When the building is stalling, after signing SPA and LO, you're paying every month for the interest.

Like now M-City at 80-90% progress, buyer is paying over RM3k for the interest. If mah sing stalls for 2 years, a buyer will pay for RM80k for nothing. So the rebate means nothing.

I would rather burn the RM1k booking if I manage to escape now. M-City is really an over-rated building. Sky-bridge is nothing but a gimmick.

shawnk was right, I'm not a seasonal investor, not even near.

At best a looser buyer who had no place to cry for my poor judgement and silly mistakes, but m-city wasn't that mistake, though spotting the similiarity. Futuristic, nice landscape, high value... when you've calculated and compared the psf prices nearby, we'll soon see realize how could we miss such a simple fact, we were blinded to believe m-city is comparable to condo near klcc while it really tight better to the abandoned ampang city or the ampang point (not a luxurious mall, still) next to it.

Of course, if you neglect the fact that this thread is celebrating is 5 years of age now.

You'll be puzzled why it wasn't fully sold within a year or so, while the property market sentiment were so good back then.

M suites buyers probably have acknowledged their close friends and relatives.

The first time buyers, especially the youngsters, as always, the group who easily fall for the sweet talk, they will become the last batch of people who to be crushed under the gigantic burdening pyramid debt which promised nothing but a fancy dream of futuristic home.

Feel it, taste it, it's coming.

Studio mostly tied with commercial titles.

The buyer must bear the 6% GST during the signage of SPA, last I heard from a lawyer.

As of the bank loan, according to bank negara's policy, the commercial props borrowers, have to bear 6% GST for the monthly installment.

Do the maths.

SOVO, SOHO, SOFO... needless to say, the retail units, the investors will surely face a hard time selling their properties.

Those who managed to dump it at even a small profit, I would congrats them for that they were really the lucky sons who were blessed by GOD.

Sorry Bro, I have nothing against you, but are you just back from MARS or what?

MOST of the studio units in KL are doing real bad, if not utterly terrible.

The ones sold by Mah Siao are even worse, they were all marked at overprice and I couldn't believe there were so many youngsters who would fall for it. At times I started to feel I'm either living in a land which filled with tonnes of innocent first time buyers, or a country that filled with filthy rich people who drive luxurious cars and dine at 5-star restaurants where they'll burn a 10 ringgit bill just for fun. I'm confused.

Who said M'sia has financial challenge? Or it's just me?

Those who bought the studios should be more worry than the residential units, they will face the longest nightmare in their lives which would have promised these poor souls to never touch any property in a lifetime.

STUDIO owners have to sell at 6% GST on top of the selling price and 6% bank's loan GST service fee.

Please, do the maths.

After the "Bank Lelong" signs posted all along the Ampang street once VP made available, the next best business might be the psychiatrists opened along this area.

Many poor souls would be seeking medical advice to avoid seeing the monthly huge bank bills mailed to them which they would rather trade their lives for the mistake made few years back, how they wish if there's a button for them to push and restart from babyhood. Also they most probably are hoping to escape from the insomnia due to the guilt of turning their family hard earned money into something slightly above the value of some garbage junk bonds.

Yes, I'm being rather sarcastic. I made mistakes too.

But at least I am not begging for a restart button in my life.

This thread started on 4 Nov 2010.
In another 3 weeks, it will celebrate its 5-year-old birthday. And there are buyers still talking whether to purchase or not... seriously.

And glad (sarcastically) to see that, it started from RM390k+ evolving to RM700k+ (the smallest unit) during the past 5 years.

And it finally had the phase done at 80%+, after 5 years...Wow!

Buyers are now enjoying (or 'suffering') at RM2k+ - RM3k interest paid every month with zero cent deduction to its loan original amount.
A year equals to RM30k-RM40k, paid to banks, with loan amount untouched (even single cent).

Really fascinating. Really mind blowing.
Msia property market really had boomed and gloriously grown in the past few years. No wonder all agents driving luxury benz and bmw.

A friend told me. She has insider source, which is relatively reliable and trustable.
Heard that 5% are the commissions...

1% to head, 1% to supervisor, 1% to attached realtor company (don't know what that means...) 2% to agent.

If the agent managed to sell 1 house at RM1mil+ every 2 months,
he/she will get at least RM20k for that, equaling to more than RM120k a year.

Selling only 6 houses goyang kaki in a year, and he/she will earn more than most senior managers in this country.

And it's common for the supervisors earning like RM200k-RM400k a month, while the head earning over RM1-2 million a month, as commissions.

Wow. I still find this hard to digest.
Seriously?

This post has been edited by kyun: Oct 14 2015, 11:31 AM

I just happened to know who bought.
You were the early batch good for you.
Now developers could no more service the DIBS, once buyers obtaining the loans they'll start paying for interests.
And it's real scary they're paying RM2k+ every month without seeing any real progress. This drags like a year or so.
if that goes on for another year or more, means their hard earned money, over RM50k, like cantonese phrase, will be dumped into salty sea.

The friend who shared the inside story is a staff who could see the payout from her company.
She couldn't be wrong about the figures.

Guess this is a job where enormously huge gap happens. Heaven or hell.
A 1 mil house commission is over RM50k, splitting to different levels and agents.

If succeed in selling at least one every month, could earn tenths of thousand.
If not, kaput and eat grass.

VP doesn't equate CF. So that buyers can start selling and look for new victims.
See who will catch the falling knife from sky.
Some buyers couldn't tahan the hefty interests paid every month, they're like calling developer office furiously every week.

All doubt that MS will deliver their promises by making the VP on time. There are tonnes of small scale developers stalling/abandoning the whole projects, the buyers should consider themselves on the lucky side as there are still signs of progress, though... too slow

But then, there are cases where buyers move in without CF, as long as they could find a way to sort things out.
After all, this is bolehland. Anything, any price, , any story, could happen.
We're just so amazed by the optimistism of m'sia buyers, they're defending their purchases die-hardly. LOL.

Englighten me please.

You said that, 'the truth will show', while no rigid evidence being presented.
How much validity goes for the statement of making assumption 'situation may not be occurring'?

Means that, you're not sure of anything either.

I welcome your thought, but you shouldn't kill off others' opinioin of no point of repeating something,
which may not be essential to you, but could be a crucial info for other potential buyers.

This is a public forum, anyone whether opinionated or not is suppose to feel free in expressing their ideas,
and not pinned down to only one thought, correct?

And I welcome more of your future sharing with us.

Dude, what's wrong with you? What prediction?

All I said were based on FACTS!!

New buyers (those without DIBS ones), are now paying with RM2k-RM3k interest every month without single cent being deducted from their loan amount!
VP has been off scheduled, delayed!
If this keeps going on, they'll lose more money on the interest!
And once VP available, competition to sell is fierce, look at M Suites!

These are all FACTS, where's the prediction? Except yours of 'things might not be occurring',
and frankly I don't have a single idea what 'things' are you talking about, I was merely being polite not to get into war of mouth with you.

Are you from MARS or what? Don't you know anything about the REAL happenings?

I certainly hope you're not one of the douche-bag agents who are driving bmw and earning handsomely while trying to mislead the buyers here!

I share my point out loud, because I thought I'm doing a good cause, by giving a mild warning to the new buyers, especially those youngsters.

There are buyers who bought at RM700k financed at RM630k, 4 years ago,
now the same unit could have risen to RM1,000,000.

Once VP available, these old buyers, are 'so willing', to sell at current market price of RM1mil (bank value), or even slightly lower RM950k, they're making RM300k+ instantly after deducting the bank loan. Else they'll have to pay for RM3k+ instalment, while not certainty they could fetch same price (plus maintenance charges) from the rental.

Judging from current and near future economic's outlook, what chances you have to roll the dice for the odd to happen?

The new buyers, whether like it or not, they are forced to compete with old buyers margins.
It's not a fair game, never! That's why developers are so willing to mark up and pay more for the agents who could sweet-talk the buyers.
Once deal was done, it's not the agent's business because they're not developer in-house staff, you couldn't find them anywhere. And developers just replied "sorry I don't know what they told you but some of the facts you've gotten from them are not entirely true."
Developers always have one-eye closed while engaging the outsourced agents to sell on behalf, purposely or not, while their main concern is to sell their units not caring what are the tactics played to the buyers.
Who are the victims? Guess who? The new buyers who recently signed! Of course!

Actually this sad news happened in almost all projects especially in Klang Valley.
(Iskandar is not klang valley, but take that as a lesson, how many ppl got burned. )

We'll keep hearing more victims coming in.
Let's see, 2016 will be an interesting year! (yes, this last statement is a prediction, but strongly based, I have friends who work in construction and developers lines for over 20 years, they're shaking heads and felt sympathy for the new buyers).

That's why I kept asking, are you back from MARS?

Government had banned DIBS, dude? Read news lately... recent 2 years?

While your last statement, "with the current situation, all others project will have the same issues."

Yes, true. Very true, indeed!
Not only M-City, those projects which kept raising prices and offering more downpayment waiver, while selling for more than 3-4 years still not fully sold, all having the same situation.

This post has been edited by kyun: Oct 18 2015, 04:29 PM

Yes... true.

Holding power is the key.

Let's do the simple maths.

The early batch buyers would have not much worries compared to the new buyers.
Because they could always sell at below market price while still fetching some nice profits.
If they've some holding power, they could rent out, after all, their instalment is RM3k+ compared to RM5k (take example 1mil unit), if they could rent out at RM3k the best scenario, they're merely losing RM700-RM800 a month, not entirely a bad deal.

While the new buyers, they would have to lose RM2.5k every month.

After 3 years of collecting the rental, for 900k loan, it's about RM45k principal paid to bank in a year, stll owing RM850k.
While the lost of 2.5k x 36 = 90k.
And we don't even factor in the 'full interest' paid during the construction period. And the RPGT.
RPGT is calculated based on selling price - deducting the SPA price.


So it's about the game of holding power.

In 2010, m suites launching at RM400k for 502sf, investors are cursing mah siao for fooling buyers...

2014, subsale market skyrocketed to RM650k-RM700k for the 502sf!
But not many ppl wanna rent there.

in 2015, these small units owners were listing at below RM600-RM650k, as the rental is merely below rm2200.

Lately, I've seen some agents putting RM570k for these units...

Now tell me how fair that to the new buyers who bought at RM650k in 2014?

Same mah siao company, same area in Ampang Hilir, similar concept, 300 m apart.
M city is just another freaky clone of m suites, with an extra silly tube tucked in the middle of the condo!

M city? Go ahead anybody if you want to take the risk, but you'll be glad to read this thread and feel free to buy me a starbucks if I've just saved you from drowning into the muddy investment.

Thus the disclaimer 'best scenario'.
Else the first-time-buyers would cry out loud under bed comforters every night. Poor fellows.

Oh yea, you talked about the icon city in pj, remind me of another icon in jln tun razak, also by mah siao


forgive my 2-min artwork

Remember an agent told that it'll fetch more than RM15/sf, guarantee wo!
Crazy talk. If can fetch the rental, mah siao wouldn't sell and made it a mall-like lease like how IGB did.

So many funny douche bag agents, Wakaka...

But.

The first-timers wouldn't know.

And relatively speaking, mah siao last season posting of financial statement, a cash RM3 billion in hand, not bad... truly speaking,
being a listed company that produces such low-quality properties... not bad, marketing wise.
They were doing furiously on roadshow and paper ads. And my facebook almost polluted with ads from mah siao months back.

Well, the first-timers should listen to more stories like southgate, starparc ... which all turned into ghost towns.

It just speak the truth that how many first-timers out there being conned, sigh...