Setia Sky 88 community

[sgcount]

Re: Setia Sky 88 - April 2016 from Twin Galaxy

If the sky88 owners wanted to sell their unit now, they cannot think of getting profit out of it. Buyers are spoilt of choice now. Furthermore, Setia Sky 88 have its problem such as
a) Setia Sky 88 is situated in a very matured area. Such property will not appreciate in long or short term.
b) Too near to a going to be abandoned factory.
c) The place is filled with foreign workers (maybe working at the car washing outlets).
d) Drug addicts near the factory.
f) SP Setia management problem. Maintenance will be a big problem in long run.
g) certain units are without balcony (a great disadvantage for resale purpose).
h) some units, living room facing each others.

I think now most owners can't make profits from their new condos. Heard a lot of them up for sale but no buyers.

Oh, I always thought it's good to be in a mature area as amenities are all there so will have more future demand. Better than a brand new bare area.

Do you know how much Sky 88 owners paid for their units in terms of per sq feet?

Didn't know also that balconies will affect resale prices.

Generally, I think Johor condos are the hardest hit in a weak property climate like now. Imagine foreigners can't buy condos priced between RM500k and 1 million. Not that they are interested anyway as they can easily rent.

Locals won't usually pay that kind of price for a condo. Too expensive for them. Even if they can afford, I think they rather buy a landed property.

 

[cow138]

Re: Setia Sky 88 - April 2016 from Twin Galaxy

Yes. Now is a test of holding power.

 

[Relaxman]

Re: Setia Sky 88 - April 2016 from Twin Galaxy

I think now most owners can't make profits from their new condos. Heard a lot of them up for sale but no buyers.

Oh, I always thought it's good to be in a mature area as amenities are all there so will have more future demand. Better than a brand new bare area.

Do you know how much Sky 88 owners paid for their units in terms of per sq feet?

Didn't know also that balconies will affect resale prices.

Generally, I think Johor condos are the hardest hit in a weak property climate like now. Imagine foreigners can't buy condos priced between RM500k and 1 million. Not that they are interested anyway as they can easily rent.

Locals won't usually pay that kind of price for a condo. Too expensive for them. Even if they can afford, I think they rather buy a landed property.

You are right. The launching prices of RM750 psf up to RM1,000 psf for Setia Sky 88. Therefore, the price for 1 + 1 bedroom unit is selling at around RM450K to RM500K during launching. The area of Setia Sky 88 is mature for the wrong reason. That place is full of car wash outlets, drug addicts and foreign workers. Just why, those who wanted to sell with a profit can really dream.... Worst is the condo will be empty (most bought for investment) and no one will want to rent it.....too dark and scary.

 

[mpan12]

Re: Setia Sky 88 - April 2016 from Twin Galaxy

Yes. Now is a test of holding power.

A wrong buy is a wrong buy. No matter how long one holds, it's not going to improve the situation.

Holding power makes sense only if one has bought a property that has value. But if it is a bad one to begin with, the longer one holds, the more losses it will become.

 

[sgcount]

Re: Setia Sky 88 - April 2016 from Twin Galaxy

You are right. The launching prices of RM750 psf up to RM1,000 psf for Setia Sky 88. Therefore, the price for 1 + 1 bedroom unit is selling at around RM450K to RM500K during launching. The area of Setia Sky 88 is mature for the wrong reason. That place is full of car wash outlets, drug addicts and foreign workers. Just why, those who wanted to sell with a profit can really dream.... Worst is the condo will be empty (most bought for investment) and no one will want to rent it.....too dark and scary.

RM750-1000 is rather high. Medini is also around that pricing. It's even worse in that there are hardly any amenities and is quiet.

Are there many foreign buyers for Sky88? If the surrounding is so bad, why did they buy it in the first place? If really no choice, then got to buy and keep for years and hope for capital appreciation. But dunno by then if still got people interested to buy.

Sometimes, I wonder if condos in Johor have resale value. With so many new ones coming up, I think buyers got lots of choices to get brand new ones. I have a few Malaysians telling me hardly any JB locals will buy condos at that kind of price.

 

[Relaxman]

Re: Setia Sky 88 - April 2016 from Twin Galaxy

RM750-1000 is rather high. Medini is also around that pricing. It's even worse in that there are hardly any amenities and is quiet.

Are there many foreign buyers for Sky88? If the surrounding is so bad, why did they buy it in the first place? If really no choice, then got to buy and keep for years and hope for capital appreciation. But dunno by then if still got people interested to buy.

Sometimes, I wonder if condos in Johor have resale value. With so many new ones coming up, I think buyers got lots of choices to get brand new ones. I have a few Malaysians telling me hardly any JB locals will buy condos at that kind of price.

Definitely overpriced. Those bought at Setia Sky 88 mostly are flippers. Now in panic mode. The situation is when you buy condo, you cannot sell it! From the beginning, i am stressing that this project can buy only for own stay. The problem is those who buy for own stay also don't dare to move in because it is gonna be empty! This project is totally a failure and good luck to our beloved flippers!

 

[sgcount]

Re: Setia Sky 88 - April 2016 from Twin Galaxy

Definitely overpriced. Those bought at Setia Sky 88 mostly are flippers. Now in panic mode. The situation is when you buy condo, you cannot sell it! From the beginning, i am stressing that this project can buy only for own stay. The problem is those who buy for own stay also don't dare to move in because it is gonna be empty! This project is totally a failure and good luck to our beloved flippers!

Eh bro... you sure the situation is really that bad? I googled and found some enthusiastic Sky88 owners. Here's their Facebook page:

https://www.facebook.com/LifeintheClouds/

Official website:

http://www.setiasky88.com.my

Wow... LIFE IN THE CLOUDS!

I've seen another forum (just google it) that shows the view from the condo. Nice leh....

The sentiments are different from what you described. Are you sure there are desperate sellers now?

 

[Relaxman]

Re: Setia Sky 88 - April 2016 from Twin Galaxy

Eh bro... you sure the situation is really that bad? I googled and found some enthusiastic Sky88 owners. Here's their Facebook page:

https://www.facebook.com/LifeintheClouds/

Official website:

http://www.setiasky88.com.my

Wow... LIFE IN THE CLOUDS!

I've seen another forum (just google it) that shows the view from the condo. Nice leh....

The sentiments are different from what you described. Are you sure there are desperate sellers now?

This is what we use to call "syiok sendiri". The reality is obvious. The developer marketing team is in their own world....
The owners will start feeling the heat when they couldnt rent out their unit and start paying their loan later. This is another ghost condo in the making.

 

[xebay11]

Re: Setia Sky 88 - April 2016 from Twin Galaxy

This is what we use to call "syiok sendiri". The reality is obvious. The developer marketing team is in their own world....
The owners will start feeling the heat when they couldnt rent out their unit and start paying their loan later. This is another ghost condo in the making.

For once I don't share your pessimism, location is good and even I may consider renting there when I retire........if the place is well maintained, however, if this condo turns out to be ghost town, I cant imagine what Iskandar properties would be like.

 

[Relaxman]

Re: Setia Sky 88 - April 2016 from Twin Galaxy

For once I don't share your pessimism, location is good and even I may consider renting there when I retire........if the place is well maintained, however, if this condo turns out to be ghost town, I cant imagine what Iskandar properties would be like.

Maybe you should check at the occupancy rate by looking at twin galaxy at night. You will know what i mean. Setia Sky 88 will not do any better than twin galaxy. Will you really want to rent there when the condo suffer total darkness and emptiness? In the fengshui perspectives, the ying forces there are way much higher than the yang....

 

[sgcount]

Re: Setia Sky 88 - April 2016 from Twin Galaxy

This is what we use to call "syiok sendiri". The reality is obvious. The developer marketing team is in their own world....
The owners will start feeling the heat when they couldnt rent out their unit and start paying their loan later. This is another ghost condo in the making.

Syiok Sendiri... This term I heard b4.

All developers only concerned about making money. Their main job is to convince people to buy their properties.

I dunno much about the environment of Sky88. But I do know several parts of Iskandar are already feeling the heat of not being able to rent or sell their properties. Agents are not even interested to ask further when they hear of the condo projects. Maybe it's due to the oversupply issue and lack of demand.

Ghost town or not depends on how well the urban planners can get the whole of Iskandar moving. Otherwise the below scene will be common:

 

[winners]

Re: Setia Sky 88 - April 2016 from Twin Galaxy

Sky 88 is not really that bad. If the RTS (and "IF") is confirmed at Bukit Chagar, it will be an added boost because it'll be within reasonable walking distance. Also, the location is not that sleazy as claimed to be, don't forget that the JB's main police station is just across the main road. I will seriously consider it if a penthouse is offered to me at RM1m.

However, I must admit that the facade looks ugly. The architect for this project deserves to get whacked. On the other hand, it may look "unique" to some others.

 

[sgcount]

Re: Setia Sky 88 - April 2016 from Twin Galaxy

Maybe you should check at the occupancy rate by looking at twin galaxy at night. You will know what i mean. Setia Sky 88 will not do any better than twin galaxy. Will you really want to rent there when the condo suffer total darkness and emptiness? In the fengshui perspectives, the ying forces there are way much higher than the yang....

Empty units in the night for you, Relaxman

 

[Manhattan]

Re: Setia Sky 88 - April 2016 from Twin Galaxy

No doubt it looks bad now. But we also cannot doubt that johor gov is working hard to get the whole economy going, not that they are sitting around and throwing spanners whenever foreign investors want to pour money in, they are actually quite helpful.
Isn't that investment all about? Taking calculated risks. Who knows a few years later we all look back and tui sim gua asking why we never buy a few when it was only 250 sgd per sft.

 

[Relaxman]

Re: Setia Sky 88 - April 2016 from Twin Galaxy

Empty units in the night for you, Relaxman

Wow ! quite creepy and scary man... thanks for the picture, sgcount!

 

[Relaxman]

Re: Setia Sky 88 - April 2016 from Twin Galaxy

No doubt it looks bad now. But we also cannot doubt that johor gov is working hard to get the whole economy going, not that they are sitting around and throwing spanners whenever foreign investors want to pour money in, they are actually quite helpful.
Isn't that investment all about? Taking calculated risks. Who knows a few years later we all look back and tui sim gua asking why we never buy a few when it was only 250 sgd per sft.

I agree with you. However, sometimes I just kind off pissed off with many condo owners that still think that they can make a profit from selling their units. They will be considered very lucky to get a buyer even at a lost now.

 

[Relaxman]

Re: Setia Sky 88 - April 2016 from Twin Galaxy

Sky 88 is not really that bad. If the RTS (and "IF") is confirmed at Bukit Chagar, it will be an added boost because it'll be within reasonable walking distance. Also, the location is not that sleazy as claimed to be, don't forget that the JB's main police station is just across the main road. I will seriously consider it if a penthouse is offered to me at RM1m.

However, I must admit that the facade looks ugly. The architect for this project deserves to get whacked. On the other hand, it may look "unique" to some others.

Design issues are quite common for SP Setia project. Furthermore, even with RTS at Bukit Chagar will not help much. No one will want to walk from Bukit Chagar to Setia Sky 88. Is a very dangerous journey....

 

[freedom]

Re: Setia Sky 88 - April 2016 from Twin Galaxy

A wrong buy is a wrong buy. No matter how long one holds, it's not going to improve the situation.

Holding power makes sense only if one has bought a property that has value. But if it is a bad one to begin with, the longer one holds, the more losses it will become.

I bought a semi D at Austin Heights resale for RM 950k in 2013...Is it a good buy to you? It is currently rented out at RM 2500 for 2 years and last transacted 1 year ago similar land size was at RM 1.25mil....factoring forex losses cause I paid in full using Sg equity loan , if I manage to sell at that price, I can still make about S$40K gain...

 

[mpan12]

Re: Setia Sky 88 - April 2016 from Twin Galaxy

I agree with you. However, sometimes I just kind off pissed off with many condo owners that still think that they can make a profit from selling their units. They will be considered very lucky to get a buyer even at a lost now.

Relax, man! Sorry I got to use your nickname here.

Let them be lor... It's their money what.

Although it is true that there are risks in every investment, one must take on calculated risks suitable to one's financial situation and investment objective. The problem is, many are just blindly hoping what they have bought (with high risks) will make money.

To me, that's no different from gambling. I can put $100,000 to buy 4D or play jackpot. You can't say to me I won't win. But we all know what the odds are. It's the same with Iskandar if one buys based on hype or blindly following others, which was what happened in 2013.

One needs to consider the time of investment (longer the time you need to wait for something to happen in Johor, the longer you lose in terms of opportunity cost and expenses), something which many forgot. No rental, no buyers, and you're stuck with the property.

 

[mpan12]

Re: Setia Sky 88 - April 2016 from Twin Galaxy

I bought a semi D at Austin Heights resale for RM 950k in 2013...Is it a good buy to you? It is currently rented out at RM 2500 for 2 years and last transacted 1 year ago similar land size was at RM 1.25mil....factoring forex losses cause I paid in full using Sg equity loan , if I manage to sell at that price, I can still make about S$40K gain...

This question is not for me to answer for you. Only you can answer for yourself if it is a wrong buy. Investors should do their own homework and know where they are heading.

Sell the actual property then come in to discuss. For Johor, it's easy to talk about paper gains based on "some similar transaction". Until one actually sells it, there is no physical profit.