Iskandar Residences @ Medini

[sgcount]

Thanks for the info. How did they inform you? Via sms or email?

 

[westman]

Thanks for the info. How did they inform you? Via sms or email?

Via email cum sms from Malaysia. Was given a slot this weekend but I cannot make it.

 

[westman]

Head up..
While signing the SPA, the lawyer mentioned the state consent for foreigner lavy is capped at RM10500.

Currently, the lawyers are compling the signed SPA and sent it back to Distinctive in KL for final stamping. Heard it will be end NOV.
Assumming the developer file for state consent by End Nov or Dev, we might be at risk of paying 4 to 5% at Jan/Feb if Johore State implemented the new rules as reported lately.

I have requested the Lawyer to expedite the filing for state consent. I hope more foreign buyers of IR can make the same request as well.
BTW, the estimate completion will be Nov 2016 while the landscape will be May 2017.

 

[sgcount]

I thought the state consent charges are absorbed by the developer for Iskandar Res?

Head up..
While signing the SPA, the lawyer mentioned the state consent for foreigner lavy is capped at RM10500.

Currently, the lawyers are compling the signed SPA and sent it back to Distinctive in KL for final stamping. Heard it will be end NOV.
Assumming the developer file for state consent by End Nov or Dev, we might be at risk of paying 4 to 5% at Jan/Feb if Johore State implemented the new rules as reported lately.

I have requested the Lawyer to expedite the filing for state consent. I hope more foreign buyers of IR can make the same request as well.
BTW, the estimate completion will be Nov 2016 while the landscape will be May 2017.

 

[westman]

I thought the state consent charges are absorbed by the developer for Iskandar Res?

They are absorbing based on current rate of 10500. Any excess payment need to pay by buyer.

For example, if its is 1mil and @5%, buyer need to top up the difference of 39500.
I was told by agent, most developments in Iskandar yet to stamp for state consent.

Guessed we need to follow up closly with developer.
Those whom signed earlier and yet to receive your stamped copied of SPA, you might be at risk! Dont say I never warned all....

 

[sgcount]

Wahhh... This doesn't sound promising, if you know what I mean. :(

I have been assuming it's the developers who have to pay the extra for projects where they absorb the state consent.

Ok thanks for the info. Worth a try but I'm not sure how much they can hurry up cos it still depends on whether they can finish the SPA signing in time also. Those projects with many units are at greater risks. Can't imagine how much the Johor government will gain if all the present projects are subject to the new rule!

Btw, did you pay your 10% using Malaysian cheque or you TT direct from Singapore?

 

[westman]

I paid with Malaysia Cheque.
When sigining SPA, the developer stated that they are liable up to 10500. Any extra requirement will be from buyer.

Good luck to all of us... we need to flood calling developer now for early filing.

Wahhh... This doesn't sound promising, if you know what I mean. :(

I have been assuming it's the developers who have to pay the extra for projects where they absorb the state consent.

Ok thanks for the info. Worth a try but I'm not sure how much they can hurry up cos it still depends on whether they can finish the SPA signing in time also. Those projects with many units are at greater risks. Can't imagine how much the Johor government will gain if all the present projects are subject to the new rule!

Btw, did you pay your 10% using Malaysian cheque or you TT direct from Singapore?

 

[DCputeri]

It will be good news when developer's lawyer asked for your following particulars like: 1) Place of Birth; 2) Race; 3) Marital Status; 4) Religion; 5) Occupation; and 6) Employer’s Name & Address, as these information are required by the land office for application of state consent.

I paid with Malaysia Cheque.
When sigining SPA, the developer stated that they are liable up to 10500. Any extra requirement will be from buyer.

Good luck to all of us... we need to flood calling developer now for early filing.

 

[sgcount]

I did try to email the developer recently and some time back but emails got bounced or were never replied. Seems like it's some bogus or unused type. Quite scary.... Hope they are not the run away type. :0

I paid with Malaysia Cheque.
When sigining SPA, the developer stated that they are liable up to 10500. Any extra requirement will be from buyer.

Good luck to all of us... we need to flood calling developer now for early filing.

 

[westman]

It will be good news when developer's lawyer asked for your following particulars like: 1) Place of Birth; 2) Race; 3) Marital Status; 4) Religion; 5) Occupation; and 6) Employer’s Name & Address, as these information are required by the land office for application of state consent.

Already asked and signed on form. However. . Its still too early to tell. Lawyer is followijg up with developer now.... I have visited the Puteri Cove yesterday and when asking about the potential 4 to 5% lrvy.. they coy giving me straight answer...

 

[westman]

I did try to email the developer recently and some time back but emails got bounced or were never replied. Seems like it's some bogus or unused type. Quite scary.... Hope they are not the run away type. :0

Try calling them. I have called and they picked up the call. They are aware of the 5% levy and they will try to expedite.. hope more calling.. so that they do faster...

 

[Chocolate]

I did try to email the developer recently and some time back but emails got bounced or were never replied. Seems like it's some bogus or unused type. Quite scary.... Hope they are not the run away type. :0

Try calling the Distinctive office and speaking to Ai Li. They are ok, I heard from them recently like 2 days back. I am not affected by the state consent as I am Malaysian.

 

[malpaso]

Try calling the Distinctive office and speaking to Ai Li. They are ok, I heard from them recently like 2 days back. I am not affected by the state consent as I am Malaysian.

one question, .. are all medini projects exempt from foreigner quota? (as in, no foreigner quota, can be 100% foreigner owned?)

 

[Chocolate]

one question, .. are all medini projects exempt from foreigner quota? (as in, no foreigner quota, can be 100% foreigner owned?)

Yes because its a special zone and leasehold. That is why I believe even if they implement the new policy abt foreigners not being allowed to buy from locals, Medini likely to be exempted.

 

[westman]

Yes because its a special zone and leasehold. That is why I believe even if they implement the new policy abt foreigners not being allowed to buy from locals, Medini likely to be exempted.

Possible.. read the news from sinchew newspaper. They mentioned Medini might be exempted. Will try to find the link...

 

[sotong007]

those bounced 2rm units (loan rejected) has been marked up at least 10% compared to launch price, I have price list for DIBS and non DIBS for this project. Buy with eyes open........

PSF 850-900 is very high for 99 + 30 LH project. Dont be fooled by their marketing. Do ur sums before commiting

 

[westman]

You mean 850-950 after discount of 10%? It seem like 765-855 to me...

those bounced 2rm units (loan rejected) has been marked up at least 10% compared to launch price, I have price list for DIBS and non DIBS for this project. Buy with eyes open........

PSF 850-900 is very high for 99 + 30 LH project. Dont be fooled by their marketing. Do ur sums before commiting

 

[sotong007]

I got example to show. Pls up my points so I can post without being moderated

Tower A #23-02 (947 sq ft 2 room unit)

Pre launch price -
with DIBS RM 847400
without DIBS RM 807000

now asking RM893700 - with DIBS price (non DIBS get 4% discount)

I cant recall if those pre launch price is before or after discount.

 

[sgcount]

Just my 2 cents general comments to add on:

I find psf is only a guide and misleading if viewed generally. Cos it depends on size of unit, floor level, developer and quality of unit. The difference can be quite a bit. If not considered carefully, the comparison won't be a fair one.

I have also heard some say "I won't pay so much for a leasehold". This statement can also be misleading and incomplete. It depends on context/location. For eg, in Singapore, leasehold can command higher price than freehold. In Medini, how do we compare it to freehold when all of them are leasehold? Why is Medini not freehold?

3rdly, some say: "I won't buy any property in Iskandar. Too expensive already. If want to buy, should have done it a few years ago". Well, if that's the case, I think there's nothing to talk about! Don't buy anything could be the solution.

Many units in Medini now are already going for 850 psf and above. And it's 99 yrs.

But as with any purchase, do some homework and think carefully if what you see suits you. One man's meat is another man's poison.

 

[FHBH12]

Just my 2 cents general comments to add on:

I find psf is only a guide and misleading if viewed generally. Cos it depends on size of unit, floor level, developer and quality of unit. The difference can be quite a bit. If not considered carefully, the comparison won't be a fair one.

I have also heard some say "I won't pay so much for a leasehold". This statement can also be misleading and incomplete. It depends on context/location. For eg, in Singapore, leasehold can command higher price than freehold. In Medini, how do we compare it to freehold when all of them are leasehold? Why is Medini not freehold?

3rdly, some say: "I won't buy any property in Iskandar. Too expensive already. If want to buy, should have done it a few years ago". Well, if that's the case, I think there's nothing to talk about! Don't buy anything could be the solution.

Many units in Medini now are already going for 850 psf and above. And it's 99 yrs.

But as with any purchase, do some homework and think carefully if what you see suits you. One man's meat is another man's poison.

But Johor mostly freehold leh...what makes Medini so special that you have to sacrifice the lease? There is going to be another big medical center by Peter Lim near 1st link and I think that one is freehold. That one should do very well.