Puteri Harbour Community

[Polaris]

total 11560

state consent 10000, legal fee 1560?

 

[teega]

Any updates for the almas project take up rate? Thks

 

[IskandarRocks]

Any updates for the almas project take up rate? Thks

I was there yesterday:

2 out of 4 Penthouses sold
60 odd Duplexes almost sold out, only 2 left
Only around 15% studios sold. Ones sold were mostly high floor above RM 500k

I was told by the sales lady that people are still trickling in and they sell 3-4 units everyday. Lot of folks did not know about the launch. Poor marketing efforts, as usual UEM. In fact I received their snail mail invitation today.

 

[teega]

Thanks Iskandar!

Actually Teega not much marketing done too but there were queues for both days.. I guess it was the new ruling that turn off ppl from buying the cheaper studio units.

Actually I m curious why UEM create commercial units and condos within the same vicinity.. It happens both for Teega and Almas. Security can be an issue if it is not manage properly..

I was there yesterday:

2 out of 4 Penthouses sold
60 odd Duplexes almost sold out, only 2 left
Only around 15% studios sold. Ones sold were mostly high floor above RM 500k

I was told by the sales lady that people are still trickling in and they sell 3-4 units everyday. Lot of folks did not know about the launch. Poor marketing efforts, as usual UEM. In fact I received their snail mail invitation today.

 

[kopikong99]

Thanks Iskandar!

Actually Teega not much marketing done too but there were queues for both days.. I guess it was the new ruling that turn off ppl from buying the cheaper studio units.

Actually I m curious why UEM create commercial units and condos within the same vicinity.. It happens both for Teega and Almas. Security can be an issue if it is not manage properly..

It appears that buying units just above the 500k limit is a risk now that you only can sell to locals. The pool of potential buyers when you want to sell shrink tremendously compared to those above 1 mil.

There is no incentives for foreigners to buy such units now from my own view point. It is best to stay away unless you intend to buy and stay and is not in any way going to sell. But then in life nothing is certain, so is not a good move to buy for foreigners.

 

[IskandarRocks]

Hi teega and kopikong,

I agree with your points.

However, Teega launch was different. True, UEM did not do any marketing, however, if you remember, there were several third party agents who actually did a lot of unsolicited marketing for Teega, hoping to get some incentives and discounts from UEM if they got bulk buyers. Also, Teega first tower launch was extremely unorganised. They were not clear about the existing purchaser launch on the first day, so everyone showed up and in the end, they allowed everyone. There were lot of complaints about their launch process. Since then, they have been very streamlined and have specified launch timings by star category. They have also been very clear that they will not entertain any outside agents. In fact, they have put up a sign that clearly says no agents at the club house reception.

So I think combination of several factors have made the response slower than Teega:
- lack of marketing
- agents not entertained
- preferred units and higher discounts to existing purchasers
- cooling measures
- too many studios units, around 500, mostly below 500k
- little or no marina views - distance from marina
- Teega had DIBS and discounts up to 15% on a low price

Also, keep one thing in mind, UEM is a government linked organization. Even if the sales are slow, it is in their interest to sell units that are below the foreigner threshold. They have already sold one office tower to a consortium of investors led by the CEO of a major bank and I heard that there is a strong interest in the second tower as well. Given their land cost was close to nothing, I am sure they are close to covering their costs based on what they have sold already. Rest will be gravy.

 

[IskandarRocks]

It appears that buying units just above the 500k limit is a risk now that you only can sell to locals. The pool of potential buyers when you want to sell shrink tremendously compared to those above 1 mil.

There is no incentives for foreigners to buy such units now from my own view point. It is best to stay away unless you intend to buy and stay and is not in any way going to sell. But then in life nothing is certain, so is not a good move to buy for foreigners.

Actually, as I mentioned earlier, most of the studios that have been sold are high floor and slightly above 500k. These were bought by foreigners as I was told. So, I suppose, there are still buyers for long term - their own stay, retirement, weekend home, etc.

Given that they have hardly sold any units below 500k, I would think that there is a drastic reduction in local buyers who may have had any intention of flipping to foreigners.

In other words, cooling measure seems to have done its job as it has reduced speculative activity. Genuine buyers are still picking up units. And that is a good thing.

 

[Newbie11]

I think the sales is not bad. Above expectations considering new policies, lack of marketing and location. No dibs?

 

[IskandarRocks]

I think the sales is not bad. Above expectations considering new policies, lack of marketing and location. No dibs?

Agree.

You are right. No dibs.

 

[Newbie11]

Then I think it's positive for naysayers

 

[kopikong99]

In other words, cooling measure seems to have done its job as it has reduced speculative activity. Genuine buyers are still picking up units. And that is a good thing.

It is not just cooling measure. It is also shifting goal posts which is very frequent during the M era.

 

[Dfiris]

Back to the land deal by R&F Properties (Guangzhou) with The Royal Family of Johor, The edge Malaysia reported that :"
it works out to be RM890 psf, which is more than double of what was paid by Country Garden for Danga Bay.

Although there is no mention of the exact location of the 116 acres in the announcement, industry observers say a premium seafront property where the old customs and immigration for lorries was housed and which has since been abandoned could be part of them.

This property is in the heart of JB, leas than a km from the new CIQ.

To put it into perspective, this one development alone proposed by Guangzhou R&F is almost equivalent to the entire Kuala Lumpur City Centre residential zoning floor area of 3.8 million sq m by the year 2020."

 

[matix]

It is not just cooling measure. It is also shifting goal posts which is very frequent during the M era.

Are Singapore's government cooling measures also equivalent to shifting of goal posts"?

 

[kopikong99]

Are Singapore's government cooling measures also equivalent to shifting of goal posts"?

No, in the sense that in Sg, they do not apply the new rules to people who came in according to the rule then. Eg the 30% RGPT, should it be apply to new players coming in now knowing full well that the RGPT will be 30%. Why those earlier players who bought property before the new rule is introduced also make to pay this new RGPT?
In the M era days, when players scores a goal, M would moved the goal post nearer so guarantee harder to score, so which players would like to play with such goal post that can shift suka suka.
Maybe the cpf withdrawal age is one of the shifting of goal post for us Singaporeans but this one is LL cos we cannot play.

 

[Dfiris]

haha... very well described!!

No, in the sense that in Sg, they do not apply the new rules to people who came in according to the rule then. Eg the 30% RGPT, should it be apply to new players coming in now knowing full well that the RGPT will be 30%. Why those earlier players who bought property before the new rule is introduced also make to pay this new RGPT?
In the M era days, when players scores a goal, M would moved the goal post nearer so guarantee harder to score, so which players would like to play with such goal post that can shift suka suka.
Maybe the cpf withdrawal age is one of the shifting of goal post for us Singaporeans but this one is LL cos we cannot play.

 

[FHBH12]

I find the new measures while drastic, are actually useful in containing the bubble/flipper issue that I was worried about. Now the price increase is driven more by inflation and real demand rather than speculation, and I'm fine with that.

 

[DCputeri]

Hear there will be cooling measures in penang too for foreigners.

I find the new measures while drastic, are actually useful in containing the bubble/flipper issue that I was worried about. Now the price increase is driven more by inflation and real demand rather than speculation, and I'm fine with that.

 

[Funniman]

Hear there will be cooling measures in penang too for foreigners.

Properties bought for RM400k cannot be sold within 5 years.
Properties boght below RM72,500 cannot be sold within 10 years.
All these are irregardless of RGPT.
Foreigners can buy min RM1.0M properties and also min RM2.0 if it is a landed property. Levy of 3% also imposed on foreigners.

 

[DCputeri]

Penang to place restrictions on reselling of houses

The Star/Asia News Network

Sunday, Dec 08, 2013


GEORGE TOWN - Houses in Penang purchased for RM400,000 (S$154,680.80) and below will soon be barred from being resold within a specific time period without the consent of the state.

It was announced that the Penang Government would impose stringent housing rules from Feb 1 next year to curb property speculation.

Chief Minister Lim Guan Eng said affordable homes bought for below RM400,000 on the island and RM250,000 on the mainland cannot be sold for five years, while low- and low-medium cost housing units priced up to RM72,500 statewide cannot be sold for 10 years.

He said owners of these units who want to sell them during the period would have to appeal to the state government first and units can only be sold to qualified "listed buyers" registered with the state housing department.

Lim said in a press statement Sunday that the ruling covers past and future purchases.

Properties bought for RM400k cannot be sold within 5 years.
Properties boght below RM72,500 cannot be sold within 10 years.
All these are irregardless of RGPT.
Foreigners can buy min RM1.0M properties and also min RM2.0 if it is a landed property. Levy of 3% also imposed on foreigners.

 

[Dfiris]

think the extra levy will turn away foreign buyers towards KL & Iskandar instead