Living in JB

[lastresort]

it suddenly struck me about the PNB trying to acquire SP setia in the Johor context. UEM is the master developer for nusajaya and is a subsidiary of Khazanah, a governmental entity. But Setia has a big foothold in the land consisting of the Bukit indah township including the commercial lots and condos + setia business park and ecogardens. It coming under PNB which is another arm of the government which means it's taking up the lion's share of this golden plot. With a 'monopoly' i hope that price fixing does not occur otherwise whatever affordability will quickly erode away hmmm....

haha that was what i was saying. And prior to this and the acquisition of Sunrise Berhad, there were many similar takeovers. Sime Darby has just recently acquired a significant stake in E&O Group, a Penang based giant (probably the biggest Penang developer), only about a month ago. The government funds also own part of BRDB, UM land, UDA land, Pelangi Berhad, Gamuda, Johor Land, and dozens many others. Setia alone has at least 4 townships underdevelopment in Johor.

They can sure use public fund to their advantage. Acquire cheap swamp land in close tenders, use public fund to build highways to these once deserted cheap plantations and build a new city.

Now UEM's Puteri Habour psf prices are close to KL city centre prices, same level as those condos next to world renowned Petronas Twin Towers. Hope it's sustainable, so we can push the prices to new heights, good for everyone.

 

[ginfreely]

haha that was what i was saying. And prior to this and the acquisition of Sunrise Berhad, there were many similar takeovers. Sime Darby has just recently acquired a significant stake in E&O Group, a Penang based giant (probably the biggest Penang developer), only about a month ago. The government funds also own part of BRDB, UM land, UDA land, Pelangi Berhad, Gamuda, Johor Land, and dozens many others. Setia alone has at least 4 townships underdevelopment in Johor.

They can sure use public fund to their advantage. Acquire cheap swamp land in close tenders, use public fund to build highways to these once deserted cheap plantations and build a new city.

Now UEM's Puteri Habour psf prices are close to KL city centre prices, same level as those condos next to world renowned Petronas Twin Towers. Hope it's sustainable, so we can push the prices to new heights, good for everyone.

Not sure about price fixing, but i think govt participation should give more assurance of project completion! Not that there is risk for big developers to begin with, but with govt taking a stake in the project, there should be even lesser risk of project incompletion.

 

[lastresort]

Not sure about price fixing, but i think govt participation should give more assurance of project completion! Not that there is risk for big developers to begin with, but with govt taking a stake in the project, there should be even lesser risk of project incompletion.

I somehow think these firms would be more efficient if left to run privately. Enough of their songlaps to benefit their cronies. They can just cut corners here and there once the projects are sold out to Singaporeans. One of the reasons why Sunrise Berhad (before UEM acquistion) is so popular in KL, Mount Kiara is because the developer continues to manage the development after it has completed. I've gone KL to see their projects, still well maintained after 20-30 years. People would pay 50% premium for a Sunrise built and managed project. Another Developer YTL corp, which do not need to launch its projects because it allows it's regular customers first priority, before they even launch, the project was over booked many times, so some of its projects are only built exclusively for its members (repeat customers). This is how much they trust their developer.

If they take over the board of directors of the best managed developer "Setia". It might not be as well run as before.

 

[ginfreely]

I somehow think these firms would be more efficient if left to run privately. Enough of their songlaps to benefit their cronies. They can just cut corners here and there once the projects are sold out to Singaporeans. One of the reasons why Sunrise Berhad (before UEM acquistion) is so popular in KL, Mount Kiara is because the developer continues to manage the development after it has completed. I've gone KL to see their projects, still well maintained after 20-30 years. People would pay 50% premium for a Sunrise built and managed project. Another Developer YTL corp, which do not need to launch its projects because it allows it's regular customers first priority, before they even launch, the project was over booked many times, so some of its projects are only built exclusively for its members (repeat customers). This is how much they trust their developer.

If they take over the board of directors of the best managed developer "Setia". It might not be as well run as before.

Oh you mean sluggish state run firms and Setia might be affected. Hope not leh, JB project developers should progress to learn from their KL industry counterparts (the ones you mentioned Sunrise and YTL who have earned so much market premium for their projects) to improve the quality of JB projects. Afterall price has gone up, quality should improve in tandem! If developers only increase price but show no inclination to improve quality, this is not good for themselves in the long term.

 

[Sanur]

Hi am new here,

Sort of took 4 days to read thru this forum. My mum has a place in bayou water village, my sis in law has a parcel lot while I have a place at Leisure Farm. Thanks to everyone's contributions as I have benefited lots of info from this forum.

 

[Sanur]

Hi I am new here,

I took 4 days to go thru this forum. My mum has a place in BWV, sis in law has a parcel lot waiting to build while I have a place in LF too. I have benefited greatly from all yr contributions n like to say a big "thank you!"

 

[euphony]

Now UEM's Puteri Habour psf prices are close to KL city centre prices, same level as those condos next to world renowned Petronas Twin Towers. Hope it's sustainable, so we can push the prices to new heights, good for everyone.

It is a bit crazy judging by the difference between the 2 areas! I mean if troika and binjai 8 and the likes near KLCC can garner those prices it is because of the amenities in the vicinity, their design, management and exclusivity. I took a look at imperia its... underwhelming. though i agree the pricing swing upwards would certainty be a good thing for JB properties have been a laggard for a long time.

And Ginfreely, which brings me to my point that if the government monopolizes the area then without competition, standards may fall even as prices rise. That will become a double whammy. like what happened with broadband. We actually pay more than what we do in SG for slower and unreliable connections. I have an M1 mbb and it is cheaper and faster (and unlimited) than my JB one I used to subscribe with a 20G data cap. Knowing how interconnected are the various arms with 'preferred' companies etc... Unless, there is a vigilant management in these property developers. Which is why a lot of people are hoping the current crop of high flyers in setia to not leave upon merger. Having said that UEM has done well with East Ledang. I hope that is the legacy they will use as a model.

 

[Sanur]

Hi am new to this

Managed to read thru this forum in 4 days. My mum has a unit in BWV, sis in law has a plot waiting to build while I too hv a place at LF. I have learnt a Lot from this forum and thank u all for the contributions.

 

[Aisanbo]

From the most naive perspective, it would be that the MY government simply making an investment into a good company. There are lots of Temasek companies in SG too....doesn't mean sg is going backwards just becos of that.

I do think they can somewhat monopolize the price in Johor but ultimately someone must be willing to buy. No demand the price must come down. No way any developer can in the long term deliver poor quality products and charge a premium.

From my simplistic point of view, they want to buy into Setia becos they see lots of profits in that company = many projects = many subcontract opportunities = many lobang for the people who has a say in awarding the sub-out contracts.
If the buy-out happens, let's see if the existing Chinese CEO is allowed to run the show. If Kenna kicked out, then people may worry about values of their SP Setia home.

 

[idwish]

Is it true that it is more expensive to buy a resale unit? What are the disadvantages buy new vs resale? Thanks

Hi guys,

I am selling my Semi-D at Nusa Idaman. It's a 2.5 story. (with basement, 40 X 80) Fantastic layout but I am selling this house because I am in need of money for studies for my children. It's in the heliconia precinct. IIRC, there are only 20 of such units. Just behind Horizon Hills. The unit is facing the lush greenery and there quite a vast amount of land to utilize although it's not a corner unit. There is also lifetime membership to Horizon Hills facilities. That's just one of the perks I can rmb off hand. From what I know, Units in heliconia are fully sold. If you're interested, please drop me a msg. I am not able to upload pictures yet as I am yet to go down to take this weekend.

I had no regrets buying this house, it's still being built. My only regret is that I did not give some thought for my children studies before buying this house... If interested, pls pm me.

I bought it at RM7XX XXX. Am willing to go lower than the price I bought for and I believe my loss is your gain in this case....

Thank you.

 

[lastresort]

From the most naive perspective, it would be that the MY government simply making an investment into a good company. There are lots of Temasek companies in SG too....doesn't mean sg is going backwards just becos of that.

I do think they can somewhat monopolize the price in Johor but ultimately someone must be willing to buy. No demand the price must come down. No way any developer can in the long term deliver poor quality products and charge a premium.

From my simplistic point of view, they want to buy into Setia becos they see lots of profits in that company = many projects = many subcontract opportunities = many lobang for the people who has a say in awarding the sub-out contracts.
If the buy-out happens, let's see if the existing Chinese CEO is allowed to run the show. If Kenna kicked out, then people may worry about values of their SP Setia home.

yup, however if a GLC's aim (just as a private firm would) is to maximise profits whenever possible, it can be at the expense of local home buyers? (esp the local people who are earning ringgit). Not that I care so much for them, but will it lead to more social problems, esp targeting foreigners?

On a side note.

For home prices to be sustainable, the investments coming in should create more high value jobs for the locals such that the increase in income level is in tandem with the increase in home prices, that way property prices would be more sustainable. The economy should not be too dependent on Singapore to create jobs for the PRs or rely on Singapore's spillover effect to bring sales to their local supporting companies.

I hope the government will invest more in productivity for the betterment and long term growth of the economy. Building an Educity (expand the pool of talents) is good and other infrastructures like highway, good reliable banking system, public transport system, healthcare, internet & telecommunications will help to attract more investors to set up businesses here.

Maybe next time when Singapore is filled with FTs, we will be looking for jobs in JB when the economic gap closes up. :p Then the JB locals would start to complain like what we are doing in SG. :p

Earning RM living in SG spending SGD.

 

[lastresort]

It is a bit crazy judging by the difference between the 2 areas! I mean if troika and binjai 8 and the likes near KLCC can garner those prices it is because of the amenities in the vicinity, their design, management and exclusivity. I took a look at imperia its... underwhelming. though i agree the pricing swing upwards would certainty be a good thing for JB properties have been a laggard for a long time.

Bro, you know resale prices in the KLCC vicinity can vary a lot, Imperia price is closer to Parkview (900 psf range) (3-5 mins walk to Petronas Twin Towers, according to my strolling speed). Troika and Binjai 8 are way over the top, could be 2-3 times higher.

The last time I checked, Imperia units for mid floor are already selling around 800 psf, some more they were selling fast. The UEM sales lady told me it was still affordable because it is cheap compared to Singapore prices, and for the same price, investors would still prefer Imperia than KLCC units because the roads at KLCC is congested.

However, I do hope JB prices (not just imperia) would catch up with their KL counterparts soon.

 

[euphony]

Hi am new to this

Managed to read thru this forum in 4 days. My mum has a unit in BWV, sis in law has a plot waiting to build while I too hv a place at LF. I have learnt a Lot from this forum and thank u all for the contributions.

you must have been reading day and night to finish the hundreds of pages! from one LFer to the other, welcome

 

[euphony]

I hope the government will invest more in productivity for the betterment and long term growth of the economy. Building an Educity (expand the pool of talents) is good and other infrastructures like highway, good reliable banking system, public transport system, healthcare, internet & telecommunications will help to attract more investors to set up businesses here.

Maybe next time when Singapore is filled with FTs, we will be looking for jobs in JB when the economic gap closes up. :p Then the JB locals would start to complain like what we are doing in SG. :p

Earning RM living in SG spending SGD.

My wishlist is another 'tmn molek' in bukit indah or medini where the international banks aggregate. haha lastresort, when that happens, imagine the peak traffic going into SG everyday at 5-6pm 10s of thousands of SG bikes. its' unthinkable!

 

[euphony]

Bro, you know resale prices in the KLCC vicinity can vary a lot, Imperia price is closer to Parkview (900 psf range) (3-5 mins walk to Petronas Twin Towers, according to my strolling speed). Troika and Binjai 8 are way over the top, could be 2-3 times higher.

The last time I checked, Imperia units for mid floor are already selling around 800 psf, some more they were selling fast. The UEM sales lady told me it was still affordable because it is cheap compared to Singapore prices, and for the same price, investors would still prefer Imperia than KLCC units because the roads at KLCC is congested.

However, I do hope JB prices (not just imperia) would catch up with their KL counterparts soon.

you actually made a good point that JB should churn out a sustainable economy to have its citizens afford the housing rather than always benching-marking against SG and waiting for the spillover. This is especially true if SG curbs overseas property investments or similar policies and the incoming bookings run dry. The property and banking agents whom I had the opportunity to speak to all say its a big gap at this moment and there is no way locals could afford that kind of housing and they sell the houses/loans with much envy. On average even RM300k properties are sufficiently cut throat.

 

[Sanur]

Not to worry, according to my son, only fruit bat in Sin and M'sia.

Hi, guess the bats r harmless, I have bats flying into my Singapore house n bang into my glass door, ( as blind as a bat). Monkeys stealing my bread, spit saliva into the empty vitagen bottle. Shake it n drink. That shows we r so close to nature.

 

[Sanur]

you must have been reading day and night to finish the hundreds of pages! from one LFer to the other, welcome

Indeed. My child is having PSLE yet I did nothing to help . Hub said I am mad! If I would have come across this much earlier, probably I might have gotten a place at HH. the people there seems to b very active. Hahq

 

[tansi]

Is it true that it is more expensive to buy a resale unit? What are the disadvantages buy new vs resale? Thanks

The disadvantage is uncertainty. It takes time to expose defects in any new building. Go thru at least one year-end monsoon season to see water-related defects. Somehow defects are more likely to expose near or pass the end of warranty period.
Resale? U got neighbors to advise you what was, is and will happen. Be patient and friendly and less likely you would be stuck with something regrettable.

 

[tansi]

Another concern about newly built in a booming time is does the number of skilled labor, especially experienced foremen, boom in proportion to the number of new constructions?

 

[kaeel]

Hi,

Actually it depends. The property market in Nusa Jaya is booming by the year. As for this house, I am sorry to inform that I've given it to my agent to help me sell. Apparently, he has informed me that many are interested in it and are offering higher prices. So I'll just settle for something that's reasonable.

Tks and sry for inconvenience.