KMV Asia Development Corp is facing multiple complains regarding their real estate properties, not having the property listed in a crowd funding platform; when in fact, the units are already sold out. These complains were filed by its recent unit buyers and now under further investigation.
Vive Residences Developer, a 6-storey residential building with 40 condominium units in Montojo St. Barangay Tejeros is gaining complaints from its buyers late this year. The project was in its pre-selling stage and is already sold out. The construction of the promising project started in 2018 and is expected to be completed by the year 2021.
Housing and Land Use Regulatory Board (HLURB) has been receiving complaints from the unit buyers of the said development for having issues with their license to sell. Vive residences has been later found out to be listed as one of the properties being used as collateral in a real estate crowd funding platform despite the units being already sold to buyers. On further investigation, the said property and its contract to sell was also used with another financing firm.
Another project, which is Venessas Heights Subdivision is facing the same issues with their buyers. Venessas Heights, a township development in Liliw Laguna has been up for selling in the last (3) three years, some of the buyers had their payments completed but no development has started apart from the model housing unit.
These projects are under the umbrella company of the Vi Group with its Chairman and CEO, Arch. Kaydee Velasco, the 30 yr. old Principal Architect and CEO of KMV Asia Development Corp., who just received the Young CEO of the Year Award last November 20, 2020. The allegations if proven correct are serious and Velasco can be charged with felony and fraud for misleading investors and buyers.