Living in JB

[mathstub]

Bros and Sis,

When I paid the booking fee to reserve a unit, I sent my money through the money changer to the bank account of the developer provided by the sales.

But I often hear the sales I can also place a cheque. Is this cheque the one from our checking account in SG or should be one from an account in Malaysia (meaning I need to open a checking account)? How do you guys usually do to reserve a unit? Putting down a cheque sounds so convenient.

Do you usually pay the booking fee and then apply for the loan and wait for the loan to approve or do you wait for the loan to approve first and then pay the booking fee (of course, it is possible that you will lose the unit of your choice if you wait until your loan is approved)?

 

[mathstub]

If I don't remember it wrong, based on very limited experience with one developer, I think one can get the booking fee (after substracting the admin fee if any) if the loan is turned down. If the loan is approved but with loan margin lower than what the buyer needs, then he cannot get the booking fee. But for this case, I have encountered another nice developer who still returns the booking fee after substracting some admin fee off but I suppose most other developers will not do this.

I am sure some Bros here should know much better than me regarding the above.

something im pretty wary but i dont know if it is a common practise.

im taking loan with malaysia bank.

the agent told me that if my loan fails, the 2% downpayment will be confiscated by the seller.

is this true?

can any expert help ?

Thanks.

 

[mathstub]

Thanks Bro for the link which confirms what I saw from the internet.

This website may offer some help: http://www.elawyer.com.my/legal_calculator_info.php

 

[tansi]

Both will collect to recover cost of building hiways and prepare for future tunnellink. never a toll free hiway.

yah, for what i know it will be like 2nd link go in pay, come back also pay.

 

[ShawnLow]

we went to cascadia on saturday, but was not able to enter the show room after 3pm as they were preparing for the night concert where Fish Leong performed. Was quite impressed by their marketing campaign, the eco concept is interesting but I have doubt such a concept would work in such an area, and honestly, we think the place is a little too far from causeway and the heavy traffic one has to endure sometimes. But the marketing campaign must have been successful in attracting such a great turn out, so kudos to Setia for being able to market such a project so well. Everything in the ad looks so nice, especially the nice looking cascading lakes.

I was there for the concert too. 1st impression they let me feel it is 2nd HH,environment wise very nice,due to the good weather it isnt hot at tat nite and can feel the good cold wind blowing~house very pretty,i have to thumb up to my friend who work in setia marketing,very good campaign indeed.

It is just the house is toooo far from 2nd link and pasir gudang highway is always jam...too bad..if they implement such great project in iskantar area, that place will be hot sales cake!

 

[ODYSSEY]

Not sure I quite understand you. Isn't it acceptable practice to pay 10% of purchase price, minus initial option fee when signing the S&P agreement at the lawyer's office before the lawyer can go ahead and seek state consent? In my case I paid a 2& option fee when making an offer, and upon acceptance, paid 8% at the lawyer's office during the signing of the S&P by both parties.

Hi Teck, as far as I know, the S&P must be signed first before the State Consent (applicable for foreigners only) application can be made. In ur case, I believe the lawyer would hv put in place a Conditions Precedent clause stating something to the effect that the S&P agreement is conditional upon the seller getting the Sate Consent. So, u are protected in this sense. This was one of the questions on my mind back then : )

 

[winners]

Hi Teck, as far as I know, the S&P must be signed first before the State Consent (applicable for foreigners only) application can be made. In ur case, I believe the lawyer would hv put in place a Conditions Precedent clause stating something to the effect that the S&P agreement is conditional upon the seller getting the Sate Consent. So, u are protected in this sense. This was one of the questions on my mind back then : )

This is very true. My lawyer also practiced the same clause for me although mine is a resale unit.

 

[curiouscat]

Other ways to help including teaching people how to "fish" and make a living instead of giving them "fish" instead of giving them "fish". In fact, I have help many to "fish" successfully instead of working for someone.indirectly, I am also feeding their family members and themselves.
PH

I believe in helping people help themselves. People that are successful had quite a bit of help (even though some seem to forget all the lucky breaks they got): from parents, relatives, school, businesses, government policies (enforcing laws, protecting you and your business, building infrastructure...), customers, mentors, authors... I know I have been lucky. I want to help give people a chance, who may not have been as lucky, to make their own lives better.

Four organizations I like that let me do this are: http://trickleup.org/ http://www.kiva.org/ http://www.globalgiving.org/ http://www.langkawicharity.com/

 

[ODYSSEY]

My seller does not seem to have appointed a legal firm to represent him, and she told me this is quite normal. Now that is very unusual to me, so maybe someone with more experience can confirm that this is in fact normal practice for sellers.

I believe it is normal practice. All the seller wants is to get his money, no money no house - simple! He doesnt need to spend the additional cost of hiring a lawyer to achieve this. The buyer, on the other hand, needs to engage a good lawyer cos he is the one coming out with the big money to purchase the house. He has to ensure things like, is the seller the rightful owner, and is the property free of any encumberance - u wouldnt want to buy one that's caught in a bankrupt suit, or an intestate struggle. Is the land that the house is sitting on gazetted for a future road, MRT, and many more. Buying a house is generally more complex than selling. For most people who take a loan from a bank, u would be bound to onerous terms and hiring a lawyer to get thru these is certainly advantageous. Having a good lawyer to protect the buyer's interest is a must, even more so if one is buying from sub-sale : ) Hope this answers ur question.

 

[Investor]

In today's 'Today' newspaper
Malaysian PM Najib Razak said yesterday that he will make an announcement about a collaboration with Singapore on the Iskandar Malaysia development project during a bilateral meeting next month.

Just 2 weeks ago
Singapore's Trade and Industry Minister Lim Hng Kiang has urged Malaysia and Singapore to capitalise on each other's comparative advantages to brave the global economic volatilities ahead.

“In the uncertain global economic climate, Malaysia and Singapore should reinforce each other's growth by finding collaborative niches in the manufacturing and services value chains. This will help us ride out the economic volatility that lies ahead,” he said at the Malaysia-Singapore Business Forum 2011 last week.

Lim also encouraged businesses in Singapore to leverage their expertise with Malaysian companies by integrating business or manufacturing processes across the borders.

“The close proximity between Iskandar Malaysia and Singapore means that managing such integrated processes can be faster and easier. This is a valuable proposition that should be exploited.

“Looking ahead into the future, with the right match of industries and connectivity for goods and people further enhanced, Iskandar and Singapore could well have the potential to develop into a seamless economic space some day,” he said.

Both above news have shown that PAP view Iskandar as a partner instead of competitor and that PAP is willing to fully collaborate with Malaysia on the development of Iskandar in a way that will benefit both countries.

 

[lastresort]

In today's 'Today' newspaper
Malaysian PM Najib Razak said yesterday that he will make an announcement about a collaboration with Singapore on the Iskandar Malaysia development project during a bilateral meeting next month.

Just 2 weeks ago
Singapore's Trade and Industry Minister Lim Hng Kiang has urged Malaysia and Singapore to capitalise on each other's comparative advantages to brave the global economic volatilities ahead.

“In the uncertain global economic climate, Malaysia and Singapore should reinforce each other's growth by finding collaborative niches in the manufacturing and services value chains. This will help us ride out the economic volatility that lies ahead,” he said at the Malaysia-Singapore Business Forum 2011 last week.

Lim also encouraged businesses in Singapore to leverage their expertise with Malaysian companies by integrating business or manufacturing processes across the borders.

“The close proximity between Iskandar Malaysia and Singapore means that managing such integrated processes can be faster and easier. This is a valuable proposition that should be exploited.

“Looking ahead into the future, with the right match of industries and connectivity for goods and people further enhanced, Iskandar and Singapore could well have the potential to develop into a seamless economic space some day,” he said.

Both above news have shown that PAP view Iskandar as a partner instead of competitor and that PAP is willing to fully collaborate with Malaysia on the development of Iskandar in a way that will benefit both countries.

Im definitely keen to know what new announcement they are going to make. =)

 

[lastresort]

Hi, dont congrats me yet, till the completion.

hehe..

it is a end lot unit at gateway precinct .. around 2280 sq ft..

oh yes, my mum gonna be the owner and im gonna finance it.

inside pretty well maintain..

Brother, it is a reasonable good price, hope you get the unit successfully. =)

 

[Lizzert]

For those Bros and Sis who are into condo, say one type of condo with its balcony faces the pool surrounded by condo buildings and another type with its balcony faces the outside world seeing a large piece of land on which there is a township with a whole bunch of low-rise houses, do you think the condo facing the pool or the one facing the outside world have a better capital appreciation? Would love to hear your views here.

Pool view usually more popular unless the alternative has a commanding view of greenery, landscape or impressive skyline..if its township/low rise houses..I would go with pool.
Some may have concerns about noise from children/swimmers, but I think those with pool views will be easier to rent out and provide better use of balcony. Obviously height from and proximity to pool will have impact on noise levels..but Ive seen angmohs spend hours sitting ouside pool facing balcony drinking/reading on weekends. Personally I prefer pool views and like the tranquility and water noises/reflections and views at night when pool is closed to swimmers.

 

[lastresort]

I was there for the concert too. 1st impression they let me feel it is 2nd HH,environment wise very nice,due to the good weather it isnt hot at tat nite and can feel the good cold wind blowing~house very pretty,i have to thumb up to my friend who work in setia marketing,very good campaign indeed.

It is just the house is toooo far from 2nd link and pasir gudang highway is always jam...too bad..if they implement such great project in iskantar area, that place will be hot sales cake!

haha we didn't attend the concert in the end as it was quite late. Registered for the tickets, but decided not to go in the end. Yes I agree it is just too far from both customs and the road outside can be very jammed. Would be good for Malaysians working in JB instead of for those commuting to Singapore daily, but then again, not many of these people can afford these properties. I think the place also has no commercial area, so need to drive out to Setia Indah for the nearest coffeeshop/supermarket and to Tebrau for the nearest mall, all together, not so well connected to major places in JB. They are very smart to brand all the out of town areas as eco towns which we see as just marketing gimmicks to help them sell well. Also, Setia has it's way of giving easy buying package to help it sell it's projects fast and well to first home buyers as well as investors/speculators who wish to leaverage fully. I will still look at ST and BI instead, but the prime properties in BI are almost all sold out already.

 

[lastresort]

Pool view usually more popular unless the alternative has a commanding view of greenery, landscape or impressive skyline..if its township/low rise houses..I would go with pool.
Some may have concerns about noise from children/swimmers, but I think those with pool views will be easier to rent out and provide better use of balcony. Obviously height from and proximity to pool will have impact on noise levels..but Ive seen angmohs spend hours sitting ouside pool facing balcony drinking/reading on weekends. Personally I prefer pool views and like the tranquility and water noises/reflections and views at night when pool is closed to swimmers.

I agree, I read from a prop guru book that says condos facing a pool of water (swimming pool/lake/sea/river) have a very calming feeling (hard to explain), also chinese like to have water in front as we think it gives good fengsui. Green scenery views like park/garden/golf course are good too.

 

[lastresort]

Last week was invited for Privileged Review and booking. 20th floor facing S'pore 2-bedrooms of 958sf for RM600K (623psf) with 8% rebate (~573psf) . No installment till 3yrs upon completion. Before that all bank interest borned by developer. No legal fees for both S&P and loan agreement excluded stamp duty. Early bird also free airconds, master bedroom wardrobe, kitchen cabinet. Quite tempting to make a booking.... at last also gave up!! With current economic full of uncertainies , rather keep $$$ wait and see!

thanks brother, missed out on this post. I was expecting a higher psf price as I remember when it was branded Iskandar Residence, the sales person told me the starting price would be at least 600-700 psf and that was more than a year ago. Hopefully can get more info on this. =)

 

[Sobrielo]

something im pretty wary but i dont know if it is a common practise.

im taking loan with malaysia bank.

the agent told me that if my loan fails, the 2% downpayment will be confiscated by the seller.

is this true?

can any expert help ?

Thanks.

I am not an expert and hope this is of help. Heed the good advice 1 to 8 by Wuqi. I was placed with adverse risk. Despite having paid the 2% within two weeks and having the loan approved and depositing another 10% after signing the SPA, with a clear understanding that the seller will received all the deposit only upon state approval. I was placed at a disadvantage when the seller demanded that 10% be paid before even the SPA was submitted for state approval. My advice is... get a good lawyer as advised by Wuqi. I don't really know whose interest mine was representing. Just glad to have all my money back minus legal fees and loss in foreign exchange...

The agreement is :

2% deposit, 14 days period to obtain loan. on 14th day to sign SPA & top up balance of 1st 10%. If loan not approved by 14 days deposit to be forfeited.

 

[Sobrielo]

Not sure I quite understand you. Isn't it acceptable practice to pay 10% of purchase price, minus initial option fee when signing the S&P agreement at the lawyer's office before the lawyer can go ahead and seek state consent? In my case I paid a 2& option fee when making an offer, and upon acceptance, paid 8% at the lawyer's office during the signing of the S&P by both parties.

Our case was different. Paid the 2% initial option fee with the agent who recommended the subsale property which would be placed as confirmed sale. And another 10% of the agreed price after having to sign all the documents pertaining to the sale on another day with a lawyer whom we did not appoint. The verbal understanding communicated to us was that upon agreement by seller after signing the SPA on a later day, all relevant documentation pertaining to the sale would be submitted to state for approval. We will only have to release the money held in trust inclusive of another 10% to the seller only upon state approval. That is the reason I refused to give in to the 10% as demanded by the seller when he purportedly was there to sign the SPA. It was a significant risk. I was even told in the presence of my family members that should the buyer backed out after signing the initial OTP, we can claimed compensation of RM12,000/-. On hindsight, I should have engaged a good legal representative and should have read and scrutinised all details in the clauses on the huge heap of documents pertaining to the sales and not accept it as face value. My fear was what would happen if for some reasons the state did not approve...that's why I am just happy to lose a small sum of legal fee charges amounting to RM3,000/- and loss in foreign exchange rate. Just sharing with all brothers and sisters out there to heed the advice given by Wuqi. Anyway, I never met the seller except the OTP that acknowledged him as the owner, and all relevant documents pertaining to the sales at the agent's premises at HH. I am glad my son is wise.

 

[Joyeo201]

haha we didn't attend the concert in the end as it was quite late. Registered for the tickets, but decided not to go in the end. Yes I agree it is just too far from both customs and the road outside can be very jammed. Would be good for Malaysians working in JB instead of for those commuting to Singapore daily, but then again, not many of these people can afford these properties. I think the place also has no commercial area, so need to drive out to Setia Indah for the nearest coffeeshop/supermarket and to Tebrau for the nearest mall, all together, not so well connected to major places in JB. They are very smart to brand all the out of town areas as eco towns which we see as just marketing gimmicks to help them sell well. Also, Setia has it's way of giving easy buying package to help it sell it's projects fast and well to first home buyers as well as investors/speculators who wish to leaverage fully. I will still look at ST and BI instead, but the prime properties in BI are almost all sold out already.

Sir, Which properties in Bukit Indah do you considered them as PRIME ?

 

[spidey]

I was there for the concert too. 1st impression they let me feel it is 2nd HH,environment wise very nice,due to the good weather it isnt hot at tat nite and can feel the good cold wind blowing~house very pretty,i have to thumb up to my friend who work in setia marketing,very good campaign indeed.

It is just the house is toooo far from 2nd link and pasir gudang highway is always jam...too bad..if they implement such great project in iskantar area, that place will be hot sales cake!

I think the area is ok, if you measure the distance to CBD and not to Tuas 2nd link! There is a way to by pass the Pasir Gudang highway....take the slip road out to NSHW, where you will by pass Adda Heights or Bandar Dato Onn...and once you hit the NSHW, it's a breeze to drive to the CBD...that is until you reach the flyover that is under contruction (EDL Highway) and leading into the City ctr...

If you are comparing HH/BI to CBD...I think this is closer...unless the costal hw is up...until now, have not use that hw yet...