Matex Residence

[malpaso]

the prices posted above are desa park city (first and one of the nicest G&G development in KL) launch price for their condo in april of this year.
why is so great about thsi location, i don't know.
Near to CIQ, so what?
you expect to stay in luxury condo and take bus to singapore everyday?
I don't think so.
in that case, if you drive, doesn't matter if you're 100m, 1km, 10km or 30km from CIQ, you will still queue for 1-2 hour every day at the CIQ.
for this price, lots of choices in much nicer areas/cities in KL/penang.
and personally i would be really pissed off too if the marketing pull a stunt like this.

 

[shctaw]

What information is required for your Complaint It is important that you let us have your full name (as in NRIC / Passport), address and contact number. Please provide us with copies of all relevant documents such as the Estate Agency Agreement with the estate agent or salesperson concerned, the Option to Purchase and the Sale and Purchase Agreement, etc. Your complaint must:-

Be specific

Include the name, business address and contact numbers of the estate agent or salesperson

Contain a brief description of the complaint

Explain clearly what you hope to be rectified
Please note that we may inform the estate agent or salesperson being investigated on the complaint details as well as the name of the complainant. If you wish to remain anonymous, CEA may at its discretion treat the information you have supplied as feedback or take such actions as may be appropriate. Furnishing of false/misleading items/documents/statements is an offence under s182 of the Penal Code, Cap 224 and may be subject to prosecution. Upon conviction there may be a fine not exceeding $5,000 or imprisonment of 1 year or both. Complaints HandlingPreliminary Assessment CEA will make a preliminary assessment of the complaint received. If your complaint falls within our jurisdiction and warrants an investigation, your complaint will be assigned to an Investigation Officer. For complaints which include those not within CEA's purview or insufficient information is provided or there is lack of substantive evidence, CEA will not be able to proceed further. Interview The Investigation Officer will arrange for a meeting with you at CEA's office to obtain a statement detailing your account of the events. Investigation Our investigation process may involve setting out the allegations made against the estate agent/salesperson concerned in writing and giving them the opportunity to respond, as well as conducting interviews with witnesses and other related parties, review of relevant documents and materials, and conducting site visit, if necessary. We may also enlist the help of law enforcement agencies and other government authorities, where necessary. Outcome If there is sufficient evidence to substantiate the allegation, CEA will take the appropriate action which may include disciplinary or prosecution action (if and as applicable). Currently, CEA handles more than 1,000 complaint cases a year. Depending on the complexity of the issues, CEA generally takes from 4 months to 1 year to conclude investigation and evaluation of a case. This excludes duration of disciplinary or prosecution action, if and as applicable. We will keep you informed in writing of the outcome after the investigation and evaluation of the case is concluded or upon the commencement of disciplinary/prosecution action, as applicable.

 

[potter]

Good luck! Get more ppl, more firing power.. hoot them jia liat jia liat.

 

[shctaw]

NS Global make a lot of people waste precious time buying other condos while waiting for Matex to launch.

And they sell us the condo we book August 2012, the current market price of 2013.

And if market crash, how? This is not acceptable as the way NSG sell their properties present a lot of risk to buyers whom can never lock in the price.

 

[shctaw]

So far not many have know about the new price or the changes in size of their units.

 

[jade apple]

NS Global make a lot of people waste precious time buying other condos while waiting for Matex to launch.

And they sell us the condo we book August 2012, the current market price of 2013.

And if market crash, how? This is not acceptable as the way NSG sell their properties present a lot of risk to buyers whom can never lock in the price.

Sad to hear what NSG had done. Hit NSG hard hard until they sell the unit to all the affected buyers at original price and with apologies.

 

[streams]

Good luck! Get more ppl, more firing power.. hoot them jia liat jia liat.

with Iskandar all the rage now..should leak this news to straits times... ns global should be taught a lesson for deceiving customers- very unethical! CEA should take action.

 

[charis0]

How many bros went down to CEA to complain against NSG?

Will I read about it in the papers tom?

Really feel sorry for all the bros affected. :(

 

[Steventlk]

I just got a new price list. The price is up 8-11% while the reduce the size. Double whammy as my RM810 psf unit became RM1k+ psf.

Instead of sitting on 25% margin of safety, it became a price jack to old buyers.

There will be over 100 angry buyers, not just me alone.

If they breach any act, I will take action by bringing up the matter to any authority.

Below is my new price, you can estimate your unit price from my unit.


View attachment 11845

Hi guys,

The "rebate given upon TOP" is like a new addition.. This meant that the cash up front (investment outlay) will be more. Effectively, it will by the same margin of the rebate of between 8 - 10%. Easily amount to rm$100k more!

Dun understand how rebate upon TOP works.. Comments?

 

[OracleMasia]

Hi guys,

The "rebate given upon TOP" is like a new addition.. This meant that the cash up front (investment outlay) will be more. Effectively, it will by the same margin of the rebate of between 8 - 10%. Easily amount to rm$100k more!

Dun understand how rebate upon TOP works.. Comments?

E.g the units is $1 million.
You will need to pay 20% as cash downpayment i.e $200K during SPA (assume 80% loan financing)
No interest payment till completion as it is DIBS.
The developer will continue to draw the loan as it progress with construction till completion.
At TOP i.e vacant possession by buyer, the developer had received full 100% payment (20% cash payment + loan 80% released by the bank to developer). You are now bearing a loan of $800K.
At this time, the developer will issue a 10% rebate via cheque of $100 directly to you.
Effectively , you had paid $100K cash payment with $800K loan payment to the developer at the end of the arrangement.

Of course, it will be better if the 10% is given upfront. But the developer is smart person not to do that.

 

[Steventlk]

E.g the units is $1 million.
You will need to pay 20% as cash downpayment i.e $200K during SPA (assume 80% loan financing)
No interest payment till completion as it is DIBS.
The developer will continue to draw the loan as it progress with construction till completion.
At TOP i.e vacant possession by buyer, the developer had received full 100% payment (20% cash payment + loan 80% released by the bank to developer). You are now bearing a loan of $800K.
At this time, the developer will issue a 10% rebate via cheque of $100 directly to you.
Effectively , you had paid $100K cash payment with $800K loan payment to the developer at the end of the arrangement.

Of course, it will be better if the 10% is given upfront. But the developer is smart person not to do that.

Thks bro for the detailed and concise analysis.

I thought other developments in iskandar is giving the rebate up front? I know ctry gdn for one, does rebate upfront to aid a more pro-investment environment! Never heard of this before... Is this common?

We investors must take note and beware!

 

[OracleMasia]

If I compare to the current market price of other new developments in JB Sentral (i.e Sky Pavillion, Tri-tower, Sky 88, WF tower, Marina Bay Suites now, it is still slightly cheaper but a better location. Btw , I doubt midview will be cheaper than this.

 

[kopikong99]

Sad to hear what NSG had done. Hit NSG hard hard until they sell the unit to all the affected buyers at original price and with apologies.

Start grouping together and mass email bombed nsg to get them to be accountable for those bookings at original price and not wasting investor's time and opportunity cost. Really hopeless if they fail to get the developer to honour all those bookings.

Teega almost went that same way, ie. want to change the selling price on the option to purchase after signing by purchasers. Si many complaints that they agreed to hold prices as promised.

 

[wolverine23]

Collecting SGD5k upfront commission just from buyers alone is huge money.

If they cannot guarantee the price, why would buyers commit? They think investors are stupid?

And they are still holding seminars for all types of Malaysian properties now...

Start grouping together and mass email bombed nsg to get them to be accountable for those bookings at original price and not wasting investor's time and opportunity cost. Really hopeless if they fail to get the developer to honour all those bookings.

Teega almost went that same way, ie. want to change the selling price on the option to purchase after signing by purchasers. Si many complaints that they agreed to hold prices as promised.

 

[OracleMasia]

As warren buffett said : You can't struck a good deal with a bad person.

I think this is very true.

UMLAND in the past is quite honourable.

Recently, with capitaland no longer as shareholder and change in CEO, their practice changes.

As for NSG, their acts already speak for itself.

In business, it is better to lose a lot of money than lose a shred of reputation. But it seem they does not mind at all.

People for bad reputation are hard to forget.

 

[OracleMasia]

NS Global make a lot of people waste precious time buying other condos while waiting for Matex to launch.

And they sell us the condo we book August 2012, the current market price of 2013.

And if market crash, how? This is not acceptable as the way NSG sell their properties present a lot of risk to buyers whom can never lock in the price.

The only way is to get them to make good on their promises via media.

I can't imagine how badly UMLAND reputation will be hurt if an articles about this is publised at the edge malaysia or starproperty news.

 

[OracleMasia]

The only way is to get them to make good on their promises via media.

I can't imagine how badly UMLAND reputation will be hurt if an articles about this is publised at the edge malaysia or starproperty news.

Hit them like what happened to KSL recently.

 

[invest888]

As warren buffett said : You can't struck a good deal with a bad person.

I think this is very true.

UMLAND in the past is quite honourable.

Recently, with capitaland no longer as shareholder and change in CEO, their practice changes.

As for NSG, their acts already speak for itself.

In business, it is better to lose a lot of money than lose a shred of reputation. But it seem they does not mind at all.

People for bad reputation are hard to forget.

Hi OracleMasia, agree with you. Malaysia don't seem to change much after Mahathir time. This guy short change the Singapore stock buyer back in 1998, so it is not surprise to see "some" property developer and their agent doing this type of unethical act. Just my observation.

 

[wiseguy]

The ethics of NSG is dubious. Even for booking of BIW (Brunsfield), NSG did not offer state levy included, whereas it is waived by the Msian mktg agents!! Those buyers who booked in SG through NSG has been shortchanged!?

 

[Newbie11]

which mktg agent is honest? u try buying from FEO. see if u get same package from different agents