early access to new project launches, and invitations to exclusive events. Members of this program also enjoy special offers and benefits from 39 LBS Perks & Plusses strategic partners, such as Watsons, Coway, Acson, Goodnite, and many more. The program is complimentary for any individual or corporate buyers who have purchased LBS properties or its subsidiaries with a minimum purchase price of RM150,000.

On October 28 and 29, 2023, LBS hosted a “Mini-Fest” for the LBS Perks & Plusses rewards program at Mercu Jalil apartment, Bukit Jalil. The two-day event featured a variety of engaging activities. One of the highlights was a lucky draw with prizes from Watsons, Gintell, Acson, and Goodnite. The event also included free gifts from strategic partners of the rewards program. With 16 strategic partners participating, homeowners collecting their keys at Mercu Jalil, Bukit Jalil added to the festive atmosphere. The event successfully introduced the LBS Perks & Plusses reward program to the homeowners under LBS Bina Group, offering a glimpse of the many benefits awaiting them in their new Mercu Jalil homes.

Introducing LBS Perks and Plusses!

Introducing LBS Perks and Plusses!

LBS believes that successful housing developers take customer success seriously – listening to what customers want and innovating across its suite of products. A large development company needs a good handle on business finance to manage the cash flow throughout the life cycle of a project.

Enjoy our LBS Perks and Plusses introduction video for all our loyal customers and future potential buyers.

To learn more about LBS Perks and Plusses and to sign up, please visit :  https://rewards.lbs.com.my/


 

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Are you an LBS Homeowner?

Join our Loyalty Program here: https://rewards.lbs.com.my

Do drop some comments on your thoughts and maybe some interesting topics we can look into!

LBS and MGB Take the Lead In Renewable Energy Through a Strategic Partner with MGTC

6 October 2023

LBS’ Budget 2024 Wishlist: Property Sector Resurgence

3 October 2023

September 2023 Interviews

12 September 2023

Datuk Wira Joey Lim Hock Guan was invited for an exclusive interview with Sinar Harian where he expressed his viewpoints on the upcoming National Budget Wishlist and shared on LBS’ latest Customer Loyalty Programme

 

14 September 2023

During Sin Chew’s exclusive’s interview with Tan Sri Ir Lim Hock San, he shared his viewpoints on the upcoming National Budget Wishlist and placed focus on the government reintroducing HOC and firmly believes that this initiative will align with LBS’ goal in making homeownership more attainable for the nation.

 

25 September 2023

Nanyang arranged a virtual interview with Tan Sri Ir Lim Hock San to explore viewpoints on the upcoming National Budget Wishlist and emphasize on the significance of HOC for the nation.

 

26 September 2023

During the Persekutuan Persatuan-Persatuan Keturunan Lim Malaysia’s Mid-Autumn Festival Dinner, Astro Awani and AEC interviewed Tan Sri Lim Hock San, who is also the Acting President of Persatuan Lim. He shared on how the festival symbolises unity and is a important cultural value that transcends to beyond the association, namely family and also workplace.



Sinking Fund vs Maintenance Fee

Management Fees and Sinking Funds are both familiar terms for those residing in condos and apartments, and they serve distinct purposes in the proper functioning and maintenance of high-rise buildings. However, what distinguishes Management Fees from Sinking Funds, and how are they determined? Why is it imperative for high-rise property owners to contribute, and what are the repercussions of non-compliance?

Every high-rise building is equipped with shared amenities that are accessible to all residents, such as elevators, sidewalks, swimming pools, gyms, and community halls. All of these amenities require meticulous maintenance and efficient management to ensure their smooth operation and functionality. Therefore, high-rise unit owners are obligated to make monthly payments for management fees and sinking funds. These funds are allocated specifically for the upkeep and preservation of common facilities, public assets, and essential services.

These funds are collected and overseen by the Joint Management Body (JMB) before strata titles are issued, and responsibility for their management transfers to the Management Corporation (MC) after the issuance of strata titles.

What is a Maintenance Fee?

Maintenance fees serve as a financial resource that covers various foreseeable daily expenses, including cleaning, security, utility bills for the building, and the salaries of management and administrative staff. The management of a property entails substantial costs, and your monthly management fee is strategically structured to encompass these ongoing expenditures, as well as the costs associated with maintaining shared facilities and addressing minor repair needs.

Maintenance fees play an essential role in directly contributing to the maintenance and upkeep of common areas and facilities within a high-rise building. This diligent maintenance not only ensures the property’s visual appeal and operational efficiency but also acts to either sustain or boost property values. On the contrary, neglecting the maintenance of common areas can lead to a depreciation in property values.

Moreover, the routine maintenance funded through the collection of maintenance fees is instrumental in safeguarding the safety and security of residents. Timely repairs and maintenance of critical systems, such as fire alarms and elevators, substantially mitigate the risk of accidents and emergencies, thereby promoting a secure living environment.

How Management Fee calculated?

The maintenance fee is shared among unit owners, and fee varies by development projects. Some of the factors that determine the management fee are:

  • Unit size: The larger unit, the more you will have to pay.
  • Type of usage: Retail units cost higher than residential units
  • Type of service: Typically includes security, cleaning, elevator maintenance, etc.
  • Facilities: The more facilities, the more you will have to pay.
  • Size and type of common area: The larger the common area, the more expensive it will be to clean and maintain. 
  • Number of units: Owners who own units in a high-density development cost lower, or vice versa.

What is a Sinking Fund?

Sinking funds accumulate over time to provide financial resources for significant future maintenance and repairs. High-rise buildings require periodic updates and major repairs, such as repainting, roof replacement, or elevator modernization. Without a sinking fund, the cost of these projects may need to be covered by special assessments, which can be financially burdensome for residents.  Recurring expenses such as security services, cleaning services, utilities and elevators maintenance are required, monthly.

Sinking fund is important because it provides a financial support for future maintenance and repairs, promotes stable financial planning, preserves property values, prevents emergency situations, ensures compliance with regulations, and smooths fair cost allocation. It is a sensible financial tool that benefits both individual property owners and the overall health of the high-rise building or condominium.

How Sinking Fund Calculated?

The sinking fund cost is typically assessed at 10% of the total maintenance fees. Changes to this percentage can only be made during the Annual General Meeting. Even after a review, the minimum amount required must remain at least 10% of the management fee.

What Happens If You Don’t Pay Maintenance Fees?

It’s crucial to understand that when you contribute, everyone else is also fulfilling their financial obligations. If you are a unit owner in a strata property, you are obligated to pay both management fees and the sinking fund. According to The Strata Management Act 2013, the respective management body has the authority to determine, invoice, and ensure the collection of these fees. As you are legally required to pay maintenance fees, the management has the option to initiate legal action against you if you do not comply.

If you don’t pay it however, you might get stuck with the following penalties:

  • Interest charges: The management can legally charge interest for any common charges outstanding.
  • Lose voting rights: As an owner, you have certain voting rights under the JMB, but you lose those rights if you fail to pay the bills.
  • Criminal charges: In the most extreme circumstances, you can be charged for failure to pay maintenance charges. 
  • Seizure of assets: The Act lays out the right to seize movable assets in order to recoup moneys owed for overdue fees. 

LBS Perks and Plusses Unlocked Event

LBS recently unlocked our revolutionary customer loyalty program, LBS Perks and Plusses.

The event, held in conjunction with the Merdeka Carnival 2023, was a resounding success, with our partners successfully opening booths. There was also Malaysian food and games that everyone enjoyed. We are excited to offer Perks & Plusses to our valued homeowners and look forward to establishing a long-lasting relationship with you!

To learn more about LBS Perks and Plusses and to sign up, visit https://rewards.lbs.com.my/.

LBS Home Makeover with Goodnite Winners

Buying a home is an immense accomplishment, so is furnishing it to meet your needs!

At LBS, we recognise that this is both a challenging and rewarding journey.

This is why we partnered with the renowned company,  Goodnite International to provide our homebuyers with a Makeover programme! Here are our winners and their newly transformed homes! 

Join us as we witness the makeover of their new house!