Puteri Harbour Community

[Investor]

Hi Investor...I've got a prop from the agency NS Global before (also formerly known as Über Group)...and thus was being introduce to SPH by them in nov/dec before the launch...

Cheers...Quartz

Hi Quartz,
Thank you for sharing. Have a good night.

 

[quartz28]

Just to share with u guy that we still need to pay the 4mths maintenance fees during the vacant possession.
No matter what, non refundable of 3mths deposit shall be hold by developer
If Somerset take another month to complete, we will need to pay another month of maintenance.
Also if Somerset sale is negative, all buyer shall bear the cost to them. Somerset is sure win-win.
We are like employer and Somerset is our employee. Boss don make money but still need to pay salary to employee.

AllUCan...that's new to me :(

Where u got these info from? ....anything else hidden that we should know?

Cheers...Quartz

 

[Qube3]

AllUCan...that's new to me :(

Where u got these info from? ....anything else hidden that we should know?

Cheers...Quartz

Guys, I stand corrected but I believe Ascott and developer has only 2 months max upon Certificate of Fitness to rectify defects, do up the finishing and commence business.

I have a friend that worked in Capitaland Commercial - on the design side, and it will be very unlike Capitaland (and I presume Ascott) to not be involved in every stage of the construction to minimise structural / design / finishing issues to ensure a good product on final delivery of the development.

I believe the maintenance charges etc are computed within the profit share, and for the 1st 2 years, our guaranteed return means it is borne by Ascott.

 

[AllUCan]

Hi

Stated in the SPA and leaseback agreement.
This I wrote to them and their lawyer confirmed.
U can still get the deposit back when u sell off your property but must get it from the buyer.
I believe bros know that we still need to pay the strata deed which will be 3 to 5 yrs after the vacant possession.
Cheers!!

 

[SPH07]

Hi fellow investors,

Below is another article for our future reference.

=============================================

Somerset Puteri Harbour sees robust sales

By Wong Mei Kay of theedgeproperty.com | The Edge Malaysia – Friday, 24 February 2012 14:28

KUALA LUMPUR (Feb 24): Nusajaya Consolidated Sdn Bhd (NCSB), a 50:50 joint venture between United Malayan Land Bhd (UMLand) and UEM Land Holdings Bhd (UEM Land), achieved strong sales of its Somerset Puteri Harbour in Johor following private launches recently. The preview was organised for two weeks this month in Singapore and Kuala Lumpur.

Marketing efforts had certainly paid off. NCSB held roadshows in Singapore last year and received registrations from interested parties via its website prior to the private launches.

Of the 132 serviced apartments, 120 units were sold, with majority of buyers being Singaporean investors, said Zulkifly Garib, the operations director of UMLand.

The 204 serviced residences — located in the waterfront development of Puteri Harbour in Nusajaya, Johor — have a gross built-up area of 575,000 sq ft and a gross development value (GDV) of RM180million. The price ranges from RM720,000 to RM4.5 million with unit sizes from 762 to 1,496 sq ft. The built-up of the penthouses starts from 3,650 sq ft.

"The successful take-up rate at our Singapore launch shows the confidence that Singaporeans have not only in us and our development, but also in Iskandar Malaysia," Zulkifly told The Edge Financial Daily.

He added that though most of the units were sold in Singapore, a number of Malaysians had booked early in Kuala Lumpur. "The majority of buyers are professionals and investor buyers," Zulkifly said, on the demographics of the purchasers.

The serviced apartments ranging from studios to three-bedroom units come fully furnished. Facilities available within the development include a gymnasium, swimming pool, children's play area and residents' lounge.

Adjacent to Somerset Puteri Harbour is a retail and commercial component being developed by a government-linked company (GLC) together with a hotel and family entertainment centre currently under construction.

Somerset Puteri Harbour is a stone's throw away from Legoland and an indoor theme park featuring popular children's characters such as Hello Kitty, Thomas and Friends, Barney and Bob the Builder. It is within a 20-minute drive from the Second Link and is 25 minutes away from Johor's Senai International Airport.

Once completed in 2013, the leaseback apartments will be managed by The Ascott Group of Singapore for the next 10 years.

Puteri Harbour is an integrated waterfront and marina development undertaken by UEM Land spanning 688 acres (275ha) in the 24,000-acre Nusajaya precinct of Johor.

 

[streams]

RM800-900psf, fully furnished...

I would say up to 960psf. the better and higher floors can hit that price.

 

[streams]

Its a 100% soldout project. Got to wait for it to be completed befofe anyone will sell it on the secondary market.

does that includes the sea-viewing units?
I heard these units were held back to be sold much later.
This was info from older posts.

 

[streams]

Hi

Stated in the SPA and leaseback agreement.
This I wrote to them and their lawyer confirmed.
U can still get the deposit back when u sell off your property but must get it from the buyer.
I believe bros know that we still need to pay the strata deed which will be 3 to 5 yrs after the vacant possession.
Cheers!!

ok..that's new news to me too.
have the developer determined the maintenance fee?
and how much does a strata deed cost currently?

 

[streams]

Hi fellow investors,

Below is another article for our future reference.

=============================================

Somerset Puteri Harbour sees robust sales

By Wong Mei Kay of theedgeproperty.com | The Edge Malaysia – Friday, 24 February 2012 14:28

KUALA LUMPUR (Feb 24): Nusajaya Consolidated Sdn Bhd (NCSB), a 50:50 joint venture between United Malayan Land Bhd (UMLand) and UEM Land Holdings Bhd (UEM Land), achieved strong sales of its Somerset Puteri Harbour in Johor following private launches recently. The preview was organised for two weeks this month in Singapore and Kuala Lumpur.

Marketing efforts had certainly paid off. NCSB held roadshows in Singapore last year and received registrations from interested parties via its website prior to the private launches.

Of the 132 serviced apartments, 120 units were sold, with majority of buyers being Singaporean investors, said Zulkifly Garib, the operations director of UMLand.

The 204 serviced residences — located in the waterfront development of Puteri Harbour in Nusajaya, Johor — have a gross built-up area of 575,000 sq ft and a gross development value (GDV) of RM180million. The price ranges from RM720,000 to RM4.5 million with unit sizes from 762 to 1,496 sq ft. The built-up of the penthouses starts from 3,650 sq ft.

"The successful take-up rate at our Singapore launch shows the confidence that Singaporeans have not only in us and our development, but also in Iskandar Malaysia," Zulkifly told The Edge Financial Daily.

He added that though most of the units were sold in Singapore, a number of Malaysians had booked early in Kuala Lumpur. "The majority of buyers are professionals and investor buyers," Zulkifly said, on the demographics of the purchasers.

The serviced apartments ranging from studios to three-bedroom units come fully furnished. Facilities available within the development include a gymnasium, swimming pool, children's play area and residents' lounge.

Adjacent to Somerset Puteri Harbour is a retail and commercial component being developed by a government-linked company (GLC) together with a hotel and family entertainment centre currently under construction.

Somerset Puteri Harbour is a stone's throw away from Legoland and an indoor theme park featuring popular children's characters such as Hello Kitty, Thomas and Friends, Barney and Bob the Builder. It is within a 20-minute drive from the Second Link and is 25 minutes away from Johor's Senai International Airport.

Once completed in 2013, the leaseback apartments will be managed by The Ascott Group of Singapore for the next 10 years.

Puteri Harbour is an integrated waterfront and marina development undertaken by UEM Land spanning 688 acres (275ha) in the 24,000-acre Nusajaya precinct of Johor.

I read somewhere that the building order is trader hotel first, indoor theme park 2nd followed by SPH.
Hence, the other developlements will TOP later.This is to support commercial activities quickly- could be the reasons that construction up fast for SPH.

 

[quartz28]

does that includes the sea-viewing units?
I heard these units were held back to be sold much later.
This was info from older posts.

Hi, as far as I'm aware, the sea facing is not release to the agent to sell....

Cheers...Quartz

 

[burton8]

Hi,

Another purchaser for SPH - can add my name to the list -

I had experience with Sommerset with my investment property in NZ - they used to Ascott Metropolis Auckland - they also had 2 years fixed return, but after that ended, there would be some months you would get a return - others zilch. Ascott then gave up the hotel pool after about 6-7 years and handed the units all back to their owners. So the model didn't work so well there. But in any case the market conditions are different from NZ. Guess the acid test will be once the fixed return period ends. Back theren 10 years ago it was still a good deal, but ten years on I'm still making positive cash flow just that I need to manage the property now - or hire a management agent to do it for you.

 

[Qube3]

Updating list for Somerset Puteri Harbour owners....

Somerset Puteri Harbour
- Dfiris
- streams
- SPH07
- quartz28
- Qube3
- ehkyang
- AllUCan
- myPuteri
- burton 8

 

[Qube3]

Hi,

Another purchaser for SPH - can add my name to the list -

I had experience with Sommerset with my investment property in NZ - they used to Ascott Metropolis Auckland - they also had 2 years fixed return, but after that ended, there would be some months you would get a return - others zilch. Ascott then gave up the hotel pool after about 6-7 years and handed the units all back to their owners. So the model didn't work so well there. But in any case the market conditions are different from NZ. Guess the acid test will be once the fixed return period ends. Back theren 10 years ago it was still a good deal, but ten years on I'm still making positive cash flow just that I need to manage the property now - or hire a management agent to do it for you.

Hi there,

The development in Auckland is in a very prime area, are you able to share why things are different and/or did not work out please? Did the global financial crisis kill things off or was it looking poor already before that?

Thanks bro.

 

[burton8]

Yes, it was prime - and 5 star - I think markert conditions has a strong factor in it, back then there was a whole lot of new apartments going up - so plenty of choice for accomodation. In the end I think what killed Sommerset off was that owners were taking their units out of the hotel pool because they saw better returns and Sommerset needed a certain amount to keep in the business of serviced accomodation. Again with this SPHit is crystal ball stuff but with this case you have the govt supporting Iskandar as the region so I'm hopeful.

One think I wasn't happy about is lack of free nights stay, with the Auckland development they gave 7 nights free for the first 2 years and there after preferential rates.

 

[AllUCan]

Hi Guy,

Any bro know what is quit rent and assessment tax(Cukai Pintu in Malay)? Came out in today Straits Times Section(Property 2012)
For this how much are we going to pay?

 

[naved]

Hi...thought all the harbour facing and thus best units are being withheld by the developer?...rumour that they are expect them to be able to fetch above 1100psf ...anyone know anything about it?....

Cheers...Quartz

not true mate..me and my relatives purchased few units in IMPERIA@ puteri harbour..the builders showed us all what they had to offer..pretty good deal then ...

 

[naved]

not true mate!! When we purchased few units in Imperia@ Puteria Harbour the developers showed us all what they had to offer...including sea facing..so all good..and happy with the project

 

[quartz28]

not true mate..me and my relatives purchased few units in IMPERIA@ puteri harbour..the builders showed us all what they had to offer..pretty good deal then ...

Hi...I'm not referring to Imperia but rather somerset puteria harbour (low rise project in front of imperia)..

Cheers...Quartz

 

[SPH07]

Hi everyone,
Just some news to share.. UEM Land is proposing to buy the land adjacent to Kota Iskandar and Puteri Harbour


Tuesday April 10, 2012
UEM signs RM93mil conditional agreement with Khazanah for the Pulai land

http://biz.thestar.com.my/news/story.asp?file=/2012/4/10/business/11076121&sec=business

PETALING JAYA: UEM Land Holdings Bhd has entered a deal to acquire a 122.28-acre freehold land in Pulai, Johor Baru, from Khazanah Nasional Bhd's group for a cash consideration of RM93.2mil.

In a statement to Bursa Malaysia, UEM Land said the conditional sale and purchase agreement signed yesterday involved its wholly owned subsidiary Nusajaya Premier Sdn Bhd and Khazanah's wholly owned subsidiary Tanjung Bidara Ventures Sdn Bhd.

The proposed acquisition for the land, which is located adjacent to Kota Iskandar and UEM Land's existing integrated waterfront and marina development, Puteri Harbour, in Nusajaya, is expected to complete within seven months.

The proposed acquisition, according to UEM Land, represented an opportunity for the company to consolidate strategic land parcels, which were in close proximity to its existing development in Puteri Harbour.

UEM Land said it planned to develop the land, which it would acquire through Nusajaya Premier, into a residential enclave featuring a mix of distinctive, landed canal-front homes with individual berthing and high-end condominiums.

“The proposed development, which is expected to commence in 2013, will span over seven years,” it said.

“It is expected to be funded through existing cash balances, internally generated funds and/or borrowings, in line with the group's other developments,” it added.

UEM Land, however, clarified that the total development cost and expected profit to be derived from the proposed development could not be determined at this juncture, pending the finalisation of a detailed layout plan.

The detailed layout plan for the proposed development, it said, would be submitted to the authorities for approval by the end of this year.

 

[AllUCan]

Hi All,

Received call today from Agent that 2 Units for SPH still available. Interested buyer can call them.