ABSOLUTE LIVING DEVELOPMENTS LTD

The Mill / Orchid Point property in Trafford, UK developed by ALD /FSL The property is sold by Absolute Livings Development Ltd (ALD)sold with a 10 year net rental guarantee of 8.5% p.a. and the rentals for the first 2 years are used to offset the selling price. The sales agent called Hong Kong Homes said no need to pay ground rent or service charges for the first 10 years because ALD will pay. The sales brochure also says 8.5% net minimum annual rental return. The development project is called The Mill with 38 units, 33 3bedroom duplex flats and 5 penthouses. Most units were sold by HKH in 2014. The buyers are mostly from Hong Kong and in Oct 2018 received solicitors letters asking payment of ground rent and service charges for 2018 and 2015. ALD did not reply to any queries as if disappeared. No quarterly rent account statements was ever produced. Edwen Yew resigned as director 30 Aug 2018 and transferred all the share to a Mr Leong. He appeared to still play an active role. At the same time, ALD sent a few emails to all unit buyers to offer the sale of freehold and mentioned that by paying for the freehold, unit buyers will not have to pay the ground rent any more. ALD changed ownership again in Dec 2018 to DMH & Co by Daniel Mark Harrison. The lease was sold by a company called FSL Properties Empress Mill Ltd and the management company named in the lease is called Orchid Point Management Company Ltd. The management agreement was with ALD. ALD Property projects sold by Hong Kong Homes have similar or completion problems, Summerberry Residences, Olicana. When pressured by groups of buyers, Samson Law said he would resolve the problems with Charles Cunningham and Tim Ackrel (using their DS7 emails). The unit buyers afraid they may not get the rental after the 2 year guaranteed period even if give the 60 days notice under the management agreement because ALD appears to have disappeared. The 5 penthouse units are not yet completed because no work was done for over a year and the main staircase to enter the block is said to be unfit for people walking so there may be fire and safety compliance. Not sure the duplex design may meet the safety requirement. When paying for the initial deposit, the buyers were told by Hong Kong Homes they would get a specified free car park. Later, they were told such car park was not available but replaced by a right to park outside the building. From past reportings on the news, the companies concerned(Empirical, FSL) have similar directors Charles Cunningham, Wright. The role of solicitors are also very confusing: Tim Ackrel l uf06c Acts as seller company [FSL Properties Empress Mill Ltd] solicitors in the sale agreement : Tim Ackrel, Empirical Property Group Ltd l uf06c Tim is sole director of a company called DS7. DS7 is the company that lends money to ALD to purchase FSL properties. ALD has charged its asset to DS7. l uf06c Tim is also the legal head of ALD (so ALD has charged its assets to a staff?) l Tim acts both for the landlord (FSL Properties Empress Mill or ALD Orchid Point), and the management company (ALD Ltd) He uses the landlordu2019s name to demand money from unit buyers but he totally ignored the responsibility of the management company to pay the ground rent and service charges per the management contract. He is using his legal expertise against the unwary overseas buyers? The solicitors letters were sent at the same time regardless of when individual buyers purchased the units but the purchase time may vary many months. If they had sent the first letter on first due date in late 2018 or early 2015, other potential buyers might know and not buy. In short, this may be a well structured sales scheme. Other development projects by ALD sold by Hong Kong Homes are Summerberry Residences, Olicana and Alexander House. The last two are not yet completed. Summerberry buyers also received solicitors letters. No work appeared done for the last year on the outstanding work at the Mill (staircase, penthouses), and yet they are selling a site opposite called The Mill B via a sales agent called MIG, a Malaysian group. Edwen Yew is also Malaysian.

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