What is happening at Brunsfield Iskandar Waterfront ( BIW ) @ Danga Bay?

[malpaso]

Lawyer bro mal, like tis one called abandoned project or not..? If it is not, then how to hoot them?

eh don call me lawyer lei gib ppl wrong impression. ackcherly this brunsfeld, already sign SPA or not? if not sign then nothing lor.
at most return booking fee. this is what i think.

 

[Stevewish]

Maybe the china developer also eye this piece of land that BIW(JV with IWH) owned since it is a super prime location and a 风水宝地.

so will the developer sell it to the china developer if they are going to abort??? since many china developers are acquiring land from IWH...

I remember last year when BIW was launching at Amera Hotel (Singapore), one of their manager (i think is Daniel) told me that they have engaged a fengshui master to assess this piece of land, and was told that in terms of fengshui, this piece of land will be very prosperous for at least 90 years....

even though I am not a fengshui master, I am fully aware that this is an expensive piece of land...

Yes, a few fengshui masters also claim that Dangay bay has very good fengshui. I just wonder reclaimed land can have good fengshui?

 

[dongfangmeiren]

Yes, a few fengshui masters also claim that Dangay bay has very good fengshui. I just wonder reclaimed land can have good fengshui?[/QUOT

some of the prime condos in singapore are also built on reclaimed land, I am not sure of the fengshui implication, but one thing for sure is they command high price.

may be malaysia reclaimed land is different, but when BIW launched last year, it was about Rm1100-1200 psf after all the rebates, even though they don't build anything neither nor it has good fengshui, the land has already appreciated.

Today, if IWH is going to sell any piece of land in Danga Bay to a developer, the price is definitely higher than two years ago......

 

[BlackTiger]

Iskandar waterfront should come out and clarify some of the issues that's happening.
It's really not something that should be allowed to happen. Since they have am.equal say, they should not allow cowboy tactics to sully the reputation of the Iskandar project.
Else investors will see this as just a money grab by the developers with no long term sustainable development plan for the area.

Well, Iskandar Waterfront is too busy selling their landbank to the highest bidder... read on the following from the Malaysian newspaper:

++++++++

The Greenland Group is the latest developer from China to buy land for a sizeable property project in Johor's coastal Danga Bay area.
It struck a deal yesterday to acquire 13.96 acres from Iskandar Waterfront Holdings Sdn Bhd (IWH) at a cost of RM600mil, where it plans to develop properties worth RM2.2bil in gross development value (GDV).
The price works out to RM984 per sq ft - just below the record RM991 per sq ft thatHao Yuan Pte Ltd, a Singapore-based but China-owned firm, paid for 37 acres in Danga Bay last December

+++++++++++

Maybe they were the one with a change of heart. They have sold the land too cheap to Brunsfield when market was not that hot. Now they can sell it close to RM1,000 psf. So will they bother if they can it 4 -5 times what they are selling 2-3 years ago.

 

[BlackTiger]

Yes, a few fengshui masters also claim that Dangay bay has very good fengshui. I just wonder reclaimed land can have good fengshui?

Hi Stevewish,

The sultan palace is on top of the hill , in front is the sea - Strait of Johore. By the side is the Sungai Skudai river.
In feng shui - Got Mountain/hill and Water. You can't go wrong..... If in doubt ,do seek Feng Shui Master Dato Joey Yap for advice ...

 

[BlackTiger]

eh don call me lawyer lei gib ppl wrong impression. ackcherly this brunsfeld, already sign SPA or not? if not sign then nothing lor.
at most return booking fee. this is what i think.

Hi Malpaso ,I will have to disagree on your view.

The developer appointed a S'pore realty agent (NS Global ) to market their property.
They advertised and announced in the public of this property and accept booking. It show they have the intention to sell.
The developer put the offer price to the public and a buyer accept the proposed price.
The developer collected ,acknowledged the receipt of the down-payment of the agreed purchased price ( set by them ).

If they have a change of heart and withdraw the project , then it is a breach of trust.

Malaysia is part of the Commonwealth ,if they don't follow the international law of conduct, then how do they want to be a developed country by 2020/2025 ?

If the Iskandar authorities do not have a strong framework of rules and regulation to protect investors interest , then I wonder how much more investment they want to pull in from the international market.

 

[dongfangmeiren]

Hi Malpaso ,I will have to disagree on your view.

The developer appointed a S'pore realty agent (NS Global ) to market their property.
They advertised and announced in the public of this property and accept booking. It show they have the intention to sell.
The developer put the offer price to the public and a buyer accept the proposed price.
The developer collected ,acknowledged the receipt of the down-payment of the agreed purchased price ( set by them ).

If they have a change of heart and withdraw the project , then it is a breach of trust.

Malaysia is part of the Commonwealth ,if they don't follow the international law of conduct, then how do they want to be a developed country by 2020/2025 ?

If the Iskandar authorities do not have a strong framework of rules and regulation to protect investors interest , then I wonder how much more investment they want to pull in from the international market.

Agreed with your statements. Sometime developer underestimate small investors or never take care of their interest. But they neglected this will affect the confidence level of many other investors......

 

[dongfangmeiren]

Well, Iskandar Waterfront is too busy selling their landbank to the highest bidder... read on the following from the Malaysian newspaper:

++++++++

The Greenland Group is the latest developer from China to buy land for a sizeable property project in Johor's coastal Danga Bay area.
It struck a deal yesterday to acquire 13.96 acres from Iskandar Waterfront Holdings Sdn Bhd (IWH) at a cost of RM600mil, where it plans to develop properties worth RM2.2bil in gross development value (GDV).
The price works out to RM984 per sq ft - just below the record RM991 per sq ft thatHao Yuan Pte Ltd, a Singapore-based but China-owned firm, paid for 37 acres in Danga Bay last December

+++++++++++

Maybe they were the one with a change of heart. They have sold the land too cheap to Brunsfield when market was not that hot. Now they can sell it close to RM1,000 psf. So will they bother if they can it 4 -5 times what they are selling 2-3 years ago.

Do you know how much Brunsfield bought the land from IWH 2 years ago?

 

[Jetstream]

Agreed with your statements. Sometime developer underestimate small investors or never take care of their interest. But they neglected this will affect the confidence level of many other investors......

If u have signed an SPA with the developer, then u have an enforceable contract. The terms contained in such contract are dictated largely by the law, whcih is to protect the buyer. Did u sign an SPA or just a booking memo? If it is just a booking memo, then it is not good enough to secure a purchase of a housing unit. Only an SPA creates a binding contract.

 

[dongfangmeiren]

It is a breach of trust for keeping the buyers in suspense for many months. Some buyers signed the SPA as early as Sep/Oct 2013 and waited for the return of their signed SPA, never suspected that the deal was put on hold and eventually aborted. There was completely no sound no picture until one buyer called the company to check on the status only then the matter was surfaced.

This long lapse of time had prevented the buyers from making a informed decision, had these buyers knew earlier they would have not incur huge opportunity loss!!

 

[dongfangmeiren]

If u have signed an SPA with the developer, then u have an enforceable contract. The terms contained in such contract are dictated largely by the law, whcih is to protect the buyer. Did u sign an SPA or just a booking memo? If it is just a booking memo, then it is not good enough to secure a purchase of a housing unit. Only an SPA creates a binding contract.

We signed the SPA and also the loan agreement in front of the lawyer. But the tricky part is the developer never return it to us. And the lawyer is representing the developer. Hence the lawyer will not share with us whether the developer has signed or not...

 

[malpaso]

Hi Malpaso ,I will have to disagree on your view.

The developer appointed a S'pore realty agent (NS Global ) to market their property.
They advertised and announced in the public of this property and accept booking. It show they have the intention to sell.
The developer put the offer price to the public and a buyer accept the proposed price.
The developer collected ,acknowledged the receipt of the down-payment of the agreed purchased price ( set by them ).

If they have a change of heart and withdraw the project , then it is a breach of trust.

Malaysia is part of the Commonwealth ,if they don't follow the international law of conduct, then how do they want to be a developed country by 2020/2025 ?

If the Iskandar authorities do not have a strong framework of rules and regulation to protect investors interest , then I wonder how much more investment they want to pull in from the international market.

Hi, BT, i most certainly agree with you and neither do i condone such practices such as agreeing to a set price, take a booking fee, and then leave buyers in the lurch. but unfortunately the fact remains that it seems there is no SPA signed so far, hence, there is no legal contract setting out details of the sale. IWH and brunsfiled are supposed to be branded companies, not fly by night operators. suggest you get a group together to exert pressure by contacting IWH & BF for explanation. my best wishes to you all.

 

[malpaso]

If u have signed an SPA with the developer, then u have an enforceable contract. The terms contained in such contract are dictated largely by the law, whcih is to protect the buyer. Did u sign an SPA or just a booking memo? If it is just a booking memo, then it is not good enough to secure a purchase of a housing unit. Only an SPA creates a binding contract.

yeah, right. exactly what i meant. all this while i thought this BF project buyers already signed SPA. without SPA, no contract. a bit difficult. but pressure can still be exerted by interested parties especially given the high profile nature of this development.

 

[arsenal]

Reclaimed land if don't let the land settle for more than 20 years, it is bad fengshui.. All the good earth and materials will not be integrated..

Yes, a few fengshui masters also claim that Dangay bay has very good fengshui. I just wonder reclaimed land can have good fengshui?

 

[BlackTiger]

yeah, right. exactly what i meant. all this while i thought this BF project buyers already signed SPA. without SPA, no contract. a bit difficult. but pressure can still be exerted by interested parties especially given the high profile nature of this development.

Well , it does not meant that without the contract signed by BIW ,there is no case at all.

The SPA has already been signed by buyer in front of the lawyer but hold on by BIW.
Let me give you an example :

Assuming Seller A owned a luxury car and he decide to advertise in the newpaper and set a target price.

Several potential buyers see and make an offer, until finally Buyer B agreed to the target price.

He pay 10% down-payment and get a receipt of the sales. Seller A promised to send his lawyer to complete the paperwork and get the Buyer to signed on the agreement. A few weeks later , he received a higher offer or he change his mind about selling his luxury car and decided to hold back the agreement.

For the purpose of discussion ,if you are Seller A, how sure are you that by holding back the agreement , Buyer B does not has case against you ?

Because there is proof of the offer in the newspaper,witness by several potential buyers and receipt of the down payment.

Buyer are protected by Sales of Goods Act and Consumer Protection Act under the Law of Malaysia.

It is meant to protect the interest of buyer against dishonest commerical companies,

I will bring on another issue on the conflict of interest of using lawyer of the developer on another day as it impact future buyer and for the benefit of new buyer.

 

[BlackTiger]

" Do you know how much Brunsfield bought the land from IWH 2 years ago? "

Well ,Topez start selling their first few block at RM 600psf. The land price cannot be more than RM100-200psf as they need to add in development cost ,marketing cost and their profit. Aquaint also offer their project around the same price. BIW purchase their land shortly after that.

 

[cow138]

Agree. Should have a case.
Don't let the developer off. This should serve as a warning to all errant developers in malaysia who think they can play fast and loose with the rules.

 

[dongfangmeiren]

Agree. Should have a case.
Don't let the developer off. This should serve as a warning to all errant developers in malaysia who think they can play fast and loose with the rules.

Yes!

I think in future when buyers sign the SPA, buyers must get their own lawyers so that interest and rights can be protected. In this case, the lawyers are representing Brunsfield / IWH , thus when we called the lawyer, they said they will ask the developer but at the end ......no picture no sound.....

 

[investor999]

Does anyone know if there was any similar case for iskandar where developer has pulled the plug?

 

[Iskandar007]

Well , it does not meant that without the contract signed by BIW ,there is no case at all.

The SPA has already been signed by buyer in front of the lawyer but hold on by BIW.
Let me give you an example :

Assuming Seller A owned a luxury car and he decide to advertise in the newpaper and set a target price.

Several potential buyers see and make an offer, until finally Buyer B agreed to the target price.

He pay 10% down-payment and get a receipt of the sales. Seller A promised to send his lawyer to complete the paperwork and get the Buyer to signed on the agreement. A few weeks later , he received a higher offer or he change his mind about selling his luxury car and decided to hold back the agreement.

For the purpose of discussion ,if you are Seller A, how sure are you that by holding back the agreement , Buyer B does not has case against you ?

Because there is proof of the offer in the newspaper,witness by several potential buyers and receipt of the down payment.

Buyer are protected by Sales of Goods Act and Consumer Protection Act under the Law of Malaysia.

It is meant to protect the interest of buyer against dishonest commerical companies,

I will bring on another issue on the conflict of interest of using lawyer of the developer on another day as it impact future buyer and for the benefit of new buyer.

Hi, it is very sad to hear that your BIW has so many issues. I am quite new to Malaysia property market. Have bought a unit at Pinetree (Puteri Harbour) last year. All the SPA and loan agreement had signed and returned to me by the lawyer.
Everything proceed smoothly. This is the first time I heard of such issue that developer abort a project.

My sister and a group of friends from Australia are thinking of investing in Danga Bay, but after hearing this, we must reconsider...

Hope that the developer can settle the issue in a more amicable way......