What is happening at Brunsfield Iskandar Waterfront ( BIW ) @ Danga Bay?

[Iskandar007]

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Read this Strait Times article on Developer that hold back investor deposit in oversea property.....

I can't imagine if Brunsfield Iskandar Waterfront's matter appear on both Singapore and Malaysia Newspaper....

My suggestion to you guys is to complain the matter to IDRA and REHDA. If things still unsolve, then expose to the press.

 

[BlackTiger]

Here another article on property investment that went south.... So for all potential investors , dont let your guard down and assume everything will go through smoothly...

 

[freekazoid]

Brunfield not australian developer meh? If they are local must me small to medium developer.

 

[BlackTiger]

Brunfield not australian developer meh? If they are local must me small to medium developer.

++++++++++++

No , they are a local KL developer with over 24 years of reputation and won many awards....

Closely linked with Sime Darby....

You can gather more of their information on their website :www.brunsfield.com.

I will like to see how they intend to carry out what they promised.

This is their Company Mission on their website :


Let see if they act with" highest level of professionalism, integrity and standing."
and " become a good and responsible corporate citizen."

Easy to put out a Company Mission and don't mean what they say.

Corporate will lost their soul and forgotten about it when come to make profit ,after profit ,after profit.......

 

[BlackTiger]

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S'pore still top foreign investor in Iskandar
Posted on 13 June 2014 - 05:36am
[email protected]

NUSAJAYA: Singapore continues to be the top foreign investor in Iskandar Malaysia with committed investments of RM11 billion up to April this year.

Iskandar Regional Development Authority chief executive, Datuk Ismail Ibrahim, said from 2006 up to end-April, the economic corridor has attracted a total of RM138.61 billion in committed investments, of which 45% of them had been realised.

"Singapore is currently the highest foreign investor in Iskandar. We are looking at creative industry, other manufacturing activities, oleochemicals, logistics and food agriculture processing.

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While Singaporeans are investing into Iskandar, I really dont see IRDA or the relevant authorities are re-fining their legal framework to protect the interest of investors when the developers fail to carry out what they promised.

So do go in with your eye open.... Not all are as rosy as they make it to be...

 

[Iskandar007]

++++++++++++++
S'pore still top foreign investor in Iskandar
Posted on 13 June 2014 - 05:36am
[email protected]

NUSAJAYA: Singapore continues to be the top foreign investor in Iskandar Malaysia with committed investments of RM11 billion up to April this year.

Iskandar Regional Development Authority chief executive, Datuk Ismail Ibrahim, said from 2006 up to end-April, the economic corridor has attracted a total of RM138.61 billion in committed investments, of which 45% of them had been realised.

"Singapore is currently the highest foreign investor in Iskandar. We are looking at creative industry, other manufacturing activities, oleochemicals, logistics and food agriculture processing.

+++++++++++++

While Singaporeans are investing into Iskandar, I really dont see IRDA or the relevant authorities are re-fining their legal framework to protect the interest of investors when the developers fail to carry out what they promised.

So do go in with your eye open.... Not all are as rosy as they make it to be...

So have Brunsfield or IWH come up with any compensation or solutions since they have decided to abort the BIW project?

 

[malpaso]

++++++++++++++

While Singaporeans are investing into Iskandar, I really dont see IRDA or the relevant authorities are re-fining their legal framework to protect the interest of investors when the developers fail to carry out what they promised.

So do go in with your eye open.... Not all are as rosy as they make it to be...

just to get the story straight, you placed a booking fee? with a singaproean sales agency (like NS Global)? and now you're hearing the BIW is either deferred or cancelled? is that about right?

 

[contrarian]

I agree with Jetstream. Under the current legal system, the law of real property is different from the law of personal or movable property. A lawyer can confirm this quickly.

Sale of Goods Act does not apply to immovable property. "Goods" in the act refers to movable goods. The protection for buyers in real property transactions lies in the Housing Development (Control & Licensing) Act.

 

[dongfangmeiren]

just to get the story straight, you placed a booking fee? with a singaproean sales agency (like NS Global)? and now you're hearing the BIW is either deferred or cancelled? is that about right?

I think you miss our earlier thread:

"We signed the SPA and also the loan agreement in front of the lawyer. But the tricky part is the developer never return it to us. And the lawyer is representing the developer. Hence the lawyer will not share with us whether the developer has signed or not..."

If we were just placing a booking fees, and developer said they want to to cancel the project, then it is a small matter.

But we have signed the SPA, the developer accepted the down payment since last year, and now they are saying that the project will be aborted due to XXXXXX reasons !! We have committed ourselves to the project since last year and whenever we want to do other investments, we had to take into consideration of our commitment. And now, the project has been cancelled!

We really hope the developer can solve the matter in a more amicable way........

 

[malpaso]

o i c. oh dear. thats a really shitty way for BIW to repay supporters of their project.

 

[dongfangmeiren]

o i c. oh dear. thats a really shitty way for BIW to repay supporters of their project.

I think besides the refund of our down payment (plus interest), compensation of our opportunity loss should be made by the developer to BIW buyers.

We may be "ikan bilis" and might not be able to resist to those big developers who have already consulted their legal advice, but we can alert to many investors on a few learning points when doing their foreign investment:

1. don't try to save your legal fees, engage your own lawyer when you are buying a property, even though you are buying from a reputable developer;
2. do your own homework on the project and the surroundings, do not just listen to what the agents tell you. They may be painting a too idealistic of the project.

 

[malpaso]

I think besides the refund of our down payment (plus interest), compensation of our opportunity loss should be made by the developer to BIW buyers.

definitely, I agree 100%.

but as for (1), i think majority of retail buyers will just take developer up on their free SPA Legal fee. I guess that's why it's "free" as in biased against buyers.

 

[Iskandar007]

I think besides the refund of our down payment (plus interest), compensation of our opportunity loss should be made by the developer to BIW buyers.

We may be "ikan bilis" and might not be able to resist to those big developers who have already consulted their legal advice, but we can alert to many investors on a few learning points when doing their foreign investment:

1. don't try to save your legal fees, engage your own lawyer when you are buying a property, even though you are buying from a reputable developer;
2. do your own homework on the project and the surroundings, do not just listen to what the agents tell you. They may be painting a too idealistic of the project.

Yes! You are right.

 

[Iskandar007]

I think you miss our earlier thread:

"We signed the SPA and also the loan agreement in front of the lawyer. But the tricky part is the developer never return it to us. And the lawyer is representing the developer. Hence the lawyer will not share with us whether the developer has signed or not..."

If we were just placing a booking fees, and developer said they want to to cancel the project, then it is a small matter.

But we have signed the SPA, the developer accepted the down payment since last year, and now they are saying that the project will be aborted due to XXXXXX reasons !! We have committed ourselves to the project since last year and whenever we want to do other investments, we had to take into consideration of our commitment. And now, the project has been cancelled!

We really hope the developer can solve the matter in a more amicable way........

Compensation should be made to biw buyers since you guys have been supporting their projects since last year.

No matter what XXXX reasons, the developer should take care of their buyers' interest. It is a long term relationship between company and buyers and it also concerns the reputation of the company.

 

[dongfangmeiren]

Quote:

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Maybank IB Research:
......We remain cautious on the increasingly crowded developments at Iskandar Malaysia. Massive supply of apartments/retail spaces in hotspots like the Nusajaya and Danga Bay areas may cause a market implosion that would decimate property values over the medium term. Without synchronised planning and control by the authorities, the Iskandar property market could be deluged by a massive supply of high-rise mixed development projects, including price volatility......
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Without proper planning by the authorities, and keep on selling land to China developers, will flood the properties market in the hotspot, especially like Danga Bay and Tanjong Puteri with so many China developers. No wonder, Brunsfield want to cancel their project.

I think IDRA should look into the matter seriously before it become a problem in Iskandar......

 

[cow138]

I think that it's likely to be too late. All the commitments have been made.
Unless they further relax foreign ownership else I think a huge glut is coming. I just don't understand the rationale of the China developers strategy.
How can the market absorb so many units?
The local players will all be squeezed out.

 

[dongfangmeiren]

I think that it's likely to be too late. All the commitments have been made.
Unless they further relax foreign ownership else I think a huge glut is coming. I just don't understand the rationale of the China developers strategy.
How can the market absorb so many units?
The local players will all be squeezed out.

That's why the local developers are moving out to suburbs such as Kulai and Senai.

I guess in future, BIW's piece of land will resell to one of the China developers. Just wait and see this 大新闻!

R&F, Country Garden, Hao Yuan, Greenland......etc, 进军柔佛，瓜分金海湾及公主湾！！！(Danga Bay and Tanjong Puteri)

 

[FHBH12]

Chinese developers seem to be irrationally exuberant.

 

[dongfangmeiren]

Quote:
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The Star online
IIB defers Iskandar land sales (Published: Tuesday July 9, 2013)

Iskandar Investment Bhd (IIB) will put off further land sales in Iskandar Malaysia for the time being, said president and chief executive officer (CEO) Datuk Syed Mohamed Ibrahim.

“At the moment, we are not selling. Iskandar is still relatively small and fragile. We want our investors to make money. This is part of our strategy, which we call ‘controlled release’,” he told the press at a briefing.
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But just look at Danga bay itself, how many acres of lands have been sold to developers (especially to China)?!

R&F will be launching their Princess Cove very soon at a very attractive price (heard from their salesman, after all rebates will not be more than Rm900). Those investors who had invested last year, such as near the JH city areas, the psf has more than 1k. And now they are facing challenge from the China developers' projects......

 

[dongfangmeiren]

柔佛金海湾 如此多娇，
引无数中国发展商竞投标。
惜“不论是非” 略输文采，“哀悼丢黑鸡”稍逊风骚，
使得东方美人，错失商机啊！