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Investment KINRARA RESIDENCE [OWNERS' THREAD], Lifestyle landed homes from Mah Sing

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mrkenjiro
post Aug 19 2010, 12:39 PM

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QUOTE(pcteck19 @ Aug 18 2010, 07:05 PM)
you talk to me? well, i'm not patrick..... tongue.gif

why u can bought at 460k? i bought the original price which 499k, place downpayment on april
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Because he is bumi.

Well, I am also owner, bought from Mahajaya. I saw the layout. GF the same, 1st floor, move the toilet to the balcony so no more balcony which is good! and overall there's about 200 sq feet increase in size compare to mahajaya design. Also, there will be alarm system included. They are also proposing autogate but still in proposal stage. And Actually the price will be more than 600k. Probably around 650-700k. It is not gated only guarded because of a surau and dewan orang ramai around our place. Well, same as you, I paid 500k as well and MS told me no increase in price when we go and sign the new S&P. Imagine, we gain so called 100k++ in value and you get more in term of infrastructue. Behh.. honestly it sounded too good to be true. Must take time read the new S&P.

Also I am not sure if we need to pay legal fee on developer side, with Maha no need but with MS, not sure. This I need to check. And one funny thing is the developer lawyer for Maha keep asking me to sign S&P. He is bloody kan cheong so I need to dig from him what the heck is happening.

mrkenjiro
post Aug 19 2010, 02:17 PM

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QUOTE(brainworker @ Aug 19 2010, 01:41 PM)
mrkenjiro: Is the sales gallery open to public to view the plan? Did MS allow you to have a copy of the new layout? Can share with us on 2.5 storey also?

So the RM700K for DSL maybe true la...
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Hi Brainworker,

Yes. The sales gallery is open to public but it is not open for sales yet. It's just for registration purposes. I heard they will open up the sales soon (but not sure the tentative date). The layout is basically drawing they put on the wall. It's not in paper format or anything. 2.5 storeys layout is also there and it if very very beautiful!!! The previous Maha version where the GF doesn't have exit at the kitchen area has been revamped. Now they raise the dining floor a foot or two higher with the living room lower but dining+kitchen higher. I can only say a brilliant design compare to Maha. Anyway you have to see it to know what I mean. The price for 2.5 will range from 800k to 900k.
Also, security will cost 100 bucks and clubhouse - 50 bucks. Both must paid by the owner.
mrkenjiro
post Aug 19 2010, 06:42 PM

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QUOTE(pcteck19 @ Aug 19 2010, 03:06 PM)
when the lawyer called me about this, i ask him back, got such good thing developer giving free 100k upgrade? then he answered only me doubt abt that, other owners are very very happy when heard this news.

haha, now i know i'm not the only one, in this business world there is no such good thing.

must read the S&P very very clearly
mrkenjiro, sounds like the new S&P is ready? please update here if there is any hidden rule that unfair for us which are "early bird owner"
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I am not sure when will the S&P be ready but I am sure as soon as it is ready, we'll have 'lawyer' flying in informing us to sign it asap smile.gif . Well, my take on why the lawyer is so 'hardworking' in updating us is they are worried that we might take MS's lawyer instead of them for the S&P and the loan agreement. Anyway it's very obvious there's something fishy as I have never encounter such 'hardworking' lawyer calling me directly updating me every details
mrkenjiro
post Aug 20 2010, 10:05 AM

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QUOTE(tishaban @ Aug 20 2010, 02:04 AM)
Was there last weekend, here are my thoughts. Sorry can't remember what the color codes mean biggrin.gif

http://a.yfrog.com/img687/5491/kinrararesidence.jpg

- pricing at RM700k for 2-storey, RM800k and above for 3-storey but not confirmed
- medium cost apartment will be situated nearby next to 2b not good IMO
- leasehold as people have mentioned already
- access is very easy although I foresee a traffic lights at the junction going in/out at Jalan Kinrara 6
- design seems very simple compared to the other Mah Sing properties
- club house is in the semi-D section, separate from link house owners. You have to drive out of your section to the club house. sad.gif

Overall I don't have a good feel for this one compared to recent Mah Sing projects. Garden Residence (Cyberjaya) seemed to have a nicer house design and better master plan plus it was freehold and relatively cheap (in the beginning). Kemuning Residence was a much smaller development with a fantastic zero lot design and all the houses were within walking distance of the club house. Unfortunately that was also leasehold so I walked away too.

Aiming to get a house for stay, personally I'm looking for a decent corner lot but one half of Kinrara Residence will be facing the apartments which is a big no no for me after living in Vista Komanwel overlooking Taman Esplanad biggrin.gif
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The colour code basically means 2 sty, 2 1/2 sty, 2 sty superlink, semi D and bungalow.
The medium cost appt will be opposite surau/dewan orang ramai...
I asked about the design because i found it similar to Maha except 1F and they told me the design nowadays is about the same, also because we bought it from maha first that's why they are sticking to it. but for 2 1/2 the design is better than maha. Comparing to Garden and Kemuning, it is definitely not as 'modern' but in term of location, I would say Kinrara offers the best 'place' to stay with forest reserve at the background and yet 30-45 mins drive to KL city, 20 mins to Sunway, etc. Well, you can't get all can you. Have to weigh the options available vs the $$.

mrkenjiro
post Aug 23 2010, 12:47 PM

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My concern is who is paying the disbursement fee , Legal and Stamp Duty for the new S&P
I am definitely not paying that!!


Added on August 23, 2010, 12:56 pm
QUOTE(tishaban @ Aug 22 2010, 10:09 PM)
I was one of the people who lined up during the earlier Kinrara launches. My original aim was to buy for my own stay but I got caught up in the BBB fever so it's mostly for investment now. Those were the sub 500k terrace house days and I spent a good deal of money, hired people to line up for me, paid well into the 4-digits for it. Appreciation is close to 40% already so it was worth the money and effort.

I have been hovering around the Kinrara Residence sales office for the past few days but finally decided to skip this one, leasehold and a much higher entry price turned me off. I don't think I can afford to hold on to a 700k property for longer than 1 year and with leasehold, non G&G, very basic design and that apartment looming, it's not so attractive for my own stay either.

At 700k I expect this one to go for maybe 800-850k at key handover assuming the market is similar to today. Let's say 80k initial investment, and 120k gross return in 2 years, that's still around 20+% per year which is excellent.

Still plenty of places to line up for if anyone's interested, no other freehold Kinrara launches in the future, everything's done.
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Hi, I have this question in my mind for a while now regarding the subsales for I&P's projects.
Do you actually managed to sell a 500k house for 650-700k? I understand a lot of investors are holding to it but they have NOT actually manage a sales. Don't get me wrong because initially I bought this place to stay but if the return is THAT good then I might consider selling it so I need input from property investor like you


This post has been edited by mrkenjiro: Aug 23 2010, 04:57 PM
mrkenjiro
post Sep 30 2010, 09:29 AM

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Sorry to hijack this thread a bit but any existing owner for the 2 storeys that received the letter for the new S&P from Mah Sing?
mrkenjiro
post Sep 30 2010, 11:15 AM

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QUOTE(brainworker @ Sep 30 2010, 10:06 AM)
@mrkenjiro - Heard from fren RM50K for 2.5 storey, how about yours?
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28K for 2 storeys
I went through the S&P we signed with Mahajaya and think we have a case here.
For each additional sq feet extra, we need to pay RM35 but limited to 2% from the original size. As for other deviation or variation differences, it is subject to Purchasers (us) to approve. I am little p*ssed off with the way MH is handling this as it was communicated verbally by the lawyer that there will be no increase in price.
Also, it is mentioned in the S&P that these variations must be itemised and each item must be followed by the exact cost.
mrkenjiro
post Sep 30 2010, 04:06 PM

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QUOTE(brainworker @ Sep 30 2010, 03:43 PM)
As per the letter, all borne by TMS.
They are trying their luck on making more $$$, but they are yet to aware that the power of consumer, let's wait and see. HBA I am coming !!
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As you owner too or?
mrkenjiro
post Sep 30 2010, 05:03 PM

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QUOTE(yoki @ Sep 30 2010, 04:29 PM)
mrkenjiro..u bought K-Residence from MS or the earlier developer?
2 or 3 storey?

so 2 storey = orignal price + RM28k
and 3 storey = orignal price + RM50k

what is the first launch price?
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Hi Yoki, I bought from earlier developer at 500k for 2 storeys.
mrkenjiro
post Sep 30 2010, 05:15 PM

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You said it, it's paper gain...
mrkenjiro
post Sep 30 2010, 06:29 PM

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QUOTE(accetera @ Sep 30 2010, 06:15 PM)
to me paper gain means no gain yet haha... sorry for being sarcastic LOL
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That's exactly what I meant...
mrkenjiro
post Oct 1 2010, 11:08 AM

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Ok, for existing house owner, I just called Mah Sing on the so called 'upgrade package'. It is OPTIONAL.

Which means:
1. If you are taking it you are getting whatever it was mentioned in the letter.
2. If you are NOT taking it then you'll be getting the old fascade by Mahajaya but you'll get the pergola.

Anyway tomorrow I am meeting up with ppl from Mah Sing for further clarification on this. Also, this upgrade package is not something urgent. The important thing is now to sign the s&p so that they can start work. The upgrade package can comes later...

I'll keep everyone posted.
mrkenjiro
post Oct 1 2010, 12:19 PM

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QUOTE(brainworker @ Oct 1 2010, 11:40 AM)
@mrkenjiro - Have you ever see a taman come with inconsistent facade within the same row? Say, 3 MS design - 1 MJ design + 4 MS design.

Do you think MS will do that? They will screw their own brand if they do this, perhaps maybe can give them another award - The most daring planning residential project !!

Do they able to provide the spec of the house if you choose to upgrade your unit? Is it all ceiling height tiles for bathroom and kitchen as per MJ spec.

Anyway, thanks for your update and keep us posted on the latest development.
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Yes, I understand what you are saying. But nevertheless I need to get a confirmation from MS on what are the differences between upgrade and non upgrade. I suspect it could be internally different but exterior to remain the same as new fascade. Will keep you guys posted.
mrkenjiro
post Oct 5 2010, 11:25 AM

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I was there last Saturday and spoke to MS's staff and the lawyer Mr Ng. They are asking me to sign 2 things
1. New S&P
2. The upgrade form (whether to upgrade or not)

I don't whether I want to take up the upgrade package or not...
mrkenjiro
post Oct 5 2010, 12:22 PM

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QUOTE(yoki @ Oct 5 2010, 11:39 AM)
the upgrade got to pay immediately?
can it be financed by the bank?
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3 options
- pay by cash
- included in s&p (if you want to finance it)
- or 6 months installment (pay direct to MS)

If you choose not to upgrade
- you will get the old Mahajaya floor plan
- old facade but they give the pergola and lourve thingy so that to make it look 'similar' from afar
- no extra sq feet
- no club house
- no alarm
- no centrex

For owner that purchase from Mahajaya, you need to decide now whether to upgrade or not because the new floor plan will be included into the S&P. And MS has already lost 6 months of construction time... they need to deliver in 1.5 years

This post has been edited by mrkenjiro: Oct 5 2010, 12:23 PM
mrkenjiro
post Oct 5 2010, 04:07 PM

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Can I see a show of hand who're the owners??
Well... I did quick maths on those 'tangible'

1. Different Facade - MS's design comes with full length window from ceiling to floor and also a gain of almost 200 sq feet here. That would probably cost RM10k maybe?
2. Extra 200 sq - based on s&p, any variation on the size will be borne by purchaser but limited to 2% of the original size. this means I only need to pay 2%*2280*RM35=RM1596
3. Home Alarm - My current home only cost me RM1.3k with motion sensor. MS's Home Alarm is with conceal wiring, motion sensor, vibration sensor probably will cost double?? RM2.6k
4. Quality floor and wall - not idea how much. RM5k?
5. Centrex system - an intercom with the guard house. Dunno how much also. 1k?
6. Clubhouse - MS said they spent 4mil on that.

Total tangible cost = RM20k. About 8k different to their asking price. Actually I think 28k is a bit too steep but if you are sitting there comparing the design and facade, MS's design is far better and also a point to note is that they know how to utilise space...

Anyway I requested MS to itemised the costing (as per s&p) for each of this but they said it is impossible as they will not be able to breakdown the cost of the clubhouse...

This post has been edited by mrkenjiro: Oct 5 2010, 04:11 PM
mrkenjiro
post Oct 5 2010, 05:01 PM

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QUOTE(ron95 @ Oct 5 2010, 04:23 PM)
hey kenjiro, so did you take their offer to upgrade ? I dun think i want it and the deadline to sign SPA is 3rd oct and i only receive the letter on 29 Oct. Have you sign the SPA ? Any changes in the terms compare to the old one ?
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Hi, I have not sign the s&p yet. You need to call up the lawyer to sign it up. The lawyer informed me that there will be some changes but I have not seen the s&p myself yet. Bring your old one when you go sign and compare before signing
1. Name of the parties - MH, MJ and us
2. Name of the properties - KR
3. Price property - if you are taking the upgrade package
4. Floor plan.

The deadline is not 3rd of Oct. You can drop anytime the gallery and sign the form.
mrkenjiro
post Oct 11 2010, 04:18 PM

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QUOTE(zoomckng @ Oct 11 2010, 03:40 PM)
hi future KR residents, jz wan share some info with u all.

got a neighbour whos 2 sons bought each a unit of 2storey of the new damai houses (the ones with show units erected) early this yr. jz last mth back he was notified that the price 488k that was agreed on will be raised another 100k to 588k.

so they got 2 choice. pay another 100k OR u going to like this. mahsing will pay them 100k cash per unit to let them go. biggrin.gif

so i think MS is doing everything they can to level off the house prices there, in-sync with the new development.

for future house buyers. they wont be cheap houses in this area anymore sad.gif
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Hi, I own the 2 storeys house but was never informed of such offer. It could be only applicable for those that purchased the show units.

mrkenjiro
post Oct 12 2010, 09:32 AM

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Update for those that have yet to sign the s&p (purchased from Mahajaya).

I have read the s&p and the contract (service for security, etc) and it is almost 99% identical to the original signed with Mahajaya. The only differences are

1. The parties (MS, MH and you)
2. Price (if you decided to take the upgrade package and want to incorporate into your loan)
3. Layout (if you decided to take the upgrade package)
4. Schedule 4 (It's for the breakdown of the payment, again if you decide to take upgrade package)
5. Also, when I compare the number of aircon point, lighting point, fan point, etc, there's significant differences... E.g. MH's s&p mentioned 6 aircon point but MS's only 4.
6. Lastly, most important - the completion date will now shift accordingly to the new s&p. This mean we are going to get our property 5 months late - for this you can request for an undertaking letter from MS saying you want it ready according to the earlier s&p but there're many concerns on this.

I personally have not sign yet but when I was there, 4 families signed and all 4 took the upgrade package.
Also, I went to Melody to take a look... damn the workmanship is good but the layout wasn't that pratical especially for 26X70 type (the rooms are so small). Subsales going from RM750k now... bloody expensive.
mrkenjiro
post Oct 12 2010, 03:43 PM

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QUOTE(tiger_gogogo @ Oct 12 2010, 12:53 PM)
The completion time got delay should be expected. The time spend for MS to process the ownership transfer, redraw all the floor plan, sell all the new launch, get you guys to decide want take the update package or not,  renovate/tear down the existing show unit, upgrade all the landscape, change guard house location, etc... The old MJ 2&1/2 storey ground floor don't have back door due to build under earth, also fixed by redo all the earth work to lower down the ground so that now it got back door. All these good changes sure take more time.

You all is the luckiest property buyer, now finance in another 28k/50k, not more than half year, u gain >170k already, and get the property that other is purchasing now at 718k/888k, still don't appreciate your luck and complaint, I really speechless.

Some more if the project suppose to take 2 yrs to complete, you force to make it complete by 1.5 yrs, surely the quality will be poorer.
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Look, I am not pointing finger at anymore but your view is blantly bias.
You might be bloody loaded to 'ok' the 28k/50k without thinking much. Some people like me need to pay 30 years of installment through my nose on this house so i need to consider when there's changes to the price we're paying.

You said we are the luckiest property buyers and we 'already' gained 170k. I sell to you 728k, you want? It's not a gain until I managed to sell it, ok. I initially bought it from MH not anticipating any gain whatsoever. You should have seen the first day it was launched, there was only 8 ppl including me. I bought to stay not flip. I hope you respect the discussion we have here and not simply giving any inconstructive comment . No one is forcing MS to deliver within 1.5 years, just that it was stipulated in MH's contract and if it is written in a contract, we have right to question it and the fact is MS's staff verbally confirm there is
- No price increment
- No delay in delivery. Both are lies but we can't prove it. Why? Because it is verbally. That's why things stated in contract is bloody important to me.
In the contract also stated every delay (in day) to vacant possession, we are to get 10% per annum from the sales price as compensation! So now I 'lost' (10%*500k)*(152/365days)=RM20821! Who is paying me that?! And now MS comes and ask 28k to make my house more beautiful... Can you imagine the frustration...


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