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Products
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Know
Your Options
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Period
of Membership
In
Malaysia, today, there are three different periods of membership
offered by local timeshare companies. They are 30 years, 38 years
or 50 years.
The different periods are self-explanatory. For example,
if you signup for a 30-year membership, that’s the length of
time you will be entitled to enjoy of benefits as a timeshare
member with the company you’ve signed up with. |
| Entitlement
Local
timeshare companies in Malaysia offer either a seven-night
entitlement, an even/odd year entitlement or around entitlements
based on points purchased. The majority of companies offer the
seven-night entitlement where members are entitled to spend seven
nights per year throughout their membership period at their chosen
home accommodation resorts. |
The
even/odd year entitlement has been introduced quite recently. In
this case, members only travel either during the odd year or even
year, depending on the membership which they have signed-up.
The points system
is highly favourable - it is a right-to-use system where members
will occupy resorts or holiday apartments for an annual allotment
of timeshare points for every 12-month period. |
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| Transferability In
Malaysia, all timeshare companies allow for transfer of
memberships. However, different companies charge different
transfer fees. Most timeshare companies charge a transfer fee
which is comparable to purchasing a new membership, thus transferring
memberships can be quite a costly exercise and is mostly not worth
the effort. |
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| Usage
Members can actually
advance, accrue or split their entitlement. All companies allow members
to advance their entitlements. However, there is a common limit on
accruing entitlements to avoid traffic reservations. Most companies
allow a maximum accruement of one year.
When advancing
entitlement, members will need to pay their yearly membership
maintenance fee in advance as well. Splitting entitlement usage is
becoming quite common these days. However members should look out for
hidden fees. |
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| Occupancy
Resorts usually
have accommodations such as studio bedroom apartments or hotel
units. Different schemes offer different occupancy. For example, a
two-bedroom unit may sleep six people. It is thus very important
for prospective members to look into this aspect carefully as many
home resorts are strict about allowing extra occupants, especially
foreign resorts. |
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| Payback
Scheme
Some of timeshare
companies now have this feature. However, prospective members need to
check if the insurance company affiliated with the timeshare company is
a recognised one, and ensure that the fund is made through a trustee. |
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As
published in the Travel Times, New Straits Times on 2 August 2002 based
on column contributed by Emmeline Yong, former Managing Director of Leisure
Holidays Berhad |
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