For me, I will get the coverage in Singapore with a low-cost term life policy. It is a lot cheaper than the MRTA ones offered by Malaysia banks.You can try AVIVA SAFRA or NTUC Member term life if eligible. That is the cheapest in the market.Teega's lawyer mentioned to me that even if we have paid for the state consent fees plus the initial down payment, once there is an increase in state consent, we will still be liable. As I need to get an insurance to cover this Malaysia property, it is better to get a insurance policy here in Singapore or in Malaysia? Anyone has any idea?
For me, I will get the coverage in Singapore with a low-cost term life policy. It is a lot cheaper than the MRTA ones offered by Malaysia banks.You can try AVIVA SAFRA or NTUC Member term life if eligible. That is the cheapest in the market.
I also bought a unit in Teega and guess I was one of the last batch buyers. I signed my SPA in mid of May and so far, I still haven't received the stamped copy of SPA from my lawyer. My lawyer said the developer is yet to execute my SPA.
Just wondering for other bros and sis here, when you signed the SPA, did you write the date beside your signature?
In the same position. My was signed around Nov/Dec last year.
Lawyer says current RGPT applies regardless of SPA signed date, is different from what you have shared. Anyone can confirm on this as I think some lawyer just gasak because the law cannot be retrogressive and catch those who signed the SPA when the RGPT was lower.And RPGT dates are calculated based on unconditional SPA date.
Yes it is hard to believe SPA is taking 8 months to get into the hands of the owners. And how the new fees can be retroactive is unbelievable, how far back retroactive will they go?
Dont get me wrong, one of the best decisions of my life was investing in Teega and Puteri Harbour, this is for my personal use in retirement or earlier not only investment. And UEM is a gov supported international developer and I am not concerned that they will follow through with their promises, I am only frustrated with the speed of services and lack of information. And saying "that's Malaysia" is not going to be acceptable in the near future especially if they want to compete for Singapore investments. I get it, this is a boom no one could have imagined 4 years ago and I am sure gov offices are swamped with paperwork but UEM itself should hold itself to a higher standard and at least stay in touch, explain what is going on and reasons behind delays. Would I back out, no way and I guess that us why they dont make effort.It seems rather scary hearing about the efficiency or rather the lack of it on UEM's part.. For you guys who bought Teega, you think this is something to be concerned about or would you change your mind about the purchase if you were given a chance to back out now?
Dont get me wrong, one of the best decisions of my life was investing in Teega and Puteri Harbour, this is for my personal use in retirement or earlier not only investment. And UEM is a gov supported international developer and I am not concerned that they will follow through with their promises, I am only frustrated with the speed of services and lack of information. And saying "that's Malaysia" is not going to be acceptable in the near future especially if they want to compete for Singapore investments. I get it, this is a boom no one could have imagined 4 years ago and I am sure gov offices are swamped with paperwork but UEM itself should hold itself to a higher standard and at least stay in touch, explain what is going on and reasons behind delays. Would I back out, no way and I guess that us why they dont make effort.
Dont get me wrong, one of the best decisions of my life was investing in Teega and Puteri Harbour, this is for my personal use in retirement or earlier not only investment. And UEM is a gov supported international developer and I am not concerned that they will follow through with their promises, I am only frustrated with the speed of services and lack of information. And saying "that's Malaysia" is not going to be acceptable in the near future especially if they want to compete for Singapore investments. I get it, this is a boom no one could have imagined 4 years ago and I am sure gov offices are swamped with paperwork but UEM itself should hold itself to a higher standard and at least stay in touch, explain what is going on and reasons behind delays. Would I back out, no way and I guess that us why they dont make effort.
It seems rather scary hearing about the efficiency or rather the lack of it on UEM's part.. For you guys who bought Teega, you think this is something to be concerned about or would you change your mind about the purchase if you were given a chance to back out now?
I didn't buy Teega but into Pinetree. If I had known that Tiong Nam would be this inefficient, I wouldn't have bought into it at all. Now if they want to refund me my booking fee, I would stay far far away from MY properties and just buy an office unit in SG.
I have another horrible experience recently with a listed developer. Will reveal whole story at a later date as currently consulting my lawyers on a botched sale.
Hi Avonup,
I thought I have waited long enough and never expect that there are people in the same boat with me who had the SPA signed in Nov/Dec last year. Did you ask your lawyer to rush for you?
Should have written down the date when I signed my SPA instead of leaving it blank, although not sure will that help.
I didn't buy Teega but into Pinetree. If I had known that Tiong Nam would be this inefficient, I wouldn't have bought into it at all. Now if they want to refund me my booking fee, I would stay far far away from MY properties and just buy an office unit in SG.
