Sunway Iskandar - Intergrated Township @Medini

[PuteriWorld]

Singapore property market is not heading for crash for sure but I know for sure house prices are not going up for at least 10-100 years. We have plenty of land available all of a sudden when the govt was telling us just a few years ago ( before they almost lost the election ) and now the direction suddenly change 180 degree. This makes me realise that people will do anything to keep their $300,000 a month salary.

If you ask about potential, Iskandar ( esp Nusajaya ) which is about 30% of the size of Singapore ( Iskandar is 300% bigger than Singapore while Nusajaya is only 30% of Singapore ), will be quite impressive. You see the crowd squeezing into Bukit Indah Jusco area every other weekends and school holidays. Its because they simply got no other places to go. Anyway this place is so much further away from 2nd link. Those developments near 2nd link, if they bring in the correct shops and retail, will make it big.

We have the whole row of activities in line from Motorsports City, Sunway Iskandar, E&O high end houses, Medini, Puteri Harbour etc.. All these developments, when completed, will make Jurong, CCK, Tengah look like 3rd world towns.

Sunway is going to make an important announcement anytime this year where their theme park is concerned. Stay tuned. This part of the world is the most vibrant and exciting for the past decade and it will remain to be for the next decade.
It does makes Singapore looks ordinary and the housing development block flats look like houses for beggers. ( Sorry to look down on the flats that I used to stay for 30+ years ) but its really becoming like slums for the international community.

 

[PuteriWorld]

I am quite curious what is the place that you buy into..

Too many times I heard of Spore buyers buying a unit with just RM 5000, only to have difficulties renting it out.. If you buy into vibrant places ( which have been discussed here many times ), I don't see any issues in renting out your units. But I have all heard too many times about buyers buying up a few units ( with RM 5000 a unit of course ) and regretting as those condos are in places which I haven't heard before ..

Very good advice, Manhattan. Will be useful for those who are thinking of getting into Iskandar.

I have to admit I was foolish to listen to the sweet talk of the Huttons agent who sold me a unit. I did not do my own homework so yes, I accept the blame myself. So my advice to all is to really do your own research.

My aim is not so much to flip, but to rent out. The agent talked so much about how the rental can cover the loan, how Iskandar will BOOM, etc. He said his own unit in Nusajaya is now reaping him good monthly income.

Like PuteriWorld, I have also heard how strong the rental of properties is in Malaysia. But I think the cases are limited and it really depends on how capable you are in sourcing out the right units. In general, the sentiment right now that I hear is huge oversupply in Iskandar. Those agents who talked so much or kept shouting out Iskandar properties are the "in" thing to buy have all silenced or disappeared. True that finding tenants or buyers will be a problem. Unless you think really long term, 20-30 years later when Iskandar becomes like Singapore in the '90s? But no one can see so far into the future!

I realised too late the rental in Malaysia is really very little. I had the stupid thinking that it is like Singapore. I don't really foresee myself living in Iskandar as I don't drive and the traveling every day is a very big hassle. Unless the public transportation eg RTS is well-established. But that may not even come till many years after 2020, by the look of how slow the whole progress is.

One thing I also would like to point out is that, the RM has been getting weaker and weaker for many years. In addition to the poor rental income (if can even find tenants!), the RM to SGD exchange rate is not favourable at all. I've read forums here that many have been changing their money bit by bit thinking that they are taking advantage of the favourable exchange rate. Actually it is not true. Just when you once thought S$1=RM2.48 was fantastic, and changed a few thousand $ of your SGD money, the rate went up to RM2.52. You thought Wow, and changed some more. Then later it went to 2.56 and you said, Ok Change more! Then recently, 2.6, you said Mai tu liao!! Change more more more! Then at 2.64, you said Keep going, keep going! Remit another S$50,000 into my Msia bank account! If you average it all out, you are actually losing a lot along the way. And whoever says RM won't drop further? Just within 1+ year, the drop in currency is almost 9%, causing a loss from whatever one makes renting his property in Iskandar.

 

[Kksg2000]

Any idea what is the current psf?

 

[Manhattan]

Any idea what is the current psf?

About 750 psf. Lower floor bigger unit will have psf lower than this.

 

[PuteriWorld]

I heard got Firesale RM500+ psf for 1-2 unit

About 750 psf. Lower floor bigger unit will have psf lower than this.

 

[Manhattan]

I heard got Firesale RM500+ psf for 1-2 unit

Not surprising, the units with the nice and spacious private terrace can go for that price. But really limited units. Good deal especially the ones overlooking the swimming pool and lake. Sunway can be trusted to deliver what they promised. It's not really fire sale, but because sunway bought the land at very good price so they can price it this way and still have a healthy bottom line.

In general, every floor upwards cost rm5000 more, so it's about rm 5 psf more for every floor up for a 1000 sqft unit.

 

[PuteriWorld]

But the 2 Bedrooms cost RM 850psf on average.. which I feel is overpriced as my fellow investor friends are getting the prestigious freehold Southern Marina Residences @ the heart of Iskandar for RM 900+ psf. Simply overpriced.

Not surprising, the units with the nice and spacious private terrace can go for that price. But really limited units. Good deal especially the ones overlooking the swimming pool and lake. Sunway can be trusted to deliver what they promised. It's not really fire sale, but because sunway bought the land at very good price so they can price it this way and still have a healthy bottom line.

In general, every floor upwards cost rm5000 more, so it's about rm 5 psf more for every floor up for a 1000 sqft unit.

 

[gooddebt]

But the 2 Bedrooms cost RM 850psf on average.. which I feel is overpriced as my fellow investor friends are getting the prestigious freehold Southern Marina Residences @ the heart of Iskandar for RM 900+ psf. Simply overpriced.

I thought Southern Marina Resi not officially launched yet ?

 

[Manhattan]

But the 2 Bedrooms cost RM 850psf on average.. which I feel is overpriced as my fellow investor friends are getting the prestigious freehold Southern Marina Residences @ the heart of Iskandar for RM 900+ psf. Simply overpriced.

In case i miss it, can pm me if there is a launch? I want to book a 1 bdroom unit for 900+ psf . Especially when puteri cove is selling low floor for 1400+ psf. I think this is really good price. Thanks.

 

[PuteriWorld]

Gentlemen around this forum who has close contact with Southern Marina sales please do pm our nice brother here ( Manhattan ) who is interested to purchase a condo there

 

[Fire3]

Please if can pm me too. Am interested in this. Thanks

 

[Manhattan]

Gentlemen around this forum who has close contact with Southern Marina sales please do pm our nice brother here ( Manhattan ) who is interested to purchase a condo there

Haha.. I expect the tip to come from you since you have so much 'insider' info that a unit will go for rm900+ psf and all that.

Anyway, you got me so excited so I decided to do some research. Southern marina paid rm 182 mil for the land and going to build a condo on it, so I want to know if it is economically viable if it is sold at average rm900.
The answer is Yes!
I shall not bore you folks with the mathematics, but in summary, my opinion is he needs to sell it at rm 1153psf if he builds a luxury condo but can sell at rm 670 psf to break even if he build a medium quality condo. So my deduction is he will build a medium quality condo to sell at 900 to 1000 psf and make profit! That also explains why the latest condo design look quite ordinary and not much wow factor.
Nevertheless it is still a good development simply by the location of it, right at the private marina! Just a pity it's not a luxury condo if he sell at 900-1000 psf. If I am the developer I will just leave it and wait till better time to launch. Just my 2 cents.

 

[PuteriWorld]

Abit troublesome for me to check for you as I am not vested in this development ( yet ). But S$370,000 for marina views, you cannot ask for anything more. Try buying something in Singapore with this price.

I dropped by UEM sales office and saw the unfair competition going on. Those UEMers took some super tall structure and stick it behind Southern Marina Residences, effectively telling visitors that the view will be blocked if you look at Danga Bay. Then they took some dubious super tall structures and placed it indiscriminately around that map such as the one closest to Puteri Cove, telling visitors again that Puteri Cove + Southern Marina views will be blocked.

Smart move. Now the most value-for-money condos will be shunned by visitors unfamiliar with Puteri Harbour.

 

[PuteriWorld]

Yes Manhattan, most likely not a super high-end developments for Southern Marina but the price and location is perfect. You just cant find any better developments anywhere else.. One thing I like they don't have those RM 5000 to book a unit and pay the rest via TOP. So you wont find hit & run "destroyers" lelonging their units when they got the key as the monthly instalment might even be their monthly salary already.

 

[Manhattan]

Those who study the location in a bit more detail will know that the facing of southern marina is unparalleled. The units facing the private marina is also facing the straits and reservior area in sg. I can confidenently say it will be unblocked and with water and greenery view, unless someone built condo on the southern side of puteri cove in the near future.

 

[PuteriWorld]

If you talk to the UEMers they will tell you surely they will build something there. But I don't think its safe at all just next to the straits with F-16s flying indiscriminately right in front of you and taking off and shooting off on a daily basis. Airbus noise are thunderous enough.. F-16 is a few levels above that.

Those who study the location in a bit more detail will know that the facing of southern marina is unparalleled. The units facing the private marina is also facing the straits and reservior area in sg. I can confidenently say it will be unblocked and with water and greenery view, unless someone built condo on the southern side of puteri cove in the near future.

 

[Manhattan]

If you talk to the UEMers they will tell you surely they will build something there. But I don't think its safe at all just next to the straits with F-16s flying indiscriminately right in front of you and taking off and shooting off on a daily basis. Airbus noise are thunderous enough.. F-16 is a few levels above that.

Speaking of that, the runway of the fighters is aligned towards danga bay, before reaching danga bay the fighters will make a sharp u turn. Interesting to see who gets the most noise.

 

[PuteriWorld]

But Danga Bay is about 15km at least away... not very sure what are the impact though. The best way is to move Tengah Air Base to Pulau Ubin or Pulau Tekong so that all the army boys can congregate.

Speaking of that, the runway of the fighters is aligned towards danga bay, before reaching danga bay the fighters will make a sharp u turn. Interesting to see who gets the most noise.

 

[Deleted member 80916]

..hate to say this,but from experience & observations, most waterfront blocks usually close all windows & switch on air con - to filter outside elements,....kinda like a paradox....

 

[gooddebt]

..hate to say this,but from experience & observations, most waterfront blocks usually close all windows & switch on air con - to filter outside elements,....kinda like a paradox....

what are the outside elements ? even if close window still can see the water right ?