Puteri Cove by RF

[Zelphon]

Aiyo, just do a GOOGLE Search and you'll find out lah. Why must still spoon feed?



Source: http://www.propertyguru.com.my/property-news/2012/3/3176/abandoned-projects-in-johor-due-to-greedy-develope

Even when I purchased my subsale house in JB in 2009, my JB lawyer even advised me to purchase those ready built ones if I were to buy a new house instead.

Ya..

There will still be risks..
But it will be very interesting if R&F do abandon Princess Cove for the following reasons:

1) They already paid up for the huge parcels of land, around $4 billion !!!
2) This development is situated at the gateway into proposed Johor Bahru CBD... if u build in a crappy manner, u will be giving the entire johor sovereignty and state government a big slap.. tarnishing the image of Malaysia.. How to attract more investments??
3) This is the 1st overseas project by R&F out of China... Reputation is at stake here.. Any bad review will reflect badly on their reputation overseas and they can forget about growing their revenue in overseas property market..

Too many are at stakes here besides the money...

Development of this project is a must to build up Johor Bahru CBD and skyline...

 

[winners]

If you cannot be specific in your statement, better dont talk here. I am asking you again, which developer you are referring at? IN your so call google info, it also mention the government have chosen new developers to continue the project. So, what is the problem? At least the buyer interest is protected. No doubt, there is risk in any property investment but pls dont compare small fly local developers and reputable developers.

Are you acting dumb or what, R&F salesman? My point of argument here is that with the implementation of the Housing Development Account (HDA) since 31 August 1991, you still get defrauds from the developers. I don't care whether they're big or small time developers, but doesn't it then makes the HDA redundant and/or useless? Stupid, go and read my original post carefully and get your facts right before arguing with me.

Let me tell you, if you are so confident of R&F, I hope you'll give your buyers a personal guarantee that should there be any default from the developer in the future, you'll bear the full consequences. I doubt you'll have that guts to do it. Just because you are now working for R&F, you sing full praises for them and looked down upon your own country's developers. How can you betray your own fellow citizens like that? Where's your sense of dignity towards the "1Malaysia" spirit?

Even 1 of your own earlier post had admitted that there were "previous white elephant such as kemayan, best world and pacific mall". Go and read it for yourself. How did these ever ended up as white elephants? Why are you contradicting yourself now?

The way those China developers are building in Johor presently is going to pave the way for a drop in condo prices. How are they going to fulfill the occupancy rate unless there's going to be an influx of 2 million people into JB in the next 3 years, which is of course highly unlikely.

 

[bakkuttay]

hahahahaaaa.... what is there to win or to lose.

 

[Funniman]

hahahahaaaa.... what is there to win or to lose.

I can type better, I can type faster, I am the NO. 1 super salesman.

 

[snowbird]

Ya..

There will still be risks..
But it will be very interesting if R&F do abandon Princess Cove for the following reasons:

1) They already paid up for the huge parcels of land, around $4 billion !!!
2) This development is situated at the gateway into proposed Johor Bahru CBD... if u build in a crappy manner, u will be giving the entire johor sovereignty and state government a big slap.. tarnishing the image of Malaysia.. How to attract more investments??
3) This is the 1st overseas project by R&F out of China... Reputation is at stake here.. Any bad review will reflect badly on their reputation overseas and they can forget about growing their revenue in overseas property market..

Too many are at stakes here besides the money...

Development of this project is a must to build up Johor Bahru CBD and skyline...

Its interesting to see how come suddenly a horde of Chinese developers decided to come down to JB, a little city in Malaysia?
Last year, Beijing had clamp down hard on "shadow banking" and also tighten up on easy credit which made life very difficult to businesses especially developers.
In China, its usually build and sell, so developers need to have cash upfront whereas in Malaysia, its sell and build, so they can collect hefty deposits and down payments before the first pile is driven into the ground.
At the same time of the clampdown, you see a sudden invasion of Chinese developers in JB and all are mega projects. Coincidental?
These developers needs to continue to generate sufficient turnover and even better, by coming here, they can be paid upfront with millions to lighten their credit crunch back home.
The company in JB is known as R&F Development Sdn Bhd is only a subsidiary company of the parent company, so it will have its own P&L.

An interesting read on who is doing what in this neighbourhood - http://www.malaysia-chronicle.com/i...-rm45-billion-windfall&Itemid=2#axzz3ACFPv6Mk

 

[malpaso]

Its interesting to see how come suddenly a horde of Chinese developers decided to come down to JB, a little city in Malaysia?
Last year, Beijing had clamp down hard on "shadow banking" and also tighten up on easy credit which made life very difficult to businesses especially developers.
In China, its usually build and sell, so developers need to have cash upfront whereas in Malaysia, its sell and build, so they can collect hefty deposits and down payments before the first pile is driven into the ground.
At the same time of the clampdown, you see a sudden invasion of Chinese developers in JB and all are mega projects. Coincidental?
These developers needs to continue to generate sufficient turnover and even better, by coming here, they can be paid upfront with millions to lighten their credit crunch back home.
The company in JB is known as R&F Development Sdn Bhd is only a subsidiary company of the parent company, so it will have its own P&L.

An interesting read on who is doing what in this neighbourhood - http://www.malaysia-chronicle.com/i...-rm45-billion-windfall&Itemid=2#axzz3ACFPv6Mk

sad to see even a johor local love the chinaman developer so much. it can't be good for a small town like JB, which is already coping with oversupply of condo, to be inundated with 10's of thousands these units. I hope they don't go in droves up north and carpet bomb their developments there.

 

[Funniman]

Its interesting to see how come suddenly a horde of Chinese developers decided to come down to JB, a little city in Malaysia?
Last year, Beijing had clamp down hard on "shadow banking" and also tighten up on easy credit which made life very difficult to businesses especially developers.
In China, its usually build and sell, so developers need to have cash upfront whereas in Malaysia, its sell and build, so they can collect hefty deposits and down payments before the first pile is driven into the ground.
At the same time of the clampdown, you see a sudden invasion of Chinese developers in JB and all are mega projects. Coincidental?
These developers needs to continue to generate sufficient turnover and even better, by coming here, they can be paid upfront with millions to lighten their credit crunch back home.
The company in JB is known as R&F Development Sdn Bhd is only a subsidiary company of the parent company, so it will have its own P&L.

An interesting read on who is doing what in this neighbourhood - http://www.malaysia-chronicle.com/i...-rm45-billion-windfall&Itemid=2#axzz3ACFPv6Mk

This is the classic 10 pots with 9 covers. It does not only apply to construction projects but virtually across all businesses. Most money will come in the initial substructure and superstructure stages. But when it come to finishing where it is most costly, the crunch will come in. That is the main reason you see in most abandoned projects, the concrete structure is there but the fittings, tiles, M&E, exteriors are missing.

The culprits may not necessarily be the developers but the main contractors. We have abandoned projects in KL where the Grand Hyatt is still standing unfinished since 1997. The Korean contractor went bust. Another one is Plaza Rakyat. Wembly, a listed public company went bust too. 3 Towers of Platinum Condo is also another one. It is not that the Government did not help out but due to legal wranglings, it just cannot do anything.

In the end, buyers are stuck as they already paid the payments and developers had drawn down the progress payments which the buyers had no control. The money is paid upon architects certifications directly to the developers. Whether the project is completed or not, the buyer is liable for whatever loan disbursed. The bank interests multiply daily and the completion of the projects is nowhere in sight.

So buyers, beware what you buy and who you buy from.

 

[winners]

You still didnt answer my question. Which developer have abandon their project recently in JB? IF you cant even give me an example, that your point are without substances. If you want to talk about abondoned project 10 years ago.....than i advise you to stop those grandmother stories. Wake up la boy... we are in 2014 now!

It's not 10 years ago, it was only in 2012 and if you cannot count, let me do it for you: less than 3 years ago. Why you still want to argue when the facts are already laid out in front of you and furthermore, you yourself had already admitted that there were abandoned white elephant projects previously? Your credibility is indeed questionable. I hope those buyers in R&F won't get conned by your sales gimmick if they ever come across to you. Your personality is truly not trustworthy nor honest. When one can even criticize their own local developers (just because he's working for a Chink developer), what more is there to read? Do you really need to go down so low to the extent of bad mouthing your competitors? You are indeed not professional in your vocation. Shame on you being a Malaysian.

I do understand your curry favoring your boss because these Chink developers have no restriction to reserve for the Bumiputera quota and hence can sell 100% of their units to any race and/or citizens. This is indeed double standard and is very well against the local developers in the JB property market. Be prepared for repercussions.

 

[Zelphon]

Its interesting to see how come suddenly a horde of Chinese developers decided to come down to JB, a little city in Malaysia?
Last year, Beijing had clamp down hard on "shadow banking" and also tighten up on easy credit which made life very difficult to businesses especially developers.
In China, its usually build and sell, so developers need to have cash upfront whereas in Malaysia, its sell and build, so they can collect hefty deposits and down payments before the first pile is driven into the ground.
At the same time of the clampdown, you see a sudden invasion of Chinese developers in JB and all are mega projects. Coincidental?
These developers needs to continue to generate sufficient turnover and even better, by coming here, they can be paid upfront with millions to lighten their credit crunch back home.
The company in JB is known as R&F Development Sdn Bhd is only a subsidiary company of the parent company, so it will have its own P&L.

An interesting read on who is doing what in this neighbourhood - http://www.malaysia-chronicle.com/i...-rm45-billion-windfall&Itemid=2#axzz3ACFPv6Mk

Very good article...
This is a stoic reminder to me of the risks involved..

I have bought into R&F Princess Cove and will most probably sign the SPA next week..
As I have declared my intentions earlier of buying this as exit strategy, my stand has not change yet..

Hopefully, this project will complete without hurdles..
=)

 

[DCputeri]

One must know who is behind the developer. Do you think develop township is their only core busines? There could be more?

Its interesting to see how come suddenly a horde of Chinese developers decided to come down to JB, a little city in Malaysia?
Last year, Beijing had clamp down hard on "shadow banking" and also tighten up on easy credit which made life very difficult to businesses especially developers.
In China, its usually build and sell, so developers need to have cash upfront whereas in Malaysia, its sell and build, so they can collect hefty deposits and down payments before the first pile is driven into the ground.
At the same time of the clampdown, you see a sudden invasion of Chinese developers in JB and all are mega projects. Coincidental?
These developers needs to continue to generate sufficient turnover and even better, by coming here, they can be paid upfront with millions to lighten their credit crunch back home.
The company in JB is known as R&F Development Sdn Bhd is only a subsidiary company of the parent company, so it will have its own P&L.

An interesting read on who is doing what in this neighbourhood - http://www.malaysia-chronicle.com/i...-rm45-billion-windfall&Itemid=2#axzz3ACFPv6Mk

 

[RedsYNWA]

The company in JB is known as R&F Development Sdn Bhd is only a subsidiary company of the parent company, so it will have its own P&L.

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Property companies all over the world will set up subsidiary companies for individual projects. Nothing to be alarmed about. It's the same for CapitaLand, Eco World, Setia, City Developments, FEO, and China companies like Vanke, R&F.

 

[cow138]

I doubt that the F1 would be in Johor . It's too near to Singapore.
Anyway it's just speculation at this point. Nothing is confirmed.

 

[cow138]

Yup. Johor has a lot more infrastructure things to settle before it can attract Formula one to go there.

 

[RedsYNWA]

Yup. Johor has a lot more infrastructure things to settle before it can attract Formula one to go there.

True also. Just focus on RTS, HSR now and get some decent malls up and running first, such as Midvalley JB, Ikea Tebrau, Vantage Bay and that International Resort destination. That will provide an immediate & more lasting impact than F1.

Getting Disneyland in would also be a huge statement.

 

[potter]

How much is e maint fee? Result out liao buay?

 

[winners]

If you insist saying the abandon project like pacific mall, best world and kemayan only happen 3 years go, i really have nothing to say. Someone is really good in creating news out of nothing!

Come on R&F salesman. You knew very well that I'm referring to the 2012 report from Property Guru, but not about your Pacific Mall, Best World and all that shit from you yourself. Why you want to twist and turn my original intention. Bad salesman, bad salesman.

 

[bakkuttay]

can anyone clear this once for all.

R&F - developer of princess cove aka tanjung puteri

Pearl Discovery - developer of puteri cove

why thread is Puteri Cove by R&F??????

quarreling here over mismatched info?????? hahaha

 

[winners]

Wow.... change goalpost and twist again? I tot i have told you that propertyguru news is a non issue bcos is already taken care off by new developer. I tot i have also already told you that it is absurd to compare local small fly developer and international reputable one? by the way, you still havent answer my question! What is the name of the developer you are mentioning about???? Cant even tell me the name you want to bark here and there.... really pathetic.

You know, you are such an unethical and loser salesman. First you asked about which developer run road and abandoned their projects. I quoted to you (and there are still others which you knew and highlighted yourself) about the report on Property Guru. Then you avoided it by saying these were small time developers and also the hiatus had already been taken over by other developers (or even the government) and resolved. But at least they did happened and yet you are trying to push the issue away on another pretext. Oh what a loser you are?

I'd pity your buyers of R&F because they won't know what tricks you'll be pulling up next should you encounter a predicament in the future. I'd stay at least 10 miles away from such salesmen. Please lah, let the other forumers here decide if you are a credible salesman with your constant prata flipping actions.

 

[snowbird]

This is the classic 10 pots with 9 covers. It does not only apply to construction projects but virtually across all businesses. Most money will come in the initial substructure and superstructure stages. But when it come to finishing where it is most costly, the crunch will come in. That is the main reason you see in most abandoned projects, the concrete structure is there but the fittings, tiles, M&E, exteriors are missing.

The culprits may not necessarily be the developers but the main contractors. We have abandoned projects in KL where the Grand Hyatt is still standing unfinished since 1997. The Korean contractor went bust. Another one is Plaza Rakyat. Wembly, a listed public company went bust too. 3 Towers of Platinum Condo is also another one. It is not that the Government did not help out but due to legal wranglings, it just cannot do anything.

In the end, buyers are stuck as they already paid the payments and developers had drawn down the progress payments which the buyers had no control. The money is paid upon architects certifications directly to the developers. Whether the project is completed or not, the buyer is liable for whatever loan disbursed. The bank interests multiply daily and the completion of the projects is nowhere in sight.

So buyers, beware what you buy and who you buy from.

Another concern here is, all these mega projects are DESIGN AND BUILD BY THE DEVELOPERS.
Here, the architects, engineers and contractors are all on the developer's payroll.
Will they go cahoots and compromise on important issues for easy way out, and so who will point out the mistakes???
Also another point to note - the time line of this project, from land sales to project concept development to technical detailing and drawings to authorities submissions and final approval to project launch, it just took several months!!!
Now, that way, way too fast for a multi billion $$ mega project.

 

[snowbird]

Property companies all over the world will set up subsidiary companies for individual projects. Nothing to be alarmed about. It's the same for CapitaLand, Eco World, Setia, City Developments, FEO, and China companies like Vanke, R&F.

Maybe the Puteri Cove expert CSLONG who knows so much can enlighten all of us who is the bumi component of R&F Development Sdn Bhd??
So those who are not undecided may decide immediately upon knowing who they are and their credibility?