S&P does not mentioned car park
but deed does!

Hi all reader and forumer
I been reading this forum since the day the property launch
and being reading till now
FYI, i bought a unit, M type
I read a lot from this forum
some is confusing
some giving more vague info...
to be frank, my loan approved with -1.80% with OCBC
and I did sign S&P yesterday
the S&P did come with layout plan!@

OCBC just confirmed that they are revising their offer as lots of demand comes from the owner...

OCBC now offer me and all other -1.85% below BLR!

Really like Xmas present to me in the Xmas Eve

It just that, the lock in period is starting from the first drawdown, not like SC, the lock in period begin on the signing of offer letter. That's all the diference, but I believe that the difference is only few months...

According to the offer letter by OCBC, they offer me;

BLR -1.85% pa on daily rest

- prepayment (on reducing interest). OCBC works two ways, if you make prepayment, it could be consider as Advance Installment (Non-re drawable) or Capital Repayment (re drawable). With minimum of RM1k Capital Repayment and notice from customer, the money is re drawable

Im not sure about SC...

I have confirmed that OCBC is redrawable

When u bank in the money, u have to tick at Capital Repayment at the bank cheque slip...

This post has been edited by fiecks84: Dec 25 2009, 01:45 AM

add me AbangCorp
My unit is B1-0X-09

Thanx AbgCorp for adding me in the list!
It is surprise to see lots of LYN members bought the house.. and later, and we share one common craziness, gadget! lol IT savvy..
Later, when the house complete, its time to equip the house with necessary gadget

I just back from placing the 10% deposit at the developer office this morning after my EPF withdrawal approved and banked in to my account on last Wednesday. At the moment, I signed my loan agreement and waiting it to be stamped. In conclusion, I have done all the errands related to the house, and wait it to be completed by end of 2012. Should be ready by early 2013! It is my first house, lots of new thing learned! And found out that so many pages to be initial, one by one, till my hand cramp!

Somehow or rather, I hear from Ms Choo, the new phase will be launch on this 15TH January 2010. When I talk on this matter with lawyer, they also talk the same. Surprisingly, when I talk with the bankers as well, they also being inform the same thing. Ms Choo said it is not confirmed yet, but it is most likely on 15th Jan 2010 (She said it confidently). I dont know either the promotion will be extended to the new Phase. But what I heard is, the Phase 2 price is around 10% to 15% higher than Phase 1, or around 10k to 15k above the Phase 1 selling price.

The worry news to me, not necessary to others is I believe that they are going to construct both Phase 1 and Phase 2 simultaneously. Which means, all 5 blocks will be ready by early 2013. And it is an indication that 1120 units will be delivered at the same time. If they dont manage it well, situation can be lousy...and since all 5 blocks being construct at the same time, there will be slight delay in delivery time. Based on my experience working in technical line.

The bigger the project, the bigger issue to be encounter.. anyway, I have to put my trust and believe! pray hard for its success

To all future neighbor from LYN, Hi...

I wrote:

But what I heard is, the Phase 2 price is around 10% to 15% higher than Phase 1, or around 10k to 15k above the Phase 1 selling price.

Because, I heard from Ms Choo, it is 10k to 15k above Phase 1 price, and I heard another story from bankers and lawyer, it is 10% to 15% higher...No one will know how much the exact price will increase until the day of launch la friend, except who has close relationship with developer or may be their staff. I just letting everyone know what I heard.

Definitely 10% and 10k is a BIG difference, but I wrote down there, "OR"... so, either one lor! not "AND"...

And to make it clear, developer did not tell me! I just have borak2 kosong with the staff while placing my deposit. So, at least, we have rough idea, how the Phase 2 is positioned in the market, and how the prospect of future price of this property. To know the truth, or to know the exact figure, just wait for the launch lar, it is few days to go wat!

If the lock in period is 8 years after 1st drawdown
and I am expecting the first drawdown is within this year, 2010
at least 2nd quarter of 2010
as the first drawdown is 21 days upon completion of
the work below ground level of the said Building comprising the said parcel including the foundation of the Building
the period will not go up to 11 years I believe
that projection is too far!
unless something hair wire happen at site!

NOTE
====
A lot of people confuse with 1st drawdown and full drawdown
Let me share my knowledge..
Basically, (mind me if I am using wrong term) but 1st drawdown (in lay man term) means the first claim made by developer from the bank to finance the construction works,
And in order to know when is the first drawdown will be made, we have to refer to Third Schedule (Clause 4), Schedule pf Payment of Purchase Price. It is part of your Schedule H in your S&P. Check your S&P, and it explained in written form.

Whereas, full drawdown is when all, full amount of the said property price being claim by the developer from your respective bank, 100%. In the other word, the property is complete and ready to be occupied. This partially payment mechanism is develop in a way to protect the owner thou not 100%. Therefore, the developer does not able to claim their money of they did not complete their work.

Kindly correct me if I am wrong, I am sharing my view

This post has been edited by fiecks84: Jan 10 2010, 08:53 PM

lol I get your point after re read your post! Mind my careless
Welcome future neighbour..

That's the thing, it looks like i am getting marry to my condo first.. lol
Dunno either its a good news to hear or not!

AbangCorp,
Since you collecting LYN member names who bought 1120PA, we can have minum2 together one day! Future Rukun Tetangga of 1120PA... Hahaha
*Some crazy idea comes to my mind at the late Sunday..

Correct, offer letter will prevail loan agreement!

Offer letter stated what you have agreed with the financial institutions at the point of time you purchase the property whereas loan agreement is standard documentation that describe or brief your loan and normally valid for all packages offered by the respective financial institutions.

A financial institutions might have different loan packages offered on the tray, and normally, all these packages use same standard loan agreement documentation. The difference, in terms of loan rate, loan term, lock in period, etc are all stated in your offer letter. that's why the loan offer letter must come printed on special letter head paper by the respective financial institutions.

The offer letter can not be read alone, but must come together with loan agreement as loan agreement defines everything describe in your offer letter, on top of additional information. It is more or less like a legal document to protect bank/ financial institutions interest!

Therefore, always check and understand your offer letter before refer to loan agreement for further detail!

Hope this help!

This post has been edited by fiecks84: Jan 10 2010, 10:36 PM

Hi 106127,

It is correct that no exact date mentioned in both loan agreement and loan offer letter for the first drawdown.

The reason being no exact date mentioned is no one can predict when is the exact date for "the work below ground level of the said Building comprising the said parcel including the foundation of the Building" is completed. You get what I mean?

The first drawdown can only happen on the 36th months if there are problems happen on site during work below ground level or the foundation of the building, which means, delay in construction. If such incidence happen, you were right.

But if the construction works doing well, thou delay here and there, the first drawdown shall be at least towards the end of this year, or second quarter of 2010 as ground works mostly consume more times. It is depend on when the contractor begin the foundation works as well.

My point is, so long the construction works progressing, the 3+5 years lock in period will may not happen.

And in comparison to SimeDarby Property, SimeDarby Property is a giant property developer, they have a big capital to use their own cash money to finance their construction works before actually claim back from the financial institutions involved. Many developers are still relay on the financial institutions to release money according to site works progress before they can proceed to the next stage. That's another reason why SimeDarby Property could get attractive rate from financial institutions, as low as BLR -2.4% thou most financial institutions now already cap their rate according to what government has announced in last Budget session.

At this point of time, it is hard to say when is the first drawdown, but we have being given the information when it will happen, as explained above. For the lock in period to start on the first drawdown is actually good enough rather than the lock in period start on the full drawdown, when talking about property under construction, thou some financial institution had offered lock in period started on the date of signing offer letter.

BTW, Many statement is worded properly in law perspective in any S&P, Deed, or Loan Agreement documentation (therefore, careful reading is required) and it is not simply worded to make u happy, someone really study the terms that being used before it is finalized, so that it will be clear to all parties involved, no matter owner or developer or financial institutions. It is just that we are not familiar with legal terms as we did not use it daily.

This post has been edited by fiecks84: Jan 10 2010, 11:20 PM

Dear 0106127,

- yes, 84 reflects my year of birth. I am 26 years old this year with 3++ years working experience in Professional industry with friends working in property line.
- FYI, I am not a banker, in fact i am working as an Engineer in electrical (power) industry.
- judging from the way you reply my post, i guess everyone who read the forum can say it easily as I wonder "who get offended by who's post"? With due respect, I let everyone makes their own judgement...

* I believe that it is baseless for me to continue arguing on this matter. To the rest of LYN members who want to get clear idea, what we are talking about, read through the posts. I did shared my knowledge to support my point for the benefit of everyone. Check them out...

Have a great day ahead!

This post has been edited by fiecks84: Jan 11 2010, 09:39 PM

Dear iceanise,

Glad to see people writing and giving comments with a great respect to each other without discriminating who they are, no matter age, race or religious! And its good to know actually you heard me.

This is my post last time, just for our reference:

"And in comparison to SimeDarby Property, SimeDarby Property is a giant property developer, they have a big capital to use their own cash money to finance their construction works before actually claim back from the financial institutions involved. Many developers are still relay on the financial institutions to release money according to site works progress before they can proceed to the next stage."

If we read carefully, I never say that 1120 Park Avenue Sdn Bhd does not have enough funds to construct the said property, please do not miss understand me, but what I am saying here is many developers are still relay on the financial institutions to release money according to site work progress to move to the next stage of construction. It is a general overview of property construction industry over here in Malaysia.

It just that I feel when we are talking about this matter, it is best (but not necessary) to compare "Apple with Apple", and I do not neglect the fact that such incidence (that both of you guys are speculating) may happen. If you see what I wrote last time: "My point is, so long the construction works progressing, the 3+5 years lock in period will may not happen". I made it clear by term it as "MAY not happen", and this statement does not mean it will not happen at all, but "it may or may not happen". It just that some people over react on my statement and get offended.

SimeDarby Property case is an isolated case where this giant property developer have more than sufficient fund to finance their construction works at site. SimeDarby has lots of successful projects in hand currently completed and under construction stage, which known to be successful. Whereas, Peter's Group of Companies only have one project in hand currently under construction, which is "Desa Papilon" at Taman Desa and few completed projects (which completed years back). If you can observe, this project (Desa Papilon) also finance according to site progress as they sometime pause the construction works, while waiting for the payment. We are talking about turn around money in business here, and not a small amount of money but millions.

I believe that the possibilities are there, but it best to compare Apple with Apple. By the way, I appreciate both of you guys opinion.

Yeah, we are neighbour! Love to see your closing remarks...

Again, Have a Great Day Ahead. Let's the Day Shine and Bring the Happiness...

LYN members, I am really curious what are the additional features in Phase 2... lol
I might be coming during the weekend, just to see how is the Phase 2 doing

Im not sure on how they calculate on the first three years interest during construction period, esp On how much developer contractually have to commit to pay the interest... Up to what extend. LYN member who understand this better, may be could explain here for the benefit of everyone.

But on the remaining 18 months after the VP, what I understand is, developer will pay up to 7.5% maximum repayment over 18 months.

For example (which taken from their EZPC promotional material);

If the property cost RM 205,888.00:

7.5% from 205,888.00 will be RM 15,446.69

As the payment is spread over 18 months, it reflects RM 858.15 per month

Point to be noted here is, in what ever BLR rate (as BLR flactuate) and no matter how long or how short your loan tenure,

Developer will only liable to pay the buyers max of RM 858.15 per month over 18 months after VP for maximum of RM 15,446.69 only.

If your [U]monthly repayment is more than RM 858.15, you have to add the balance by yourself with your own pocket money.

But I am not really sure what happen if your monthly repayment is lower than RM 858.15, either developer will still pay you RM 858.15 per month or pay less according to your monthly repayment. Again, I need LYN member who really understand this to explain this portion for the benefit of everyone.

Let's Unite Together and Walk the Talk! Together Build A Harmony Environment for Our Future House... Smile

This post has been edited by fiecks84: Jan 16 2010, 11:16 AM

Got ur point King4891

So long it is understandable, its good enough for me! Thanks


I just check back my Sale Agreement since i hate being one of the speculators here how its being written;

7. The promotion shall mean that the Vendor shall undertake the following payments :-

(a) Interest

The vendor shall pay to the Panel Financiers the interests chargeable by the Panel Financiers in respect of disbursement of the Loan during construction period of the Parcel up to the date of delivery of vacant possession of the Parcel as defined in Clause 27 (4) of the Sale Agreement as and when they are due at the amount as shall be billed by the Panel Financiers.

(b) Monthly Payments

(1) The Vendor shall pay to the Purchaser a sum of equivalent to seven point five per centum (7.5%) of the Purchase Price ("the 7.5% Benefit") of the Parcel in eighteen (18) equal monthly installment ("the Monthly Sum") commencing from one (1) months from the date of issuance of the permanent Certificate of Completion and Compliance. ("the Fixed Duration")

(2) The Purchaser shall still solely bare the onus to service the Loan repayment to the Panel Financiers as and when they are due pursuant to the terms and conditions in the Loan documentations.

(3) The Purchaser acknowledges that the interest rates, margin of finance, loan tenure, fluctuations or variations affecting the loan repayments as shall be agreed between the Purchaser and the Panel Financiers shall have no effect or bearing whatsoever on the Vendor's obligation herein.

8. The promotion undertaken by the Vendor pursuant to Item 7 above is subjected to the following conditions :-

(a) that the Purchaser shall comply with the terms and conditions in the Sale Agreement and shall not commit any default in any of his obligations thereof at all times;

(b) That the Purchaser shall have no liberty to negotiate on or determine the timing, duration or amount of the repayment of the Interest or Monthly Sum which are rights exclusively of the Vendor's. The Vendor shall have the right and discretion to vary the terms thereof with the Panel Financiers and pay to the Purchaser in lump sum for the 7.5% Benefit at any time before the expiry of the Fixed Duration;

© that the Vendor shall in no circumstances be deemed as a party to any loan agreements or security documents in respect of the Loan;

(d) that the Purchaser shall not be further entitled to participate in any other proposals/ promotions that are or may be offered by the Vendor.

----

It looks fair and square except Item 8 (b)...

I re-type this for the benefit of everybody as I encourage sharing among us. So, we have something benefit to talk on! rather than talking like an empty can!

Buyers for Phase 2 also now can understand what the developer has to offer, unlike us, the Phase 1 buyer, still blur blur at that time...

----

By the way, any buyer here in LYN has Facebook? Would like to keep in touch further till our Property fully completed! May be could PM me..

This post has been edited by fiecks84: Jan 16 2010, 01:37 PM

Guys, This is at 4pm Sat 160110 Juz back from the showroom!




Tower 3 (Block B5)

Looks like lots of M type still available here... but L type gone!




Tower 4 (Block B7)

Selling fast! Not really, lots of M Type still available anyway...




Tower 5 (Block B9)

Not much selling for L Type for Block B9... But the rest are doing well! Mmm...

This post has been edited by fiecks84: Jan 16 2010, 05:07 PM

Aiyaa... should wear LYN tag lol so that u can recognize me! Anyway, I bring my parent to have a look at the unit! To cut it short, they like it

Based on my observation, the crowd is not like last time, but still lots of people. Thou a bit funny when heard they called a number using haler. The sales look good thou, as this is only its second day. True?

In my experience, I took exactly 7 days to withdraw money from EPF. On the 7TH day, the money bank in to my bank account.

Just make sure you filled up the form (KWSP 9C (AHL)), which available and downloadable from EPF website, a copy of signed and stamped S&P (please bring along original copy for verification), a bank account statement (verified by bank), bank offer letter (bring along original copy as well) and an IC photocopy (front and back).

Initially, I thought I need to request for extension of time from developer to pay for a deposit as I being told that EPF take at least 2 weeks, but I think they are really improving, and the service is much faster and beyond my expectation.

I managed to signed S&P within 2 weeks time frame given as well as pay the deposit within 2 weeks after S&P signed. In fact, I did all within 3 weeks thou at that time, every Friday is Public Holiday for Selangor. Its always 4 days working in last December. No need to worry much and just make sure u get fast response from the bank on ur loan, ur S&P ready by ur lawyer, and the rest will just flow like a water.

But, the tiring part is, initial every pages for 4 sets of documents! worth it..

This post has been edited by fiecks84: Jan 18 2010, 07:53 PM