Iskandar Residences @ Medini

[comfy]

From the IR developer office:

"Our project only left 30% unsold units and those are in big build up area. Our 1bedrm are all sold and 2bedrm only left limited units."

The developer Distinctive Group has been very transparent and prompt in sharing information.....thought this is a refreshing good example of good developer, at this low period of market condition...

Just sharing .....

 

[mpan12]

Quite responsible developer.

But a lot of purchases are by foreigners. Maybe to buy and keep or transfer out their money from their countries.

Very little local play.

 

[comfy]

30% unsold is quite high % though....:(:(

From the IR developer office:

"Our project only left 30% unsold units and those are in big build up area. Our 1bedrm are all sold and 2bedrm only left limited units."

The developer Distinctive Group has been very transparent and prompt in sharing information.....thought this is a refreshing good example of good developer, at this low period of market condition...

Just sharing .....

 

[mpan12]

30% unsold is quite high % though....:(:(

Ya... Means only 70% sold, out of which a lot are likely from Singapore, seeing the crazy rush during launch.

At more than RM900 psf for the unsold ones, who are they trying to attract now?! Buyers rather go to Puteri Harbour.

There are also many other projects to be completed at the same time in 2017/18. That's why I think the developer should have calculated 70% of money they have collected can cover their building costs. The other 30% slowly wait and see if there is any foreigner money dunno where to throw.

Are you renting out any JB home? How is the rental? Can cover costs?

 

[UsernameX]

wow 1Medine resale at 6xx psf, and IR selling remaining units at 9xx PSF to protect early Robert.... I am so glad I gave this one a miss despite the crazy frenzy during the launch by huttons few years ago. But I stuck in a bigger unit - Astaka at JB city centre..... hahaha.......

Everyone remember to buy carefully, after all due diligence.

Take care. Merry Xmas and happy new year

 

[mpan12]

Unfortunately, those who don't analyze the situation properly assume that since Iskandar Residences prices are now higher than what they bought, their properties have made money.

Don't be deceived! The developer Distinctive Group may be pushing their luck and are greedy. They are trying to catch unsuspecting foreigners who foolishly grab the bait. There is totally no indication your condo has risen in price. How can it be, when there is no demand?

All these new Iskandar condos are over-priced expensive "toys" for foreign investors to play with. Some invested blindly and rushed in during 2013. The Iskandar authorities know it. The developers know it. The astute Malaysians know it. That's why they generally won't be attracted to buy these condos.

I would expect Medini side to be a ghost town with very high vacancy rate for many years to come.

If buying Iskandar Residences purely for investment, it's sure lose money. If buying for your own stay, don't expect to get back anything near your buying price.

Those Huttons agents are sure sweet talkers! They are no different from salesmen trying to convince Singaporeans why they should buy a winter heater in their Singapore homes! And there are many buyers who fell for it.

 

[Scissors]

Yes i agreed too. Bank representative told me that if they have not reach building to my floor, they will not activate the loan payment. But i will still contact the developer to confirm the payment again. Thanks for the reply and i will update here if i have the developer reply.

Hi all

Sorry for the late reply update, just came back from holiday. Ok according to the Distintive, they told me that i have actually paid off the foremost balance, the loan will only start when they reach my floor, so my account has no problem.

But i would like to consult those singaporean who have opened an ocbc account to settle the loan, what would be the documents to bring in order to open a savings ocbc account in malaysia? We intended to go in JB ocbc next monday to open the account. We heard that there is charge every month for the account to be opened, is that true? Please reply asap, appreciated.

Scissors

 

[freekazoid]

Hi all

Sorry for the late reply update, just came back from holiday. Ok according to the Distintive, they told me that i have actually paid off the foremost balance, the loan will only start when they reach my floor, so my account has no problem.

But i would like to consult those singaporean who have opened an ocbc account to settle the loan, what would be the documents to bring in order to open a savings ocbc account in malaysia? We intended to go in JB ocbc next monday to open the account. We heard that there is charge every month for the account to be opened, is that true? Please reply asap, appreciated.
Scissors

RM 10/mth Charge usually for checking account...I think can opt not to have the checking account. It's useful though later stage doing renovation.

 

[Scissors]

Any documents to bring? Letter of offer? Initial deposit?

 

[freekazoid]

Any documents to bring? Letter of offer? Initial deposit?

Rm500...extra kiasu....i believe they have all your document since they have request you to open account. Nevertheless bring letter of offer for reference is good....and passport. And try to get your local address....

 

[Scissors]

Haha you are right, my agent said 1k rm and letter of offer. Now have to find my way to navigate there on monday. Thanks bro for the reply appreciated

 

[comfy]

I think the gloomy state is not just on Iskandar lah ....Singapore properties are dead too...:(:( This is global economy problems!!

Unfortunately, those who don't analyze the situation properly assume that since Iskandar Residences prices are now higher than what they bought, their properties have made money.

Don't be deceived! The developer Distinctive Group may be pushing their luck and are greedy. They are trying to catch unsuspecting foreigners who foolishly grab the bait. There is totally no indication your condo has risen in price. How can it be, when there is no demand?

All these new Iskandar condos are over-priced expensive "toys" for foreign investors to play with. Some invested blindly and rushed in during 2013. The Iskandar authorities know it. The developers know it. The astute Malaysians know it. That's why they generally won't be attracted to buy these condos.

I would expect Medini side to be a ghost town with very high vacancy rate for many years to come.

If buying Iskandar Residences purely for investment, it's sure lose money. If buying for your own stay, don't expect to get back anything near your buying price.

Those Huttons agents are sure sweet talkers! They are no different from salesmen trying to convince Singaporeans why they should buy a winter heater in their Singapore homes! And there are many buyers who fell for it.

 

[freekazoid]

What it mean was....

If world economy gloomy...no worries...its a cycle....but Iskandar is con job therefore hopeless...

If Singapore properties are dead...fear not...resurrection is assured to come...but Iskandar is forever doom.....

No need counter with anything constructive....

 

[comfy]

Haha, to each his own..........good luck to all Iskandar Residences Investors/owners.....we shall see

What it mean was....

If world economy gloomy...no worries...its a cycle....but Iskandar is con job therefore hopeless...

If Singapore properties are dead...fear not...resurrection is assured to come...but Iskandar is forever doom.....

No need counter with anything constructive....

 

[mpan12]

Many careless investors who don't do sufficient homework often like to compare Iskandar properties with those from Singapore. That's very wrong and dangerous.

Singapore properties may be moving slowly now. But so what? There are gains and confidence if you have holding power.

You can't say the same with Iskandar.

Even when there was a false "boom" in Iskandar properties back in 2013, the really smart and careful investors didn't go in. It's those who are greedy, have herd mentality, too lazy to do homework or too much cash dunno where else to put that rushed in. Only exception is if you are confirmed staying there for yourself for good. But even then, hard to imagine your property finding any resale value for a very long time.

The oversupply is just too much. If you go to the area around Iskandar Residences, count the number of new condo units to be launched within a 2km radius. There are thousands! Too much competition and choice. Malaysians generally won't buy. Your overseas buyers and renters are limited. All around it is very much literally palm trees. Some may argue, I hold lor. Hold for how long? 20 years? 30 years? That's too long a time line for any wise investment with such high risks. Your money could already be growing much more if invested elsewhere with that kind of long time frame.

Just my view.... No right or wrong. But it's more of whether the high risks are worth taking. I'd like to hear another different logical point of view if anyone has to share.

 

[Frodo]

Many careless investors who don't do sufficient homework often like to compare Iskandar properties with those from Singapore. That's very wrong and dangerous.

Singapore properties may be moving slowly now. But so what? There are gains and confidence if you have holding power.

You can't say the same with Iskandar.

Even when there was a false "boom" in Iskandar properties back in 2013, the really smart and careful investors didn't go in. It's those who are greedy, have herd mentality, too lazy to do homework or too much cash dunno where else to put that rushed in. Only exception is if you are confirmed staying there for yourself for good. But even then, hard to imagine your property finding any resale value for a very long time.

The oversupply is just too much. If you go to the area around Iskandar Residences, count the number of new condo units to be launched within a 2km radius. There are thousands! Too much competition and choice. Malaysians generally won't buy. Your overseas buyers and renters are limited. All around it is very much literally palm trees. Some may argue, I hold lor. Hold for how long? 20 years? 30 years? That's too long a time line for any wise investment with such high risks. Your money could already be growing much more if invested elsewhere with that kind of long time frame.

Just my view.... No right or wrong. But it's more of whether the high risks are worth taking. I'd like to hear another different logical point of view if anyone has to share.

The underlying assumption for your negative view of JB properties would be that the property climate now will remain in place for the next 20 to 30 years, or that things remain status quo. But will JB be stagnant for next 20-30 years? I doubt so. I am not saying that therefore there will be a prosperous boom ahead and everyone should pump their money into Iskandar. But I am saying that there seems to be a deliberate effort by the JB state (including the Sultan) to move the Iskandar project along. Perhaps more can be done, and quickly too. Whether it be the JB state govt, the Sultan, or the greedy developers, all would (or should) have a vested interest not to see JB fall into the abyss.

 

[freekazoid]

Can't wait for the long response....which say all effort is futile...all are corrupt crook...all destine to fail...for one reason...this is malaysia...LOL

 

[Frodo]

Can't wait for the long response....which say all effort is futile...all are corrupt crook...all destine to fail...for one reason...this is malaysia...LOL

One common argument made is that the Malaysian govt is just out to lined its own pockets and screw the locals and Singaporeans who invest in Iskandar....oh wait....isn't that what many say of the Singapore govt too? LOL!

 

[Investor888]

I witnessed PRC snapping up 3-4 units just like that in Forest City. It is a worse case than Danga Bay Country Garden where Ghost City will more suit it

Quite responsible developer.

But a lot of purchases are by foreigners. Maybe to buy and keep or transfer out their money from their countries.

Very little local play.

 

[Investor888]

Smart reply. Many a time I see so many people thinking JB is a land of palm oil trees still and I have given up talking to them so I can spend my time focusing on enjoying my nasi biryani at Indian Rest and stroll along PH and lastly my massage at Soul Asia which cost half the price that of Singapore and double the quality. Anyway, most of them are Singapore property agents whose income has been drastically affected by the boom of iskandar

The underlying assumption for your negative view of JB properties would be that the property climate now will remain in place for the next 20 to 30 years, or that things remain status quo. But will JB be stagnant for next 20-30 years? I doubt so. I am not saying that therefore there will be a prosperous boom ahead and everyone should pump their money into Iskandar. But I am saying that there seems to be a deliberate effort by the JB state (including the Sultan) to move the Iskandar project along. Perhaps more can be done, and quickly too. Whether it be the JB state govt, the Sultan, or the greedy developers, all would (or should) have a vested interest not to see JB fall into the abyss.