Meridin @ Medini (Nusajaya)

[1nottiboy]

Welcome to Malaysia!

Ok fellow buyers. I have a potential problem with Mah Sing's solicitor - SR&L.

Apparently, they refuse to accept the documents on behalf of me, the buyer. They need either a Malaysian address from me, or for me to appoint another solicitor to represent me, just that they can issue the documents out to me.

Now, my banker also informed that she is unable to disburse any loan because the documents haven't reached me.

They don't even agree to me personally collecting all documents from their BI office.

WTF! :*:

Have any of you been informed of this problem?

 

[freekazoid]

Meridin phase 2 mall 188 unit at around RM1.5k psf. What are the thoughts out there?

 

[nextreal]

Meridin phase 2 mall 188 unit at around RM1.5k psf. What are the thoughts out there?

My personal opinions.

1. RM1.5k psf is considered very low nowadays for shopping mall units. Capital 21 in JB is already asking from 2.5k to 4.3k before discount. Times Square in Bukit Bintang, KL is rumored to command in excess of 12k psf! Since Medini is a greenfield area, it's more comparable to Melaka, IMO. Vedro at Jonker St is selling at 2.0k to 3.3k psf.

2. You have to ask where will the customers come from? Just Dorsett Hotel and the SOVOs? I doubt there will be enough customer base. If you argue from Legoland, then wouldn't they go to the nearer, bigger and better Medini Mall? Besides, almost all the surrounding projects have some form of shop lots.

3. Is there GRR? What's the size of the lot you are looking at. With a 30 years, 70% loan and a GRR of 5%, you will just break even at today's interest rate. What is the maintenance fee, and check if it's subsidized. If not, retail lots might be asking 75sen and upwards, so if your shop size is big, you will be looking at more commitment. Finally, consider the potential rental rate. You might need to ask for RM7 psf of rental to break even.

Personally, although I have invested in a residential unit here, I don't exactly see the potential for their retail lots.

 

[nextreal]

Ok fellow buyers. I have a potential problem with Mah Sing's solicitor - SR&L.

Apparently, they refuse to accept the documents on behalf of me, the buyer. They need either a Malaysian address from me, or for me to appoint another solicitor to represent me, just that they can issue the documents out to me.

Now, my banker also informed that she is unable to disburse any loan because the documents haven't reached me.

They don't even agree to me personally collecting all documents from their BI office.

WTF! :*:

Have any of you been informed of this problem?

Ok, I spoke to the solicitor, and they explained it's instead, a problem with CIMB's Letter of Offer (LO). Apparently, there's a clause inside that states that in case the buyer defaults on a payment, the lawyer will send the notice to a lawyer appointed by the buyer, at the buyer's own cost. What I wrote here has been translated into simple English.

Sad to say, even if I had read every clause prior to signing the LO, my command of legal language is too poor to pick up the correct meaning. For those of you who signed with CIMB, it's on page 6.

After informing my CIMB banker, she refuted that SR&L is the only law firm that insists they had a problem with that clause. Again, wtf?

Now, I am negotiating with CIMB to amend the LO to waive that clause. Failing which and more probably so, I have to spend another few k's to appoint another lawyer just to standby to collect default notices.

 

[freekazoid]

Thanks for sharing your thoughts nextreal.

 

[1nottiboy]

I can confirm that the asking price for commercial lots in Malacca are abt RM3k psf, cos I just advised my fren to pull out from the booking. She was just too eager to spend her year end bonus without thinking of the consequences.

As for whether its a good deal or not really depends on your risk appetite.

When I first saw Bukit Indah a few years ago, I thought that the buyers of the shop houses in the area had to be idiots. It was all low density housing and so few completed units and even fewer ppl staying in them. But I turned out to be wrong. In 3 short years, the place has become very vibrant - with me being a regular spender. But for the 3 years that it took for the area to build up, many units had no tenants. The buyers of the shop units would have had strong holding power.

Medini is brand new. Ever worse than BI. Not a single person living in Medini- which explains its lower PSF. Using sleepy Malacca as a benchmark, if and when Medini is built up, PSF should hit RM3k PSF. But will the population come? And if they do come, how long would it take to double your money? 5 years? 10 years?

While the shop lot could potentially double your money, if you are taking 70% financing, the 5% interests cost will eat into your capital gains significantly. Depending on your own projection/estimation on how long it would take for Medini's population to build up, your "real" gains after interests costs and inflation, may not be that yummy after all.

IMO, if buying for your own business, then feel free to go in when costs are low. But if solely for investment, I think there are better products elsewhere.

Meridin phase 2 mall 188 unit at around RM1.5k psf. What are the thoughts out there?

 

[FHBH12]

Even within Bukit Indah/Nusa Bestari now, there are still a number of empty shoplots, not to mention tons of others with 2nd/3rd level empty. Shoplots are really high risk and high gain investments. Common for investors to set aside 2-3 years of installment buffer.

 

[jasonzq]

Hi, I just received letter from developer to ask for settle the 2nd 10% (parcel + car park), anyone receive the same?

 

[PuteriWorld]

I was soooo tempted to throw in money to buy 3 storey shoplot in Sutera Utama some years ago @ RM 760,000.

Today, I heard is hitting RM 3m. Jesus~ I should shoot myself for being such a dumb ass.

I can confirm that the asking price for commercial lots in Malacca are abt RM3k psf, cos I just advised my fren to pull out from the booking. She was just too eager to spend her year end bonus without thinking of the consequences.

As for whether its a good deal or not really depends on your risk appetite.

When I first saw Bukit Indah a few years ago, I thought that the buyers of the shop houses in the area had to be idiots. It was all low density housing and so few completed units and even fewer ppl staying in them. But I turned out to be wrong. In 3 short years, the place has become very vibrant - with me being a regular spender. But for the 3 years that it took for the area to build up, many units had no tenants. The buyers of the shop units would have had strong holding power.

Medini is brand new. Ever worse than BI. Not a single person living in Medini- which explains its lower PSF. Using sleepy Malacca as a benchmark, if and when Medini is built up, PSF should hit RM3k PSF. But will the population come? And if they do come, how long would it take to double your money? 5 years? 10 years?

While the shop lot could potentially double your money, if you are taking 70% financing, the 5% interests cost will eat into your capital gains significantly. Depending on your own projection/estimation on how long it would take for Medini's population to build up, your "real" gains after interests costs and inflation, may not be that yummy after all.

IMO, if buying for your own business, then feel free to go in when costs are low. But if solely for investment, I think there are better products elsewhere.

 

[RedsYNWA]

I was soooo tempted to throw in money to buy 3 storey shoplot in Sutera Utama some years ago @ RM 760,000.

Today, I heard is hitting RM 3m. Jesus~ I should shoot myself for being such a dumb ass.

What's the key difference betw Sutera Utama, Bukit Indah, Medini shoplots and other shoplots which are not doing well? Potential investors need to analyse the difference to be able to decide whether to invest or not.

Even so, luck may still play a part. Eg the Jusco Tebrau shoplots are not doing so well.

 

[PuteriWorld]

Sometimes really depend on luck.

Jusco Tebrau shoplots not doing well but Jusco Bukit Indah shoplots are booming like crazy and even banks and cars agents have moved in.

What's the key difference betw Sutera Utama, Bukit Indah, Medini shoplots and other shoplots which are not doing well? Potential investors need to analyse the difference to be able to decide whether to invest or not.

Even so, luck may still play a part. Eg the Jusco Tebrau shoplots are not doing so well.

 

[freekazoid]

Tebrau, Sutera, Bukit Indah is established neighborhood commercial areas.
Medini is either empty land plots (bought up buy private sector) or new city center.

Cannot compare....like that

 

[PuteriWorld]

True in a way. When Sutera Utama shops were selling @ RM 700+ K, there wasn't even a mall. The site is empty land and the shops aren that many. I am really surprised it turned out to be a success. But its too crowded for its own good that loyal supporters like me don't patronise anymore. I am forseeing the crowd of Bukit Indah move to Medini / PH / Gerbang in about 5-20 years times when that place developed.

Tebrau, Sutera, Bukit Indah is established neighborhood commercial areas.
Medini is either empty land plots (bought up buy private sector) or new city center.

Cannot compare....like that

 

[toyohon]

Tebrau, Sutera, Bukit Indah is established neighborhood commercial areas.
Medini is either empty land plots (bought up buy private sector) or new city center.

Cannot compare....like that

Spot on! Banks, car dealerships etc in these areas are spread out in surrounding Desa Tebrau, Tmn Daya, Gaya, Austin areas, not just within shopping malls .

 

[freekazoid]

A friend told me his friend who bought Sutera commercial for cheap, looking great since the price appreciated like above 2mil. He also add in rental get at ground shop is above 1k.

Something wrong with the picture, rental of under 2k does not support 2mil+ price tag. And buy shop to get 2k lease...really a waste of time.

 

[RedsYNWA]

All businesses need crowd to survive. Best to buy in areas with crowd, esp if one cant afford to leave the shop vacant for 5 years.

 

[xxkiwi]

Progressive payment for carpark done, still waiting for next 10% payment (for those on 70% to 80% loan).

Hi, I just received letter from developer to ask for settle the 2nd 10% (parcel + car park), anyone receive the same?

 

[PuteriWorld]

RM 1000 rental? More like for 3rd floor. Ground level is asking for RM 5000-RM 10000

A friend told me his friend who bought Sutera commercial for cheap, looking great since the price appreciated like above 2mil. He also add in rental get at ground shop is above 1k.

Something wrong with the picture, rental of under 2k does not support 2mil+ price tag. And buy shop to get 2k lease...really a waste of time.

 

[malpaso]

RM 1000 rental? More like for 3rd floor. Ground level is asking for RM 5000-RM 10000

are all the units fully occupied?

 

[nextreal]

Progressive payment for carpark done, still waiting for next 10% payment (for those on 70% to 80% loan).

Mah Sing estimates this would be in Jul 14.