Wah! biggest unit neh~!

BTimes

'Long way to property bubble in Malaysia'


2010/10/21


SHAH ALAM: There is still a long way to reach property bubble in Malaysia, says Housing and Local Government Minister Datuk Wira Chor Chee Heung.

According to the Housing Index for the last 10 years, prices of houses have moved about 37 per cent while in countries like Singapore and Hong Kong, property prices shot passed 35 per cent last year, he said.

He said property prices in Malaysia started to rise since 2008 due to land cost, building materials and vibrancy of the economy as a result of the initiatives and measures taken by the federal government.

"This is also as a result of foreign companies coming into this country to invest in properties. Because of the aggressive policies by the government, a lot of foreign companies set up bases in this country and bought properties for their senior staff and executives," he said when launching Setia City, an integrated green commercial hub in Shah Alam to be developed by SP Setia Bhd.

Chor, however, said it did not mean ordinary people who just joined the workforce are not able to buy houses.

"If you go further up a bit, 10km away from the KL City Centre, you are still able to find a reasonably-priced house. "If you say you can't find houses in the Klang Valley within the RM350,000 range, I will not believe you, but you have to travel a bit further out of the city centre.

"In central Kuala Lumpur, you can't find houses within the range of RM150,000 to RM300,000. Last year and this year, the most sought-after properties are in the range of RM150,000 to RM180,000.

"In central Kuala Lumpur, you can't find houses within the range of RM150,000 to RM300,000.

"This is the result of government efforts to transform Kuala Lumpur into a bustling city. If you find a house at RM200,000 within the Kuala Lumpur City, this means our economy is in bad shape," he said.

Chor said the government was concerned of this and that was why incentives were provided for in the 2011 Budget to assist low-income earners and young people who just joined the workforce to buy houses.

The minister, however, said the government would not control property prices as Malaysia was a free economy.

"The government will intervene if certain things happen that will bring disaster to the economy and the people," he said.
Chor said people have been buying houses since 2008 and he did not deny that there could be some speculation.

"There is also a sudden drop in the number of houses to be built last year and this showed developers are also studying the market situation," he said.

SP Setia president and chief executive officer Tan Sri Liew Kee Sin said there was no where to build houses within the RM350,000 price range except in Johor where land was cheaper.

"Land cost is a factor of the end-product," he said, adding that a large portion of SP Setia's projects were within the price range of RM400,000 to RM1 million. -- Bernama


--------------------------------------------------------------------------------
Mail webheads for site related feedback and questions. Write to the editor or contact sales for other kind of help.
Copyright © The New Straits Times Press (Malaysia) Berhad, Balai Berita 31, Jalan Riong, 59100 Kuala Lumpur, Malaysia.

I meant the revised layout shown that day - original on the poster, the other one show in the SA files.

Is this unit 1 or 16 rite?

<---Lumina kiara condo - main con - KP







photos from logorithm

http://www.seers.com.my/project.html


I am expecting this kind of quality by paying less than 300 per sf. LOL

This post has been edited by kh8668: Oct 21 2010, 08:48 PM

Introduction

As part of the celebration for the thread hitting 20 pages, I am hereby compiling a summary for the key notes for the first 20 pages of the thread, and to provide everyone, both, contributors, sole readers, as well as potential contributors, a glance to the UOA, exclusive Setapak Green project.

The Developer



UOA Group is a leading property group in Malaysia. Founded and listed on the Australian Stock Exchange (ASX) in 1987, UOA has focused on property development, construction, property investment, and property management. Since 1989, the Group has based its headquarters and business operations in Kuala Lumpur, capital state of Malaysia. As at 31 December 2009 :- The Group has successfully completed and delivered projects comprising commercial, retail and residential properties with GDV (Gross Development Value) in excess of an estimated RM 3.0 billion. For more information, see their complete group profile - here.

Project Preview

On, October 08, 2010 and October 09, 2010 - Pre-screening of the project open to UOA members with only selected floors open for prebook.
On, October 10, 2010 and October 11, 2010 – Pre-Screening of the project open to the public with most of the floors open for prebook

Location:



Property Gallery - The Village
No.2, Bangsar South, Jalan 1/112H,
Off Jalan Kerinchi, 59200 Kuala Lumpur.
Tel: (603) 2282 9993
Fax: (603) 2282 8590

Project details



The project is schedule to launch somewhere between the time frame of December 2010 to February 2011, due to the pending approval of AP (Advertising Permit).

UOA Going to launch Setapak Green project near diamond residence & 222 residence @ diamond square.
Price range : Between RM400-600k
Sqft : Between 1300-1700 sqft #1
Freehold with residential title
DIBS - Developer Interest Bearing Scheme



SG is on a 4.5 acres land with one block of condo. #27

8 units KL facing view and another 8 units Genting view. One corner unit of the Genting view is directly facing the pool with the second unit slightly adjacent to it. The Genting view is priced slightly lower. #43

For 8th floor, KLCC facing view, price should be around 330 psf + or - a little, after discount. All units come with 2 car parks. SG has a density of 445 units over 4.5 acres of residential land. With a single block of 16 units per floor serve by 6 lifts it comes either with a "Semi D" or "Bungalow" design. Because of the 4.5 acres, SG facilities are quite spread out. The swimming pool is on the ground #41

There are no actual specs of SG yet. If SG is using Bangsarsouth Park Residence specs then it should have at least the following:

1. Pre install aircon piping, plenty of light points, 3 phase electricity, Water Heater points for toilets and kitchen
2. All toilets comes with vanity top (I think nicer that the ones shown in 288), Tempered glass shower screens, Mixer, Shower Rose, Stainless Kitchen Basins and Mixers (not install to cater for reno)

Bangsarsouth Park Residence comes with 12 ft ceiling clearance. #89

SG is still improving their design & layout so will see their outcome before December 2010. One nice point about SG is the L shape balcony. #64

SG had done some adjustment to the price due to resizing of some units which is now slightly bigger. Not sure if this was an error on Friday (08 October 2010), due to some change of plans. #31

Irrevocable offer to purchase (Pre-booking)



Members and the public were given the options of pre-booking (lets use pre-booking as the more common terms), with a Rm10,000 of payment through stake holder – Joseph Ting & Co. The Irrevocable offer to purchase are directed to Sagaharta Sdn Bhd.

Just check the 2006 UOA Ltd Annual Report, Sagaharta Sdn Bhd is 100% owned by UOA development berhad. #216

My understanding is that it is our offer to UOA thru the lawyer at the purchase price indicated in the said letter. UOA should only accept our offer purchase price as stated. If UOA wanted to raise the price/sq ft, that mean they are not accepting our offer price, but instead UOA is counter-offer us at revised price. In this case, we have to right not to accept. #221

Members were given an 8% early bird discount on the first day (October 08, 2010)
Members & public were given a 7% early bird discount effective the second day of preview. (October 09, 2010).

Positive

The KLCC view is really very nice. Even when standing on the ground. Nothing blocks. Imagine you are a few level on top. #24

Another point i get UOA is bcoz as the propose drawing they have 2 entrance 1 in diamond square 1 @ Jln Bunga Tanjung. #94

So far in setapak area, there is no luxury project yet (pardon my lack of knowledge if there's any), so its really not apple to apple comparison, Setapak is currently under major development, new road to curb traffic jam, shopping complex at platinum there, this may the start of 300++sf property for setapak. Also, setapak is so used to be a student township (TAR), let not forget, most graduate continue to stay in setapak area after joining the work force, hence, + in spending power, + development. #117

Critics

UOA is very conservative in their design. Practical interior but outdated exterior facade. #64

No brochure given at the moment. Details are subject to change. This includes the design of the building, the unit size and price. Everything is tentative, no approvals from the relevant authorities yet with regards to project design etc. Picture given looks like the same building as Bangsar South project, which will look so outdated #162

SA lacks a lot of information and being non committal is common under such circumstances other than reading from the sales kit. The specs in the sales kit is very generic from the finishing to light switches and everything else.

In terms of view, not all units have the best. The 1st floor for SG is actually the 1st floor (above the facilities floor on ground), and carpark is another complex. This carpark will block the lower floor units if they are facing that direction. Same thing goes for units facing Diamond Sq which will block units up to about 8 floor. However, this is reflected lower prices in view of this compromise. #179


Panel Bank

So far confirm Ambank (their representative is available on the preview day), UOB & CIMB (Both require confirmation),

and OCBC (as stated by the OCBC banker, see #351)

MISC

Oral representation by the sale rep is also a valid contract and form part of the contract although it might be on the weak side. It almost clear that every buyers signing up the letter were being informed by the sale rep that the deposit is refundable in any case before signing S&P.

I guess most major developers wont be very strict or wanted to forfeit your little money in the expense of their goodwill and reputation. Of course when it has a good take up rate. This is what I heard most other developers will normally refund that "booking fee" #238


Contact



For Enquiries
UOACare Line
Toll Free: 1-300-88-6668
Fax: (603) 2245 9198
Email Contact: uoacare@uoa.com.my

Note: Compilation done on 21 October 2010

This post has been edited by hidden830726: Oct 21 2010, 09:13 PM

---

Added on October 21, 2010, 8:45 pmTo kh8668, wah, if SG is like that, im really happy.

I will try to compare another thread for SG vs 288 Deathmatch.

As for the SG compilation above, i have made some amendments to strike out some comments, please let me know if i misunderstood your meanings and i will remove or amend it back. Please check the #numbers (post number) for the reference. Generally, i try to make it as informative rather than inserting excessive opinions.

Also, please try to read through and see whether i miss compile or miss out anything that i need to amend, add or put disclaimer.

This post has been edited by hidden830726: Oct 21 2010, 09:37 PM

But mine is the cheapest unit facing genting and only 3rd floor...
The only view might be the landscape lor...

---

Added on October 21, 2010, 8:59 pmOIC ..... Are you going to own the Setapak Green???

---

Added on October 21, 2010, 9:02 pmMine is type C ... facing Genting, the Landscape just next to the lift


This post has been edited by sunnie3138: Oct 21 2010, 09:02 PM

To Hidden
Sad to say, that is KP's quality, not SG...

---

Added on October 21, 2010, 10:09 pmThis post has been edited by wonghs: Oct 21 2010, 10:09 PM

I quoted this for UOA to see, UOA, prove wonghs wrong pls...

---

Added on October 21, 2010, 10:29 pmGood stuff

This post has been edited by hidden830726: Oct 21 2010, 10:29 PM

Lumina Kiara is the first project of its developer....good one..... UOA - buyers urge you to give this kind of quality too...LOL

This post has been edited by kh8668: Oct 21 2010, 10:37 PM

UOA pre-launched without doing preparation. Even worst when they take the bangsar south design as SG. All this just because they want to compete with 288. So, you think this is what a "reputable" company suppose to perform? I'm disappointed.

UOA was doing quite good. But, this time UOA is lousy.

i thinks 1480sq.ft is 3A or 05 izit?

Who is pushing up the property prices in KL? Now no bubble pulak.

---

Added on October 21, 2010, 11:43 pmThe only way for UOA to win back their reputation is to delivery a good quality product.

---

Added on October 21, 2010, 11:51 pmI was told not to over expect the specs to be like Bangsarsouth.

This post has been edited by webby88: Oct 21 2010, 11:51 PM

How much psf is bangsar south park ressidence?

Expectation achived = reputation increase.

i agreed with kh8668. UOA is too rush this time.

---

Added on October 22, 2010, 9:20 amyes, i think the same way. i am member of UOA and eventually i gave up to place booking in SG but voted to 288. UOA has been rushing to compete with 288 and what they said to buyer is just too fantastic while might not be able to deliver at last (remember all drawing and spec with price is subjected to be changed). Somemore their design is too conservative and sure might be able to deliver same spec as bangsar south residency.

This post has been edited by carlhoe: Oct 22 2010, 09:20 AM

u missed the point. I wholly agree with your above statement. If u care to read thru, I did reply someone, he/she over flattered UOA
As I said, the point raised is ONLY u cannot merely compare being a good main con = GOOD developer

understand good contractor is not exact equvalent to good developer. but what kp deliver so far is good interms of package given (design/material/..) and SINCERITY. another hand, what uoa deliver so far is bad. uoa failed to deliver sincerity which is the most important in doing any business. the purpose of launching is just to compete with 288 so that they can earn more $$. i know nothing wrong to earn $$, but always need to consider buyer benefits as FIRST PRIORITY.

kp is good or not? if u want me to judge now, my answer is they did a good job. in future? no one knows. lets see after 3 years what happen.

well, no matter we buy the house either for investment of personal stay, just buy whatever you like based on the layout design and environment concept which suit to your idea by paying the price for it. both sure have their own good and bad. yes, so far KP what they have delivered is on time and good quality which is no doubt for sure.

i am a bit dissapointed with UOA too this time as what they spoke and trying to crab the buyer in short time by keep changing the design just to attack other developer.

As a matter of fact, they way they did launching for SG, seems dodgy for a company of their standing. Might as well saying "for now, we are selling you air for 450k"? Afterall there's no confirmation on anything for now. Kinda shitty for a company with good track record isnt it.
As for KP, I'm not being judgmental, whether they can deliver what they say will be up in 3 years time.

Thats the way it is being in this business, any advantage gain will be money in the coffers.