Puteri Harbour Community

[teega]

Teega - Studio unit selling at RM478,888 in iproperty. Is that legal? UEM mentioned b4 that someone wanted to flip his property at Somerset but was not allowed.

http://www.iproperty.com.my/propertylisting/1897858/PUTERI_HARBOUR_Condominium_ForSale

I wonder who is testing the market..

 

[Newbie11]

What's the purchase price

 

[Funniman]

I heard SCB in jB is also very aggressive.
General rule as regulated by Bank Negara is if you have 2 or more existing loans, maximum loan is 70% for the 3rd one onward. This is to prevent speculators who borrow maximum and wait for the project to complete before flipping.

Thnx funniman my broker just informed that uob is offering only 70 pc loan if one opts for dibs irrespective of paying capacity. Are other banks doing the same? Can anyone confirm thanx again

 

[DCputeri]

Thought buyers can only sell after project completion.

Apparently there are units still available at encorp puteri harbour...
Sales by Metro Homes in propertyguru in Malaysia.


T2-L19-03A A13 698 801,960 WATERFRONT NORTH 1 ROOM, 1 CAR PARK

 

[Dfiris]

Thought buyers can only sell after project completion.

I believe the assignment k be done, just need proper drafting.

But still subject to developer approval, cos some projects developer might still have units
and would not want to their pricing to be affected.

 

[DCputeri]

Encorp wants multi-national investors in the PH project. This is good news to the owners.

 

[Funniman]

So far we gather the investors are: Singaporeans, Malaysians, Indonesians, Japanese, Europeans, Hong Kong....any more to add?

 

[DCputeri]

China Chinese and Indian nationals who are working in Singapore.

So far we gather the investors are: Singaporeans, Malaysians, Indonesians, Japanese, Europeans, Hong Kong....any more to add?

 

[IskandarRocks]

China Chinese and Indian nationals who are working in Singapore.

Investors from Myanmar, hear from one of the agents.

I guess as Myanmar opens up, it is not just the outsiders looking for opportunities inside Myanmar, but also rich Myanmar folks looking for opportunities to park their wealth outside.

 

[Funniman]

So far we gather the investors are: Singaporeans, Malaysians, Indonesians, Japanese, Europeans, Hong Kong, Mainland Chinese, Indian, Myanmar..

Hmm.....Myanmar...that's a surprise....Interesting mix we have here at Encorp.....

 

[streams]

IskandarRocks and Funniman, thanks for the the enlightenment on DIBS.

Merry Christmas to the the folks here. And May 2013 be a big blessing to everyone in the forum.


Cheers,
streams

 

[Funniman]

MERRY CHRISTMAS & HAPPY NEW YEAR!!!!

May all our forummers here get their wishes come true and invest more in years to come...

IskandarRocks and Funniman, thanks for the the enlightenment on DIBS.

Merry Christmas to the the folks here. And May 2013 be a big blessing to everyone in the forum.


Cheers,
streams

 

[gooddebt]

Wishing all a bountiful and joyful New Year !

MERRY CHRISTMAS & HAPPY NEW YEAR!!!!

May all our forummers here get their wishes come true and invest more in years to come...

 

[kopikong99]

Blessed Christmas to all.

May love, joy and peace be to all.

 

[allanckk]

Apparently there are units still available at encorp puteri harbour...
Sales by Metro Homes in propertyguru in Malaysia.


T2-L19-03A A13 698 801,960 WATERFRONT NORTH 1 ROOM, 1 CAR PARK

hi Philip,

i cant seems from property guru for that..??

 

[allanckk]

im keen for that will text you for that,

 

[btravelling]

Another DIBS question.
I bought in serviced suites 1,293,888 rebate, 10 + 2%, leaving me with 1,138,622 for my 1621 sqft suite or 702 per sq ft.
I have 60% in cash now I will save another 25% over the construction time, I figure I would not need a bank until the final 20% payment is due at time of possession.
If I do not take DIBS from what I have read here I get another 10RM off the sqft price, that is a saving of 16,210RM whihc is not so much.
If I take DIBS I read here I save the stamp duty (not sure if that is true) I assume this would be significant, can anyone confirm if this is true and what saving this would be?
If I take DIBS I could invest all my cash in GICs over 4 years and pull money out over time and pay the bank as needed.
In this case of using DIBS would I not come out ahead as compared to not taking DIBS?
Or are there other better reasons to be my own financier over the 4 years, making the lump sum payments as needed until I run out of money and then finally take out a mortgage for the last 20% in a nice flexible mortgage.
I assume I would also save the mortgage insurance (5%) this way, which may be significant, and my own bank HSBC is offering 4.15% mortgage slightly better than the DIBS banks? If I get confirmation on stamp duty I will run the numbers and post what I decide to do, but any advice would be appreciated.

 

[IskandarRocks]

Hi btravelling,

This was confirmed to me by sales quite some time back. However, it is best you check with your salesperson because given how frequently they have changed policies, I will not be surprised if there is something new to it now.

Anyway, what I can confirm to you is that the total amount of Loan Legal Fee and Loan Stamping is slightly above 1% of the Total Loan Amount. This is assuming that the lawyer gives you at least 35% discount on the loan legal fee, a standard in Malaysia.

Btw, if you are planning to take only 20% mortgage, you are definitely better off without DIBS because with RM 10 psf discount on 1621 sft, you are saving RM 16210, as you mentioned above, however, with DIBS, you will save around RM 3000 odd in loan stamping + Loan Legal and nothing on the interest because the last 20% typically gets paid around key collection.

 

[IskandarRocks]

Just confirmed from sales - they will include Legal Fee on Loan Processing + Stamp Duty on Loan + Interest During construction as a part of DIBS. If you don't take it, it is RM10 psf off.

She also mentioned that they have added 3 new banks for DIBS for Teega - HSBC, Hong Leong Bank and Public Bank - this is in addition to the ones approved earlier.

 

[Funniman]

For Encorp, their discount package is as follows: 4% of purchase price deducted from 1st payment, 4% of purchase price deducted from 2nd payment and 3% (for non DIBS) of purchase price deducted from 2nd payment. I have written and signed off letters from the developers to this effect
For Teega, I would strongly recommend that you do the same and get hold of those commitments from their sales team.

Pls note that DIBS does not necessarily cover all legal expenses, bank interests and stamp duties.

DIBS per se simply means the interests incurred for the payments of progress payments.
Legal expenses cover only documentation and disbursements in the course of preparation of SPA between purchaser/developer and loan agreement of between purchase/ bank. It does not include stamp duties for the MOT (Memorandum of Transfer) which can be quite substantial amounting to about RM30,000 for a property worth about RM1.2m. It is different from stamp duties of the SPA/ loan agreements.

Another DIBS question.
I bought in serviced suites 1,293,888 rebate, 10 + 2%, leaving me with 1,138,622 for my 1621 sqft suite or 702 per sq ft.
I have 60% in cash now I will save another 25% over the construction time, I figure I would not need a bank until the final 20% payment is due at time of possession.
If I do not take DIBS from what I have read here I get another 10RM off the sqft price, that is a saving of 16,210RM whihc is not so much.
If I take DIBS I read here I save the stamp duty (not sure if that is true) I assume this would be significant, can anyone confirm if this is true and what saving this would be?
If I take DIBS I could invest all my cash in GICs over 4 years and pull money out over time and pay the bank as needed.
In this case of using DIBS would I not come out ahead as compared to not taking DIBS?
Or are there other better reasons to be my own financier over the 4 years, making the lump sum payments as needed until I run out of money and then finally take out a mortgage for the last 20% in a nice flexible mortgage.
I assume I would also save the mortgage insurance (5%) this way, which may be significant, and my own bank HSBC is offering 4.15% mortgage slightly better than the DIBS banks? If I get confirmation on stamp duty I will run the numbers and post what I decide to do, but any advice would be appreciated.