I invested in SMDC Shore Residences Tower 1 in MOA last 2014. It was then a pre-selling project and based on the contract, turnover is 3rd quarter of 2018. From 2014, I paid a monthly amortization for the equity and even requested for an extension of the amortization until the unit is ready for turnover - it was then approved. Come this October 2018 - SMDC pressured me to settle the balance thru bank financing. As an OFW - it was a struggle processing documentation for the loan as the bank is based in the Philippines and there's a lot of papers needed to be sent back and forth. SMDC posted a penalty because of the late release of the bank loan (was released December). But then they said the penalty is waived - all is settled. I was expecting that the unit is ready for turnover since they said 3rd quarter is the completion of the project. But until now, it's February 2019 - there's still no unit given to me - they said it's still not ready. I have started paying the bank since the loan was approved.
What can I demand to SMDC for this? SMDC's customer service isnt helpful. No one is bothering to call me to give atleast an update. It is so frustrating.
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