Puteri Harbour Community

[menghuii]

Very interesting contradictory news for Puteri Cove:

ST: "met with strong demand"

Edge: "launch falters"

Who to believe?

hello guys,
believe your own eyes la.

 

[DCputeri]

Most of good facing units have been sold during the first launch by Hutton at lower RMpsf. Same as Encorp when HSR first launched it follow by Hutton. It is really interesting with Malaysian project.

From The Edge Malaysia

Why another Iskandar launch falters?
Since the latter part of last year, we have written extensively on the anticipated slowdown of the property market in Malaysia.

We paid particular attention to Iskandar, Johor. From literary plantation estates and nothing more, it became the “Promised land” to many developers, investors and property owners.

Over the last few months, there has been a series of mega land deals, some involving land reclamation. This has shocked the market and changed sentiment.

The latest launch last weekend is by Singapore-based Pacific Star Development Pte Ltd in Puteri Harbour, Iskandar. The Puteri Cove project comprises three 33-storey residential towers with almost 1,000 units on 7.8 acres of land.

Tower 1, with 329 units, was launched several months ago and currently has a roughly 70% booking rate.

Tower 2, also with 329 units and 33 storeys, was launched last weekend. It attracted a booking rate of only about 25%.

The poor response to Puteri Cove is in sharp contrast to the launch of the nearby Teega project by UEM Sunrise Bhd in late 2012, which was 98% sold within a month of its launch.

Apart from the now weaker overall market sentiment, there may also be some other reasons for the poor take up at Puteri Cove.

One major reason could be pricing. The “sea view” units are priced at between RM1,300 to RM1,450 psf. The “marina view” units are priced at between RM1,500 to RM1,600 psf.

These prices are higher than the top end of the market in terms of new launches in the area, in a now weaker environment.

Meanwhile, there is also the issue of design. A property investor commented that the design layout of the building looks like flats, with long corridors and up to 14 units per floor served by four central passenger lifts and a service lift.

It remains to be seen whether Puteri Cove’s poor launch take-up rate is due more to the weaker property market or its pricing or other issues.

Whatever the case, it highlights two important lessons.

One, Iskandar is like the goose that lays the golden egg. Don’t kill it by over-expanding development and supply.

Two, a more challenging market means developers must offer their customers a better all-round value proposition.

Read more on this in The Edge this week.

 

[malpaso]

Very interesting contradictory news for Puteri Cove:

ST: "met with strong demand"

Edge: "launch falters"

Who to believe?

was there to kaypo on a quickie trip in pump petrol. there was a small crowd at sales office (at least 20++ customers). saw one guy sitting next to me writing cheques. saw their 'sales chart'. tower 1 mostly orange. tower 2 got a lot of "reserved" units.

 

[menghuii]

somebody has been very keen on teega developments with regular videos

[video=youtube;xKa-USsyihQ]http://www.youtube.com/watch?v=xKa-USsyihQ[/video]

 

[PuteriWorld]

Maybe first time property buyers. I often had Sporean buyers ( young chaps in their 20s ) bragging about their property in Malaysia. Oh cmon, the properties are cheap. The downpayments are insignificant and sometimes RM 5000 ( S$2000 ) and the rest upon TOP.

I never like to tell my relatives or friends about the properties I own in Malaysia ( cos to them its cheapo )

somebody has been very keen on teega developments with regular videos

[video=youtube;xKa-USsyihQ]http://www.youtube.com/watch?v=xKa-USsyihQ[/video]

 

[Newbie11]

It's still an achievement.

 

[Dfiris]

It's still an achievement.

Ya. Dun bother about others perceptionso, we are not supposed to be judged by others.

Most important thing is we are financially prudent in our cashflows.

Ego is one of the 2 major weaknesses.. next is temper.

 

[Funniman]

Ya. Dun bother about others perceptionso, we are not supposed to be judged by others.

Most important thing is we are financially prudent in our cashflows.

Ego is one of the 2 major weaknesses.. next is temper.

True investors usually invest long before others. After that they just sit and observe. Sometimes they throw little stones and see wat's the reactions.

 

[PuteriWorld]

Sadly, gone are the days where we can flip and earn a couple of million ringgits when our houses TOP. I am thinking of holding for 10-20 years until at least 60% of Gerbang Nusajaya develop, before deciding if I should sell or not. Meanwhile for the next decade it is sure gota be a very interesting weekend home for us.

True investors usually invest long before others. After that they just sit and observe. Sometimes they throw little stones and see wat's the reactions.

 

[Market]

Could not have said it better. Hopefully no Foreign Trash that is seen at Clarke and Boat Quay.......

Actually, as much as we refer to the foreigners in SG as FTs, the Msians in Iskandar do refer to us as FTs as well.
It's more a matter of respecting the host nation that one live in and to inculcate mutual respect and behaviour that will encourage smooth assimilation into the environment.
The investments from SG are doing the same to Iskandar what the global money had done to SG property market.
Just in relatively different scale, but effects are similarly felt by respective locals nonetheless.
BTW, I am SG from SG.

 

[PuteriWorld]

Once I was having late lunch at tea Garden all alone one weekday noon when the Malaysians at the other table next to me kept complaining about how the stupid and idiotic Singaporeans kept buying up properties and jacking up the prices. They want the govt to ban Singaporeans from entering JB altogether and that Singaporeans are the most troublesome creatures on earth.

I cabut after globbling up my rice and luckily I parked my S-plate car a distance away.

Actually, as much as we refer to the foreigners in SG as FTs, the Msians in Iskandar do refer to us as FTs as well.
It's more a matter of respecting the host nation that one live in and to inculcate mutual respect and behaviour that will encourage smooth assimilation into the environment.
The investments from SG are doing the same to Iskandar what the global money had done to SG property market.
Just in relatively different scale, but effects are similarly felt by respective locals nonetheless.
BTW, I am SG from SG.

 

[Funniman]

Sadly, gone are the days where we can flip and earn a couple of million ringgits when our houses TOP. I am thinking of holding for 10-20 years until at least 60% of Gerbang Nusajaya develop, before deciding if I should sell or not. Meanwhile for the next decade it is sure gota be a very interesting weekend home for us.

Many a times, flippers became floppers. Even high end places in KL like Mont Kiara or KLCC is no different. MK28 was sold at RM750 psf then. Today it is as low as RM690 psf and only 30% occupancy. MK11 is also in a tough situation. KLCC too is the same, just too many units on the market. High price and high valuation yes, but just no takers. In the end, rentals not enough to meet mortgage repayments. But for some exceptionals, they do not need rentals. They just accumulate properties for capital appreciation.

 

[joe88]

Maybe first time property buyers. I often had Sporean buyers ( young chaps in their 20s ) bragging about their property in Malaysia. Oh cmon, the properties are cheap. The downpayments are insignificant and sometimes RM 5000 ( S$2000 ) and the rest upon TOP.

I never like to tell my relatives or friends about the properties I own in Malaysia ( cos to them its cheapo )

Actually is not that cheapo... I purchased a unit at Encorp Marina.. there were several hidden cost which I was not aware and the bank interest is high...

Legal fee cost somewhere around 10,000 RM
1st deposit is 12,500 RM
Developer legal fee (S&P etc) for 2,500 RM
Bank (opening account) 600 RM

Bank only give me 70% loan..

It's not that cheap (and cheapo) after all....

 

[malpaso]

Many a times, flippers became floppers. Even high end places in KL like Mont Kiara or KLCC is no different. MK28 was sold at RM750 psf then. Today it is as low as RM690 psf and only 30% occupancy. MK11 is also in a tough situation. KLCC too is the same, just too many units on the market. High price and high valuation yes, but just no takers. In the end, rentals not enough to meet mortgage repayments. But for some exceptionals, they do not need rentals. They just accumulate properties for capital appreciation.

so, say, do you think a condo like MK11 is a decent value buy now since the valuations have dropped below developer price? do you think it represent decent value now? I just love the area around jln kiara 1.

 

[menghuii]

Once I was having late lunch at tea Garden all alone one weekday noon when the Malaysians at the other table next to me kept complaining about how the stupid and idiotic Singaporeans kept buying up properties and jacking up the prices. They want the govt to ban Singaporeans from entering JB altogether and that Singaporeans are the most troublesome creatures on earth.

I cabut after globbling up my rice and luckily I parked my S-plate car a distance away.

this is funny

 

[menghuii]

Exclusive from NST
fresh from oven!

http://www.nst.com.my/nation/general/exclusive-causeway-not-being-replaced-1.567356

 

[congo9]

Once I was having late lunch at tea Garden all alone one weekday noon when the Malaysians at the other table next to me kept complaining about how the stupid and idiotic Singaporeans kept buying up properties and jacking up the prices. They want the govt to ban Singaporeans from entering JB altogether and that Singaporeans are the most troublesome creatures on earth.

I cabut after globbling up my rice and luckily I parked my S-plate car a distance away.

Lord, forgive them for they do not know what they are saying ! Without Singapore's infusion of wealth into Johor, they will still be at back waters. This is what i say "Naive"

 

[Funniman]

so, say, do you think a condo like MK11 is a decent value buy now since the valuations have dropped below developer price? do you think it represent decent value now? I just love the area around jln kiara 1.

If it is for own stay, it is ok. MK28 is only 3 years old and nice design. The only thing is the location of the entrance which is at the foothill of the entrance road from Solaris. The best part is the private lift lobby which you can use it as if it is your own during some functions.

Unfortunately my priorities is somewhere else, otherwise MK would be part of my list.

 

[malpaso]

If it is for own stay, it is ok. MK28 is only 3 years old and nice design. The only thing is the location of the entrance which is at the foothill of the entrance road from Solaris. The best part is the private lift lobby which you can use it as if it is your own during some functions.

Unfortunately my priorities is somewhere else, otherwise MK would be part of my list.

thanks for your insight! i'm a bit rusty with kl scene now..

 

[PuteriWorld]

There are no floppers for those early birds Iskandar buyers obviously. Not that I know of.
But I cant say the same from 2014 onwards.

Many a times, flippers became floppers. Even high end places in KL like Mont Kiara or KLCC is no different. MK28 was sold at RM750 psf then. Today it is as low as RM690 psf and only 30% occupancy. MK11 is also in a tough situation. KLCC too is the same, just too many units on the market. High price and high valuation yes, but just no takers. In the end, rentals not enough to meet mortgage repayments. But for some exceptionals, they do not need rentals. They just accumulate properties for capital appreciation.