Princess Cove R&F

[Frodo]

Wouldn't a smart company like Greenland have considered the over-supply situation and the falling ringgit, before committing RM 2.4 billion to Permas Jaya? There's probably some asymmetry of information here between us and them.

I wouldn't mind if they build something nice in Permas Jaya, mere minutes from where I stay! I am happy that the Johor MB wants to develop the Eastern side of JB. Speaking from vested interests! LOL! In my opinion, if they do build something really nice to stay in, perhaps people may just be enticed and drawn to that which is nice.

 

[MEOWCAT]

No worry at all. Malaysia PM just declared that Malaysia is not in crisis. The fact is Malaysia ringgit will never be allowed to drop more than Rm3.80 = 1USD. Capital control will come in then. Malaysia still have many foreign reserve. The ringgit drop now is a blessing in disguise for PC. More singaporeans are keen to buy this project. Low value of Ringgit currency is just temporary. It create a gold rush for properties now especially those that at good location like PC. Furthermore, RnF is cash rich. Not like the local developers who are suffering due to the low value of RM currency. Local developers are most likely to compromise on the final finishing quality to cut cost.

R&F is not cash rich... It is Ba2 negative with Moody's, which is ok, but far from good. Country Garden is Ba2 positive and Greenland is Baa3 something (forget). Bad is Kaisa, which has just had projects suspended in Shenzhen - is Caa negative...

R&F's downgrade from Ba2 stable to Ba2 negative was due to worsening cashflow but it was still making profits. Analysis was middle of 2nd half last year though. Don't know current situation. Should be ok for now. Will monitor and update if anything...

 

[RedsYNWA]

I wouldn't mind if they build something nice in Permas Jaya, mere minutes from where I stay! I am happy that the Johor MB wants to develop the Eastern side of JB. Speaking from vested interests! LOL! In my opinion, if they do build something really nice to stay in, perhaps people may just be enticed and drawn to that which is nice.

In my opinion, development is always good to see. Makes it more vibrant to live in JB overall. I believe there is something underpinning their confidence, but let's wait and see. Like I said, the PRC developers are no fools. As my parents like to say, 新加坡人的脑筋转一次，中国人的脑筋已转了三次了....... Haha

 

[ECboy]

You mean Pinnacle Tower? I think that one nearer to Setia Sky 88.

No not Pinnacle, the Sky something at Tanjung Puteri, next to Menara Sarawak.

 

[Funniman]

I wouldn't mind if they build something nice in Permas Jaya, mere minutes from where I stay! I am happy that the Johor MB wants to develop the Eastern side of JB. Speaking from vested interests! LOL! In my opinion, if they do build something really nice to stay in, perhaps people may just be enticed and drawn to that which is nice.

Whatever vested interests, Anything is better than nothing..
Money not spent is just a figure in the bank.

 

[Frodo]

In my opinion, development is always good to see. Makes it more vibrant to live in JB overall. I believe there is something underpinning their confidence, but let's wait and see. Like I said, the PRC developers are no fools. As my parents like to say, 新加坡人的脑筋转一次，中国人的脑筋已转了三次了....... Haha

LOL! I agree, better to be building something than nothing happening. Creating value....hopefully!

 

[gooddebt]

LOL! I agree, better to be building something than nothing happening. Creating value....hopefully!

Yup, at least their workers will need to rent houses in JB .

 

[potter]

LOL! I agree, better to be building something than nothing happening. Creating value....hopefully!

Clearing the mangroves at the mouth of the river is the signs of progression before the news is out. :p
bayu puteri sector also coming up nicely. Next will be IOI..

It's beri good to see that MB is driving the project. :o

 

[FHBH12]

Clearing the mangroves at the mouth of the river is the signs of progression before the news is out. :p
bayu puteri sector also coming up nicely. Next will be IOI..

It's beri good to see that MB is driving the project. :o

JB has poor environmental records, so it may not be a totally good thing.

 

[potter]

JB has poor environmental records, so it may not be a totally good thing.

Maybe MB attended e fengshui class in China and realize that sungai is $ if they manage properly..:p

 

[cslong]

KUALA LUMPUR (Jan 22): The depreciating ringgit is deemed a "silver lining" for the Malaysian property industry, as local real estate would be priced more competitively against world markets, according to IJM Land Bhd (Financial Dashboard) CEO Datuk Soam Heng Choon.

Soam said a weaker ringgit would not affect developers' costs, as long as they did not use imported goods.

"This is actually a silver lining for us. Chances are that people will come to Malaysia to buy properties, because it will become cheaper.

"As long as we don’t use any imported goods, we’re okay," Soam told reporters here today, on the sidelines of the launch of IJM Land's (fundamental: 2.2; valuation 1.8) Sherwood Kinrara South project.

At 3.11pm, the ringgit changed hands against the US dollar at 3.6068. This compared to 3.1463 in August 2014.

http://www.theedgemarkets.com/my/ar...roperty-industry-ijm-land-chief?type=Property

can you enlighten me which are the raw materials that needed to be imported for housing project?

 

[Funniman]

can you enlighten me which are the raw materials that needed to be imported for housing project?

China has the cheapest and best polished and homogenous ceramic tiles in the market. In fact, Malaysian manufacturers like Malaysian Mosiacs private label from them. Even my house uses Seacera tiles, also private label from China. Steel bars is also another item as local steel mill like Mega Steel and ASM could not cope. Ironmongeries are also a favorite imported item from China.

 

[snowbird]

can you enlighten me which are the raw materials that needed to be imported for housing project?

You mean you don't know ??
Go ask any of the other salesman in the R&E showroom, better the senior ones (cos the junior one know nuts), where all the raw materials used in the showflat and later for the project comes from.
They will tell you that everything are IMPORTED TOP QUALITY STUFF!!!!
Are you going to say they all bullshit and it is not true ???

 

[Funniman]

You mean you don't know ??
Go ask any of the other salesman in the R&E showroom, better the senior ones (cos the junior one know nuts), where all the raw materials used in the showflat and later for the project comes from.
They will tell you that everything are IMPORTED TOP QUALITY STUFF!!!!
Are you going to say they all bullshit and it is not true ???

Shh....give this guy a chance to learn la.
Not everyone is experienced like you.

 

[Funniman]

PETALING JAYA: Foreign developers in Johor should be taxed on the import of construction materials rather than be granted duty exemption, says an accountant.

Extensive and direct importing of construction material from foreign suppliers for property development in the southern state has stunted growth in the local economy, Moore Stephen Malaysia managing partner Bala Krishnan Ponnian (pic) told StarBiz.

He said incentives given to foreign property developers to import construction materials directly from overseas suppliers duty-free benefited only those countries, leading to a worrying investment outflow.

“Such has been granted by the state and Federal government. There is no economic spin-off to Malaysia’s economy from this,” Bala said.

“The vast number of developments happening in Malaysia should translate into a gross domestic product growth of 8% by now. But we have only been seeing a marginal growth.”

He said even if the developers purchased their overseas goods through local suppliers, at the very least it would benefit local companies.

Bala said many overseas supplies were going directly into specific projects in Iskandar Malaysia.

“This can be easily corrected with the right policy. Developers should not be exempted from import duty but be taxed instead,”

The Iskandar Malaysia development has five flagship zones and only the Flagship Zone B which comprises Bandar Nusajaya and Medini has been granted special incentives by the federal government to spur investments.

The businesses located in Flagship Zone B get incentives such as pioneer status with a 10-years tax exemption on income, free of bumiputra equity requirement, unrestricted employment of foreign knowledge workers and the freedom to source capital globally.

Iskandar Regional Development Authority (Irda), however, refuted the notion that real estate developers were importing construction materials into Iskandar Malaysia free of import duty.

“Our records show that no special exemption has been given to any real estate developer, both local and foreign, for import duties imposed on construction materials,” Irda head of strategic communications Sulaiman Yahya told StarBiz in an email.

He said only approved operators in three services sectors were given exemptions on duty. The three are tourism, healthcare and education sectors.

“Duty exemptions for equipment and machinery can come under the Flagship Incentives Iskandar Malaysia (FIM). They are for owner-operators of four-or five-star hotels, private higher education institutions or traditional complementary medicine centres,” Sulaiman said.

Official guidelines on the FIM specify that those operators, once approved, would still need to submit separate applications for import duty and sales tax exemptions for equipment or machinery, subject to guidelines set by the Malaysian Investment Development Authority.

Currently, foreign developers who are in Iskandar Malaysia stood at less than 10% against local players, according to a government official in Johor.

While he did not state the total number, he said Iskandar was experiencing an increasing number of foreign developers mainly from China, Singapore and a handful from other countries.

 

[cslong]

You mean you don't know ??
Go ask any of the other salesman in the R&E showroom, better the senior ones (cos the junior one know nuts), where all the raw materials used in the showflat and later for the project comes from.
They will tell you that everything are IMPORTED TOP QUALITY STUFF!!!!
Are you going to say they all bullshit and it is not true ???

Wow, so fast want to provoke me already, kid?

 

[cslong]

China has the cheapest and best polished and homogenous ceramic tiles in the market. In fact, Malaysian manufacturers like Malaysian Mosiacs private label from them. Even my house uses Seacera tiles, also private label from China. Steel bars is also another item as local steel mill like Mega Steel and ASM could not cope. Ironmongeries are also a favorite imported item from China.

This is good news to RnF. Thanks for confirming it. Local developers that are going to import all these raw materials gonna suffer most.

 

[Funniman]

This is good news to RnF. Thanks for confirming it. Local developers that are going to import all these raw materials gonna suffer most.

It was cheap then but now no more cheap cos xchange rate. They are going to switch suppliers.
I am a patriotic Malaysian and I support local developers and local materials.

 

[Vohkster]

It was cheap then but now no more cheap cos xchange rate.
I am a patriotic Malaysian and I support local developers and local materials.

I am sure the current projects would not be affected in the short run as supply and pricing agreements have already been made before the RM fell. If the situation prolongs, all the developer needs to do is for their new phases n new projects they just cost in the high prices n pass on the consumers. Isn't that how your chicken rice uncle keep raising prices when petrol price increase? Do you see them suffering? Haha. What childish logic. I don't even know why some people are jumping for joy at this news. They are already the frog in water with the stove fire on n don't even realize it.

 

[Manhattan]

This is good news to RnF. Thanks for confirming it. Local developers that are going to import all these raw materials gonna suffer most.

For such high class development like PC, I am expecting them to have tiles from Italy, bathtub, shower set, taps from germany. The lifts must be at least the same brand as the one used for Taipei 101, imported from Japan. You will not feel the lift move, silent lift. Cost is secondary, the quality is paramount. Don't tell me everything from china, I will not believe.