New developments to share

[SPH07]

Bros SPH07 and Quartz,

Have you been to the site? I visited last weekend and saw the piling done, foundation all ready. Just waiting for it to ascend upwards which should not take more than 2 years for a low rise. If this development was in Singapore I would have expected much quicker.

Traders is already 65% done, topping up in a couple of months at best guesstimates.

Somehow my earlier post to Potato didn't come up.

Yes, I visited the site before I made up my decision. Another good thing abt SPH is that it is so close to Singapore, just a short drive away, so we can keep an eye on things.

So far only the harbour and the Kota iskandar state buildings are done. Everything else in Flagship B is work in progress, in various stages of construction, so many sites will be completed b4 SPH.

On the 2nd floor of the Puteri Harbour Visitor Centre, there is a huge model of the Flagship B Masterplan.
Quite impressive, it's like a giant jigsaw puzzle, with many pieces to be put in place by 2025.
I look forward to hear of more commercial elements/projects being launched/injected into the area in the very near future, to drive higher demand for the residential/svc apt market.

 

[Arowana88]

Malaysia property fair at Orchard Hotel this Saturday and Sunday. Anyone interested to buy more can go look see.......

 

[newton]

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.

I attended the guruproperty showcase today before going down to Grand Park Hotel.
Ist curiosity
I visited a booth that sell property with leaseback service apt. The booking fee is RM10K and upon signing the S&P, the booking fee is used to offset the 1st downpayment.
SPH with a booking fee of SGR5000. Upon signing the S&P, the booking fee is non-refundable but as administrative charges (RM12000). Why it is so high and is non-refundable?
2nd curiosity
They pay guaranteed rental 7%/year for 5 years (with optional renew leaseback of 7.7%) and 7 days free stay per year. SPH guaranteed rental of min 5%/year for 2 years and balance 8 years base on performance and no free stays. Why is it so that SPH is not matching or better than other property that c/w service apt?

 

[quartz28]

Malaysia property fair at Orchard Hotel this Saturday and Sunday. Anyone interested to buy more can go look see.......

Bro Arowana...u went down? Not in town these couple of days....anything interesting?

Rgds...Quartz

 

[Arowana88]

Bro Arowana...u went down? Not in town these couple of days....anything interesting?

Rgds...Quartz

Bro I went there, take a few brochures and free goody bag with pens and notepad. The properties they selling r KL and JB area, very ex! Leasehold also! Not worth buying. Malaysia really follow sickapore , properties almost all on leasehold, the may bank staff told me the property levy going to increase to 30 k in June , again follow here! Garment here increase levy they also!

 

[AllUCan]

Did SPH agent explained clearly to u the 5k booking fees which is not refundable upon SAP is signed?
Left or right they will not refund to u. do they have the right or is it a norm to other development as well?
What we practice in singapore is straight 5% booking fees and upon loan approve the 5% will be offset to your purchase price.
Did they also explained to u on the starta deed fees?

 

[DREAMorACTION]

Bro, can share more in which properties they advertised in JB? Only properties in medini and puteri harbour? More info on the prices please? Thanks

Bro I went there, take a few brochures and free goody bag with pens and notepad. The properties they selling r KL and JB area, very ex! Leasehold also! Not worth buying. Malaysia really follow sickapore , properties almost all on leasehold, the may bank staff told me the property levy going to increase to 30 k in June , again follow here! Garment here increase levy they also!

 

[Aisanbo]

Bro, can share more in which properties they advertised in JB? Only properties in medini and puteri harbour? More info on the prices please? Thanks

I went yesterday to see look. Many people.
Tropez Residences. Freehold.
2+1 br. High floor. About 600psf.

 

[quartz28]

Bro I went there, take a few brochures and free goody bag with pens and notepad. The properties they selling r KL and JB area, very ex! Leasehold also! Not worth buying. Malaysia really follow sickapore , properties almost all on leasehold, the may bank staff told me the property levy going to increase to 30 k in June , again follow here! Garment here increase levy they also!

Bro...correct me if i'm wrong..the state levy differ from state to state...for Johor, it is RM10+k while for KL which i recently got something, i think is about few hundred RM (if i don't recall wrongly as the developer also absorb it)...the 30k increase you mention here is is for Johor or for all states?

My opinion leasehold is not really worth it....though this is more favorable in term of rental returns & obvious lower interest paid for the lower loan (unless pay in full for everything)..the key will be what happens after the leasehold finished...not too familiar with m'sia policy, will the govt allow renew at a token or just take back the property. Any experts here got any comments?

cheers....

 

[quartz28]

I attended the guruproperty showcase today before going down to Grand Park Hotel.
Ist curiosity
I visited a booth that sell property with leaseback service apt. The booking fee is RM10K and upon signing the S&P, the booking fee is used to offset the 1st downpayment.
SPH with a booking fee of SGR5000. Upon signing the S&P, the booking fee is non-refundable but as administrative charges (RM12000). Why it is so high and is non-refundable?
2nd curiosity
They pay guaranteed rental 7%/year for 5 years (with optional renew leaseback of 7.7%) and 7 days free stay per year. SPH guaranteed rental of min 5%/year for 2 years and balance 8 years base on performance and no free stays. Why is it so that SPH is not matching or better than other property that c/w service apt?

Hi Newton..my humble view
@ 1st Curiosity
- The project u look at is it directly from developer? Typical, booking fee with developer is more like 'chopping fee'/confirmation fee before the S&P agreement..thus will be able to offset from the principal house price...in this case, for SPH, this is handle by the agent, the admin fee is more like the 'commission' to them, thus will not be able to offset from the principal amt...

@ 2nd Curiousity
- Yep..i know of previous similar concept of prop in melaka/kl etc which provide better on-paper returns.....i guess the amount which the developer offers you will depend on alot of factors...location, potential upside, who is the developer, who is the service management company etc..and they may already price it in in the property sale price

Guess for SPH..the terms are as such because of Somerset "branding" lor....& probably provide assurance (hopefully) they will not screw up as their reputation is on the line.

Cheers...by the way, which property & in which state you are referring to?

 

[quartz28]

Did SPH agent explained clearly to u the 5k booking fees which is not refundable upon SAP is signed?
Left or right they will not refund to u. do they have the right or is it a norm to other development as well?
What we practice in singapore is straight 5% booking fees and upon loan approve the 5% will be offset to your purchase price.
Did they also explained to u on the starta deed fees?

Hmm...my view...probably you can negotiate with them on this before paying the 5k and write it in and ack by both party...for example, if S&P is signed but the loan agreement got some problem with bank (& at no fault of purchaser) etc & the purchase does not go through in the end..

 

[Arowana88]

Bro, can share more in which properties they advertised in JB? Only properties in medini and puteri harbour? More info on the prices please? Thanks

There is DK Senza @ Bandar sunway in KL.
There is tropez residence - Tropicana Danga Bay
There is Banda Putra @. Kulai ------ freehold ---- nice semi Ds and terraces from s$ 193k to s$381k
There is apartment Bayu Marina - leasehold and waterfront bungalows . Price from rm600k to rm 3 m...

I prefer the prop at kulai....

 

[DREAMorACTION]

Is that the one by genting? Yeah, kulai is up and coming. Premium outlet is there also. The prices there are still much lower than JB itself. Good retirement area for sure!

There is DK Senza @ Bandar sunway in KL.
There is tropez residence - Tropicana Danga Bay
There is Banda Putra @. Kulai ------ freehold ---- nice semi Ds and terraces from s$ 193k to s$381k
There is apartment Bayu Marina - leasehold and waterfront bungalows . Price from rm600k to rm 3 m...

I prefer the prop at kulai....

 

[quartz28]

Is that the one by genting? Yeah, kulai is up and coming. Premium outlet is there also. The prices there are still much lower than JB itself. Good retirement area for sure!

Hi DREAMorACTION/Arrowana

How much is the psf for kulai now?....the Banda project you mentioned is it Gated and Guarded similar to horizon hill?

Cheers...

 

[DREAMorACTION]

If its the one by genting, go google genting indahputra. They have prices in their website. It's much cheaper than HH ... But can't really compare HH to any other development in jB. Nothing gets even close to them

Hi DREAMorACTION/Arrowana

How much is the psf for kulai now?....the Banda project you mentioned is it Gated and Guarded similar to horizon hill?

Cheers...

 

[Dfiris]

Hi guys, managed to get my hands on a South Wing unit with B3 layout. Like it cos got chance to see part of marina from balcony cos corner unit. Tried to nego on the $5k booking fee but the marketing ageng refuse yo bulge, the boss must be special relationship with developer to get sole marketing agent rights, thats y k ask $5k from buyers. We like paying for a right or pass to buy a unit.

 

[Arowana88]

Hi DREAMorACTION/Arrowana

How much is the psf for kulai now?....the Banda project you mentioned is it Gated and Guarded similar to horizon hill?

Cheers...

Wow bro u sound like interested to buy huh!?

Give me yr email I email u the infor.... Make sure buy before they increase levy ok?? 30k in a fixed amount better then in percentage...for example-- 12% increase to 20% of selling price die already!

 

[Arowana88]

If its the one by genting, go google genting indahputra. They have prices in their website. It's much cheaper than HH ... But can't really compare HH to any other development in jB. Nothing gets even close to them

HH also good ma! At least bro WUQI staying there, he can look after u and answer all yr questions also!
I regret not buying one there, maybe next time when I kana TOTO! Hehehe

 

[DREAMorACTION]

No la. Just bought one. Not going to live in kulai unless when I retire

Wow bro u sound like interested to buy huh!?

Give me yr email I email u the infor.... Make sure buy before they increase levy ok?? 30k in a fixed amount better then in percentage...for example-- 12% increase to 20% of selling price die already!

 

[quartz28]

Hi guys, managed to get my hands on a South Wing unit with B3 layout. Like it cos got chance to see part of marina from balcony cos corner unit. Tried to nego on the $5k booking fee but the marketing ageng refuse yo bulge, the boss must be special relationship with developer to get sole marketing agent rights, thats y k ask $5k from buyers. We like paying for a right or pass to buy a unit.

Ya lor...this agency boss got good relation with developer but the key i heard is that he 'value add' through helping to persuade/convince Somerset to manage...thus making it more 'sellable' ...& rewarded to have exclusivity