Puteri Harbour Community

[btravelling]

Thanks everyone for the answers to my DIBS questions, I will not be taking the DIBS option.
Here is a link to some pictures, docs, and videos, some i have posted before and nothing here is so great... however I do like the Puteri Harbour Presentation from Pinetree group, it gave me the best view of what things may be like in the future, have look if you have not seen it before, I wish UEM had something like this.
This link should take you to my skyedrive let me know if it does not work https://skydrive.live.com/redir?resid=C4CD3DF08072BEA!354&authkey=!AISLy2afWyf3YJ8

 

[Philip]

Hi, I bought a studio unit at encorp puteri harbour for 950k. Check that I have to pay 10-4 = 6% for 1st down and 5-4 = 1% for 2nd down if I am getting 85% loan ? And it is better for me to get DIBS since I am getting 85% loan and also if the stamp fee is RM20k plus ? The stamp fee payable is not included in the loan ?

Thanks in advance for advice from all you gurus

Running on a tight budget

For Encorp, their discount package is as follows: 4% of purchase price deducted from 1st payment, 4% of purchase price deducted from 2nd payment and 3% (for non DIBS) of purchase price deducted from 2nd payment. I have written and signed off letters from the developers to this effect
For Teega, I would strongly recommend that you do the same and get hold of those commitments from their sales team.

Pls note that DIBS does not necessarily cover all legal expenses, bank interests and stamp duties.

DIBS per se simply means the interests incurred for the payments of progress payments.
Legal expenses cover only documentation and disbursements in the course of preparation of SPA between purchaser/developer and loan agreement of between purchase/ bank. It does not include stamp duties for the MOT (Memorandum of Transfer) which can be quite substantial amounting to about RM30,000 for a property worth about RM1.2m. It is different from stamp duties of the SPA/ loan agreements.

 

[IskandarRocks]

Hi all:

Just to be very clear, the DIBS benefits I mentioned above that includes Legal Fee and Stamp Duty on LOAN DOCUMENTATION + Interest During Construction (or progress payment) is for TEEGA ONLY.

As an alternative to above, you get RM 10 psf additional discount. That is if you do not choose the DIBS. Again, this for TEEGA only.

This may be different for other projects. For Encorp, this may be different. Perhaps as Funniman mentioned.

Sorry for the confusion caused ...... if any!

 

[Funniman]

Yes at 85% loan, DIBS would be beneficial to you. Stamp duty is payable only at the tail end of the project during the process of transfer of titles.
This stamp duty is not to be confused with stamping of the documents which is inclusive in the DIBS package.

Note that you must get your loan within 2 weeks (better check with Encorp again if the 2 weeks deadline is applicable ) of signing the SPA to qualify for the DIBS package. Apply for your loan asap even if you have not sign the SPA. You can use the booking form as preliminary document to apply.

Merry Xmas.

Hi, I bought a studio unit at encorp puteri harbour for 950k. Check that I have to pay 10-4 = 6% for 1st down and 5-4 = 1% for 2nd down if I am getting 85% loan ? And it is better for me to get DIBS since I am getting 85% loan and also if the stamp fee is RM20k plus ? The stamp fee payable is not included in the loan ?

Thanks in advance for advice from all you gurus

Running on a tight budget

 

[Funniman]

No worries mate. I am sure everyone is as clear as daylight...since BT mentioned it is Teega project. We are all trying to learn from each another.

Hi all:

Just to be very clear, the DIBS scheme that I mentioned above that includes Legal Fee and Stamp Duty on LOAN DOCUMENTATION + Interest During Construction (or progress payment) is for TEEGA ONLY.

This may be different for other projects. For Encorp, this may be different. Perhaps as Funniman mentioned.

Sorry for the confusion caused ....,, if any!

 

[DCputeri]

Is MOT a transfer from Developer to Owner when project is completed? What is the % of the cost price of unit?

For Encorp, their discount package is as follows: 4% of purchase price deducted from 1st payment, 4% of purchase price deducted from 2nd payment and 3% (for non DIBS) of purchase price deducted from 2nd payment. I have written and signed off letters from the developers to this effect
For Teega, I would strongly recommend that you do the same and get hold of those commitments from their sales team.

Pls note that DIBS does not necessarily cover all legal expenses, bank interests and stamp duties.

DIBS per se simply means the interests incurred for the payments of progress payments.
Legal expenses cover only documentation and disbursements in the course of preparation of SPA between purchaser/developer and loan agreement of between purchase/ bank. It does not include stamp duties for the MOT (Memorandum of Transfer) which can be quite substantial amounting to about RM30,000 for a property worth about RM1.2m. It is different from stamp duties of the SPA/ loan agreements.

 

[DCputeri]

Becos it is from RSP?

Thanks everyone for the answers to my DIBS questions, I will not be taking the DIBS option.
Here is a link to some pictures, docs, and videos, some i have posted before and nothing here is so great... however I do like the Puteri Harbour Presentation from Pinetree group, it gave me the best view of what things may be like in the future, have look if you have not seen it before, I wish UEM had something like this.
This link should take you to my skyedrive let me know if it does not work https://skydrive.live.com/redir?resid=C4CD3DF08072BEA!354&authkey=!AISLy2afWyf3YJ8

 

[Funniman]

Yes, technically it means upon completion of the project where the strata title is issued in your name.

http://www.mylawyer.com.my/article/stampduty.php


Stamp duty payable

A purchaser of a property has to stamp duty to the government when he buys a property.

How to calculate the stamp duty payable?
The stamp duty chargeable on the Sale and Purchase Agreement is RM10 each.

The stamp duty chargeable on the Memorandum of Transfer is calculated based on the purchase price as follow:-
- For the first RM 100,000, the stamp duty payable is 1%
- For the next RM 400,000, the stamp duty payable is 2%
- For any sum exceeding RM 500,000, the stamp duty payable is 3%

Is MOT a transfer from Developer to Owner when project is completed? What is the % of the cost price of unit?

 

[DCputeri]

Thanks for the prompt response. It will be good if one can collect the strata title upon completion. I have of some projects took about 10 years.

Yes, technically it means upon completion of the project where the strata title is issued in your name.

http://www.mylawyer.com.my/article/stampduty.php


Stamp duty payable

A purchaser of a property has to stamp duty to the government when he buys a property.

How to calculate the stamp duty payable?
The stamp duty chargeable on the Sale and Purchase Agreement is RM10 each.

The stamp duty chargeable on the Memorandum of Transfer is calculated based on the purchase price as follow:-
- For the first RM 100,000, the stamp duty payable is 1%
- For the next RM 400,000, the stamp duty payable is 2%
- For any sum exceeding RM 500,000, the stamp duty payable is 3%

 

[Funniman]

Freehold land should be faster...

Thanks for the prompt response. It will be good if one can collect the strata title upon completion. I have of some projects took about 10 years.

 

[DCputeri]

Cannot sell without strata title?

Freehold land should be faster...

 

[Funniman]

Normally with Deed of Assignment but conditional with developer's approval.

Cannot sell without strata title?

 

[IskandarRocks]

No worries mate. I am sure everyone is as clear as daylight...since BT mentioned it is Teega project. We are all trying to learn from each another.

Hi Funniman, appreciate your thoughts. I was in agreement with you post that DIBS by definition covers only interest. Anything additional is up to the developer. So just wanted to make sure I do not set any wrong expectations. Wishful thinking is easy to come by.

BTW, after much deliberation, I finally decided to take the plunge and signed the S&P for Teega. As an existing purchaser, got 15% discount + the DIBS benefits as mentioned earlier. Overall, the deal turned out to be too good to pass.

 

[Funniman]

Congratulations!!!

I wish I would have taken Teega too...the price is too hard to resist...but it is no go for me as I did not get my choice units, it is also a good excuse to back off ....got to save some bullets for other projects. I am just informing friends here the little knowledge I know from the property experiences I had gone through.

By the way, pls note DIBS do not cover MRTA interests which essentially a premium loan for the insurance.

Hi Funniman, appreciate your thoughts. I was in agreement with you post that DIBS by definition covers only interest. Anything additional is up to the developer. So just wanted to make sure I do not set any wrong expectations. Wishful thinking is easy to come by.

BTW, after much deliberation, I finally decided to take the plunge and signed the S&P for Teega. As an existing purchaser, got 15% discount + the DIBS benefits as mentioned earlier. Overall, the deal turned out to be too good to pass.

 

[IskandarRocks]

Congratulations!!!

I wish I would have taken Teega too...the price is too hard to resist...but it is no go for me as I did not get my choice units, it is also a good excuse to back off ....got to save some bullets for other projects. I am just informing friends here the little knowledge I know from the property experiences I had gone through.

By the way, pls note DIBS do not cover MRTA interests which essentially a premium loan for the insurance.

Thanks again Funniman! You are very modest, which is a good thing. I agree, opportunities will keep coming and it is better to be one of the first at the next opportunity.

Thanks for the heads up on MRTA interests.

 

[Dfiris]

Cannot sell without strata title?

Hi from my experience, projects normally will get their titles 3-5 years after completion.

About to get my 4 titles next month.

You are able to sell the property without title, no issue.

Just that, for some projects when there are issues with bad developers, the legal recourse is less if titles are not issued yet.

 

[Newbie11]

For somerset?

 

[Dfiris]

For somerset?

No lar, for my KLCC properties, like Marc Residence, Fraser Place & One KL. Somerset will only complete earliest end 2013. And maybe opening maybe Q1 2014.

So most likely will get titles for Somerset in 2017-2018.

 

[Avonup]

For Teega, I understand that MOT stamp duty would by covered by the developer.
But if one were to take a bank loan, I get the impression that there will be a another MOT stamp duty for transferring the strata title from the bank to your name. Is anyone able to confirm this. Thanks.

Yes, technically it means upon completion of the project where the strata title is issued in your name.

http://www.mylawyer.com.my/article/stampduty.php


Stamp duty payable

A purchaser of a property has to stamp duty to the government when he buys a property.

How to calculate the stamp duty payable?
The stamp duty chargeable on the Sale and Purchase Agreement is RM10 each.

The stamp duty chargeable on the Memorandum of Transfer is calculated based on the purchase price as follow:-
- For the first RM 100,000, the stamp duty payable is 1%
- For the next RM 400,000, the stamp duty payable is 2%
- For any sum exceeding RM 500,000, the stamp duty payable is 3%

 

[Newbie11]

No lar, for my KLCC properties, like Marc Residence, Fraser Place & One KL. Somerset will only complete earliest end 2013. And maybe opening maybe Q1 2014.

So most likely will get titles for Somerset in 2017-2018.

I saw the video on one KL today. V nice. I am ignorant of the KL mkt. how is it