Faber Development
How their buildings read
1 fair, 1 good
Outcomes still vary building by building. Check the building, not the brochure.
What we found
Faber Group Berhad, the listed parent, is reported to be renamed UEM Edgenta Bhd, and its property arm is described as a member of the same group rather than a separately listed developer.
The evidence
Regulatory and legal
In a Housing Tribunal case, Faber Union Sdn Bhd was the developer ordered to pay liquidated ascertained damages (LAD) to purchasers, and the Federal Court later upheld the Faber Union line of authority on when LAD time begins to run.
Corporate continuity
NegativeA 2003 restructuring proposal by Faber Group Berhad listed Faber Development Holdings Sdn Bhd and Faber Union Sdn Bhd among subsidiaries whose assets were to be transferred to Jeram Bintang Sdn Bhd, with bonds issued in settlement of novated liabilities.
One more finding
A Malaysian company profile lists Faber Development Holdings Sdn Bhd as established in 1983 and reports a 5.3% drop in net sales revenue and an 11.76% fall in total assets in its latest financial report, with no operating profit figure disclosed.