New developments to share

[Hitesh]

Thanks RedsYNWA for sharing this,

Any suggestions of which areas/ properties within Bukit Indah i should have a look at? the MRT is a very distant thing i guess.... and may not be very soon...

Best-
hitesh

Hi Hitesh,

I am more of a East person as my in-laws stay in Molek but have been to the West lately for work stuff. For east, I think most Malaysians prefer Austin or Molek area. Regarding capital appreciation, I believe Bukit Indah area has the greater scope, esp. with the rumoured MRT, but prices have risen a lot there. Austin and Molek are more for the locals, being close to Tesco, Jusco Tebrau and the rumoured upcoming Ikea.

Safety wise, I believe (but may well be wrong) the west beats the east as the east is generally more developed. But with more & more foreigners settling in the west and as the west develops, the future is hard to tell. But no matter where you buy, you MUST buy gated and guarded, and have your own precautions e.g. alarm prominently situated, window grilles etc.

As to where you choose, I think its best you visit these new developments both in East & West. Its impt to get your own feel of the town & the amenities. For us, we are used to Molek area, so Molek Haven was a natural choice, but I think Horizon Hill is great as well with the new Coastal Highway.

 

[RedsYNWA]

Thanks RedsYNWA for sharing this,

Any suggestions of which areas/ properties within Bukit Indah i should have a look at? the MRT is a very distant thing i guess.... and may not be very soon...

Best-
hitesh

Hi, I would prefer Horizon Hill in the west but prices have risen a lot there. Some of the Horizon Hill bros can probably help more as to the actual pricing now. It's near to Jusco, Giant, Tesco and roughly equal distance between 1st and 2nd link, so there's flexibility in travelling to/from Singapore.

From what I understand, the security's relatively gd too. One thing I find strange is that JB condos are more expensive than landed (probably due to land abundance), hence for that reason, I won't consider say, Sky Loft (condo) in Bukit Indah, though its location is great.

 

[alleyboy]

Hi, I would prefer Horizon Hill in the west but prices have risen a lot there. Some of the Horizon Hill bros can probably help more as to the actual pricing now. It's near to Jusco, Giant, Tesco and roughly equal distance between 1st and 2nd link, so there's flexibility in travelling to/from Singapore.

From what I understand, the security's relatively gd too. One thing I find strange is that JB condos are more expensive than landed (probably due to land abundance), hence for that reason, I won't consider say, Sky Loft (condo) in Bukit Indah, though its location is great.

One thing is that Bt Indah really mass market. Tons of landed houses. Wonder whether rental yield got potential? And if were to purchase for investment purpose, ie. sell in future, maybe be quite tough.

Bro, the sky loft condo, most of the units taken up. Left only those expensive one, i heard.

 

[Hitesh]

Hi, I would prefer Horizon Hill in the west but prices have risen a lot there. Some of the Horizon Hill bros can probably help more as to the actual pricing now. It's near to Jusco, Giant, Tesco and roughly equal distance between 1st and 2nd link, so there's flexibility in travelling to/from Singapore.

From what I understand, the security's relatively gd too. One thing I find strange is that JB condos are more expensive than landed (probably due to land abundance), hence for that reason, I won't consider say, Sky Loft (condo) in Bukit Indah, though its location is great.

Thanks, yes the prices have gone up a lot in HH, so cannot consider..

 

[Nusajaya]

Agree with the comments that the locals are more keen on the East or Central JB area. These areas are also a lot more reasonably priced compared to HH! It is two entirely different demographic, not apple to apple in comparison.

In terms of security, the developments over at the West side are definitely geared for it and UEM is doing heaps to continuously upgrade the security features within all the developments in Nusajaya. I have seen how they wired up Mont Kiara (well known expatriate area in KL) with CCTV along the streets and I know what to expect for Nusajaya in the next few years to come.

As for property appreciation, most of the developments categorised as tipping point for Iskandar Malaysia are located on the West!! The JPO has kicked off, EduCity - starting with Newcastle Uni is enrolling their 1st batch of students, Marlborough, Legoland, Indoor Theme Park and Medini are due later this year.

Another dimension which is getting some traction is SMIs/SMEs from Singapore setting up in SiLC and Nusa Cemerlang. These are also located on the 2nd Link side!

So, really it depends on what you are personally looking for as a priorty.

Hi Hitesh,

I am more of a East person as my in-laws stay in Molek but have been to the West lately for work stuff. For east, I think most Malaysians prefer Austin or Molek area. Regarding capital appreciation, I believe Bukit Indah area has the greater scope, esp. with the rumoured MRT, but prices have risen a lot there. Austin and Molek are more for the locals, being close to Tesco, Jusco Tebrau and the rumoured upcoming Ikea.

Safety wise, I believe (but may well be wrong) the west beats the east as the east is generally more developed. But with more & more foreigners settling in the west and as the west develops, the future is hard to tell. But no matter where you buy, you MUST buy gated and guarded, and have your own precautions e.g. alarm prominently situated, window grilles etc.

As to where you choose, I think its best you visit these new developments both in East & West. Its impt to get your own feel of the town & the amenities. For us, we are used to Molek area, so Molek Haven was a natural choice, but I think Horizon Hill is great as well with the new Coastal Highway.

 

[Qube3]

Hi All

Am new here, and just wanted to share that there is a new & first launch in Singapore for Somerset Puteri Harbour.

It was launched on the most recent Saturday 4th Feb and I understand Phase 1 is fully sold (66 units). I will declare that I am one of the purchasers of the 1st phase. Phase II has been launched on Monday.

Development is Nusajaya Consolidated Sdn Bhd, a 50/50 between UEM Land and UM Land (UM Land being circa 20% owned by Capitaland) and hence being able to attract The Ascott Group to manage the apartments under the Somerset Brand.

Marketing Agent in Singapore is NS Global Properties ....

Cheers

 

[IskandarRocks]

Hi All

Am new here, and just wanted to share that there is a new & first launch in Singapore for Somerset Puteri Harbour.

It was launched on the most recent Saturday 4th Feb and I understand Phase 1 is fully sold (66 units). I will declare that I am one of the purchasers of the 1st phase. Phase II has been launched on Monday.

Development is Nusajaya Consolidated Sdn Bhd, a 50/50 between UEM Land and UM Land (UM Land being circa 20% owned by Capitaland) and hence being able to attract The Ascott Group to manage the apartments under the Somerset Brand.

Marketing Agent in Singapore is NS Global Properties ....

Cheers

Congratulations on your purchase! Will you please share what was the average price psf for the marina facing units?

Cheers,
iR

 

[Qube3]

Congratulations on your purchase! Will you please share what was the average price psf for the marina facing units?

Cheers,
iR

The marina facing units are not for sale. Not yet anyway. The developer intends to keep those and perhaps release them later for sale on a non-serviced residence basis. I was talking to the boss of the sales agency and he believes it could be upwards of MYR1200psf by the time the development is completed.

The other units have an average of between 850 to 950psf.....quite acceptable given a no-fuss lease effort and that it is fully furnished.

 

[potato]

Hi, I also bought a unit yesterday. Hmm.. do you happen to know how they calculate the profit sharing for rental yield since those seafront may not be included as mentioned above?

cheers
P

 

[Qube3]

Hi, I also bought a unit yesterday. Hmm.. do you happen to know how they calculate the profit sharing for rental yield since those seafront may not be included as mentioned above?

cheers
P

Hi, the minimum guaranteed return will be 5% (for the 1st 2 years), and upside will be on profit share based on some formula which contract you will sign with the developer Nusajaya Consolidated Sdn Bhd (on the back NCSB's service management contract with Ascott) and divided according to the developer's sale price to you in relation to the total sale price of all the units. This sale & leaseback agreement will be made available for execution once you have signed on the S&P.

There will be a proportional charge against revenue, and another fixed charge for operating expenses and all else would go to that profit share pool. This would incentivise Somerset to generate value for all stakeholders. True there is the subjective element of operating costs, but we will have to take a leap of faith on this, and give goodwill to the reputation of Ascott. I am generally comfortable, as I have monitored their only other development that was on sale to private investors i.e. Somerset Seri Bukit Ceylon in KL and that property price actually increased quite significantly (a relatively rare occurrence for apartment units) following the yield Somerset can generate.

The annual report of the operation will be audited (which I presume would be by one of the big 4) and distributed to unitholders for discharge of accountability.

 

[typh00n]

Located in front of New York Hotel. The 59 storey Setia Sky 88 will be a new iconic of Johor Bahru!

 

[wuqi256]

One thing is that Bt Indah really mass market. Tons of landed houses. Wonder whether rental yield got potential? And if were to purchase for investment purpose, ie. sell in future, maybe be quite tough.

Bro, the sky loft condo, most of the units taken up. Left only those expensive one, i heard.

I would beg to disagree, the condos in that area is also mass market. Only exception is Puteri Harbour side ones where the condos are better.
Rental for landed would depend on if its g&g and the location as well. Also, except for singles and folks who are very advanced in age, else
quite a few of those "escaping" from Singapore may well prefer landed over condos for the lifestyle. As some learned friends just put it to me,
why change a gilded cage for another gilded cage in the air? Nothing against condos but to me they have a bit more inherent problems than
certain landed. Friends who have condos and shared with me their experiences that have kept me away from buying any, at least for now. Not
discounting them completely but you definitely need an even more solid/reliable developer when you are buying a condo.

I tried to dissuade a learned friend from buying Skyloft recently and when i shared this with an agent about his thoughts. (He is marketing multiple properties, both
landed and condos) Was pretty surprised that he commented straightaway about his thoughts on condos generally. He kind of reinforced what i thought about condos.

However, again these are just my 2 cents worth so whichever works for you, more power to you.

 

[alleyboy]

I would beg to disagree, the condos in that area is also mass market. Only exception is Puteri Harbour side ones where the condos are better.
Rental for landed would depend on if its g&g and the location as well. Also, except for singles and folks who are very advanced in age, else
quite a few of those "escaping" from Singapore may well prefer landed over condos for the lifestyle. As some learned friends just put it to me,
why change a gilded cage for another gilded cage in the air? Nothing against condos but to me they have a bit more inherent problems than
certain landed. Friends who have condos and shared with me their experiences that have kept me away from buying any, at least for now. Not
discounting them completely but you definitely need an even more solid/reliable developer when you are buying a condo.

I tried to dissuade a learned friend from buying Skyloft recently and when i shared this with an agent about his thoughts. (He is marketing multiple properties, both
landed and condos) Was pretty surprised that he commented straightaway about his thoughts on condos generally. He kind of reinforced what i thought about condos.

However, again these are just my 2 cents worth so whichever works for you, more power to you.

Bro Wuqi, maybe u had mistaken my post.

I was just telling the other bro Bt Indah got tons of landed properties there. And though at Bt Indah area teres only two condos (correct me if i am wrong) currently developing, the expensive units still available. Frankly I dont know much abt condo investment yield at Bt Indah. But for that kind of prices they are quoting, I dont think its worth investing. Not much of drawing factors that area, imo. Its only Jusco/Tesco/Giant main "attraction" there. And I agree with u..with that prices they are quoting for those units available, I rather invest elsewhere where theres much more attractive yields to reap.

 

[daytona]

Hi All

Am new here, and just wanted to share that there is a new & first launch in Singapore for Somerset Puteri Harbour.

It was launched on the most recent Saturday 4th Feb and I understand Phase 1 is fully sold (66 units). I will declare that I am one of the purchasers of the 1st phase. Phase II has been launched on Monday.

Development is Nusajaya Consolidated Sdn Bhd, a 50/50 between UEM Land and UM Land (UM Land being circa 20% owned by Capitaland) and hence being able to attract The Ascott Group to manage the apartments under the Somerset Brand.

Marketing Agent in Singapore is NS Global Properties ....

Cheers

Hi All, just an update...
When I reached the Sales office at Grand Park Hotel at 5pm, all the units are sold out and the function room was closed...
I have no chance to get the details for this project. Hence, I google to find this forum.... The property market in JB is looking to be promising and hope to capitalise on this wave....

Has anyone heard of Summerscape Condo in JB city?
http://summerscape.com.my/

Salesgirl was telling me that this is the most High-End Condo in JB like the Ardmore Park.. All units 2713 sq ft and all above RM$1mil...
I must said the show flat is very impressive and the furnishing is really good... But it is too expensive for me...

 

[potato]

Hi, the minimum guaranteed return will be 5% (for the 1st 2 years), and upside will be on profit share based on some formula which contract you will sign with the developer Nusajaya Consolidated Sdn Bhd (on the back NCSB's service management contract with Ascott) and divided according to the developer's sale price to you in relation to the total sale price of all the units. This sale & leaseback agreement will be made available for execution once you have signed on the S&P.

There will be a proportional charge against revenue, and another fixed charge for operating expenses and all else would go to that profit share pool. This would incentivise Somerset to generate value for all stakeholders. True there is the subjective element of operating costs, but we will have to take a leap of faith on this, and give goodwill to the reputation of Ascott. I am generally comfortable, as I have monitored their only other development that was on sale to private investors i.e. Somerset Seri Bukit Ceylon in KL and that property price actually increased quite significantly (a relatively rare occurrence for apartment units) following the yield Somerset can generate.

The annual report of the operation will be audited (which I presume would be by one of the big 4) and distributed to unitholders for discharge of accountability.

Thanks for sharing.

 

[Dfiris]

Hi All, just an update...
When I reached the Sales office at Grand Park Hotel at 5pm, all the units are sold out and the function room was closed...

I believe u are referring to the Somerset Puteri Harbour project. I also tried to get hold of an unit but was told that South Wing already sold out on 4-5 Feb and they took only another saturday on the 7 Feb to sell everything on the North Wing. I knew such projects will be hot but did not expect the takeup to be that fast...

I personally prefer such projects cos I dun have to worry about the rental when it is completed especially with the large qty of projects like Imperia, Encorp Marina and many others...These other projects might not bring the cashflow yet especially for the initial years before Iskandar is fully developed.

Surprising that they are priced lower than Encorp Marina and comes fully furnished and renovated inclusive in price.

Hope they will rethink and launch the waterfront row earlier... Dun wan to miss it again...

 

[SPH07]

Hi, the minimum guaranteed return will be 5% (for the 1st 2 years), and upside will be on profit share based on some formula which contract you will sign with the developer Nusajaya Consolidated Sdn Bhd (on the back NCSB's service management contract with Ascott) and divided according to the developer's sale price to you in relation to the total sale price of all the units. This sale & leaseback agreement will be made available for execution once you have signed on the S&P.

There will be a proportional charge against revenue, and another fixed charge for operating expenses and all else would go to that profit share pool. This would incentivise Somerset to generate value for all stakeholders. True there is the subjective element of operating costs, but we will have to take a leap of faith on this, and give goodwill to the reputation of Ascott. I am generally comfortable, as I have monitored their only other development that was on sale to private investors i.e. Somerset Seri Bukit Ceylon in KL and that property price actually increased quite significantly (a relatively rare occurrence for apartment units) following the yield Somerset can generate.

The annual report of the operation will be audited (which I presume would be by one of the big 4) and distributed to unitholders for discharge of accountability.

Hi Qube3 & Potato,

I'm also a fellow owner of a unit at Somerset Puteri Harbour... great to find you here.

I'll be signing the SPA this weekend, & I was informed that I've to pay RM$1840 for the application for State Authority Consent for non-MY.
Do you know why? Does any other bros have experiences to share?

The salesperson did mention that the Johor Levy is to be paid by the developer, but quite obviously they did not mention that we have to pay for the application fees, etc.
In any way, I thought the application fees is ~RM$500? So the balance goes to the lawyers?

 

[Qube3]

Hi Qube3 & Potato,

I'm also a fellow owner of a unit at Somerset Puteri Harbour... great to find you here.

I'll be signing the SPA this weekend, & I was informed that I've to pay RM$1840 for the application for State Authority Consent for non-MY.
Do you know why? Does any other bros have experiences to share?

The salesperson did mention that the Johor Levy is to be paid by the developer, but quite obviously they did not mention that we have to pay for the application fees, etc.
In any way, I thought the application fees is ~RM$500? So the balance goes to the lawyers?

Welcome SPH07, guess you would have found your answer today. Let`s keep in touch in the forum and in case of issues we can get together. In any case I hope there will be no major issues. Having read the Leaseback Agreement I am quite happy with it and there were no surprises, all within expectations.

 

[DREAMorACTION]

Hi hi, taman laguna will Be launching their type c and d terrace house (2700 - 2900 sq ft) next weekend, and the price ranges from 598k to 630k. This new price is exorbitant compared to their past launches at about 418k only (mid last year). However, on a psf basis, its only about RM 210 psf. Land size is 26 x 80 or 85. What's your view on this? Worth buying? Bro wuqi, any updates on your thoughts too please? Thx

 

[potato]

Hi, the minimum guaranteed return will be 5% (for the 1st 2 years), and upside will be on profit share based on some formula which contract you will sign with the developer Nusajaya Consolidated Sdn Bhd (on the back NCSB's service management contract with Ascott) and divided according to the developer's sale price to you in relation to the total sale price of all the units. This sale & leaseback agreement will be made available for execution once you have signed on the S&P.

There will be a proportional charge against revenue, and another fixed charge for operating expenses and all else would go to that profit share pool. This would incentivise Somerset to generate value for all stakeholders. True there is the subjective element of operating costs, but we will have to take a leap of faith on this, and give goodwill to the reputation of Ascott. I am generally comfortable, as I have monitored their only other development that was on sale to private investors i.e. Somerset Seri Bukit Ceylon in KL and that property price actually increased quite significantly (a relatively rare occurrence for apartment units) following the yield Somerset can generate.

The annual report of the operation will be audited (which I presume would be by one of the big 4) and distributed to unitholders for discharge of accountability.

Hi,

I see that you are very confident with Somerset.

As you are the first batch, I presume you have already signed your S&P last week. How does it go? I understand the signing is done in a hotel?

Thanks for sharing in advance.

Regards.