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Investment SUMMER SUITES AND SUMMER V.O.S. [OWNERS' THREAD], From RM328k off Jalan Sultan Ismail

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owj
post Jan 16 2012, 03:16 PM

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Looks like it is not soho/service apartment as most of us are predicting.

So what is the difference with vos and business suite?
owj
post Feb 23 2012, 04:35 PM

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Also got invite on 26 and 27 Feb. So the previous on 25 Feb Sat is for VIP isit?
owj
post Feb 24 2012, 12:58 AM

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Wow. From 700/sq ft to 900/sq ft. BBB fever again?
owj
post Feb 24 2012, 10:10 AM

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QUOTE(prop99 @ Feb 24 2012, 08:48 AM)
Still got BBB at this price level especially not sure if it is office or hotel for a UEM project?
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I thought confirm it is an office?

Any VIP updates from todays private preview?
owj
post Feb 24 2012, 05:04 PM

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QUOTE(R o Y @ Feb 24 2012, 04:58 PM)
Price from about RM820psf onwards on facility floor level up to RM900+psf on highest level.

Difference with Block A:

- Comes with DIBS (Or RM35psf discount if opt for no DIBS)
- Free legal fees for loan agreement
- Smallest unit is 454sf facing Kg Baru
- Cheapest unit is RM385k for lowest floor 469sf facing YNH
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Roy, any differemce in unit layout with block A and items given?

owj
post Feb 24 2012, 11:46 PM

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Any idea what is the difference btw business suite (phase 1) and vos (phase 2) as termed by Sunrise? Both office also?
owj
post Feb 25 2012, 12:20 PM

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What is the current take up rate?
owj
post Feb 26 2012, 11:33 AM

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Wanted to snap a photo on the current take up but was not allowed to. Still got quite a lot of units available. Didn't count but prob 30-40 units booked. For those who are only coming on next weekdays should still be able to get
owj
post Feb 26 2012, 12:50 PM

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QUOTE(puchongite @ Feb 26 2012, 11:53 AM)
So you just went look see look see or you have purchased a few ?
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Just look see to compare the response with phase 1. Not sure why but totally different although it is the same type of unit

owj
post Jul 18 2013, 01:15 PM

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If one were to use it for residential it will be at your own risk. I guess if no neighbours or mgmt complain and no DBKL officers were to come and investigate, then no issues lah.
owj
post Oct 27 2014, 04:54 PM

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I think it depends on how strong the JMB is going to enforce this rule. If majority are doing office then it may be beneficial for the rule of only office to be strictly enforced
owj
post Jul 27 2015, 12:38 PM

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No one has managed to rent out as office?
owj
post Jul 31 2015, 02:48 PM

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Some did post in iproperty as office.
owj
post Aug 19 2015, 11:08 AM

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QUOTE(shinx4 @ Aug 19 2015, 09:39 AM)
Any unit (493sqf) with fraser view selling below 450k? PM me... I'm a serious buyer... we can appoint lawyer as stakeholder, then owner no need to pay commission to agent
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Do remember you will need to pay 6% GST for loan
owj
post Aug 19 2015, 11:59 AM

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QUOTE(shinx4 @ Aug 19 2015, 11:28 AM)
6% of RM450k? or 6% on the whatever charges/fees?
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It is 6% of your loan amount, when it is disbursed
The remaining will be your lawyer legal fee
owj
post Aug 19 2015, 02:42 PM

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QUOTE(R o Y @ Aug 19 2015, 01:46 PM)
There is no GST on the loan amount. You can refer to the Customs Dept Guide on Commercial Banking ( http://gst.customs.gov.my/en/rg/SiteAssets...uary%202014.pdf )
From the FAQ section, it is also clearly stated that there is no GST on the repayment, no GST on the interest charged, and no GST on any penalty charges. Bank will only collect GST on other fees or services charged.

You can also refer to the FAQ section of the Guide
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Was made to understand by my lawyer when I bought an undercon SOVO that there will be GST applicable on loan amount disbursement after 1st Apr.

Will wait and see on my next drawdown to confirm then.

Would appreciate if anyone has puchased a commi unit after 1st Apr to confirm
owj
post Aug 19 2015, 04:54 PM

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QUOTE(R o Y @ Aug 19 2015, 03:02 PM)
When you purchase a commercial property from DEVELOPER, you are subject to GST because:
- The Developer is in the "business" of supplying Commercial Property units, and
- The Developer is a GST registered entity supplying a product that is subject to GST 

The 6% GST is charged on the purchase price, not the loan amount, and has nothing to do with the loan. The tax collected based on the amount collect on progressive payments made to the developer.

When you purchase a commercial property from the secondary market, the sale may or may not be subject to GST. The sale will be subject to GST only If the seller is:
- A property trader in the business of buying and selling properties 
- A GST registered entity

Please seek the advise of a professional tax consultant before making any decision. However after attending a few GST Seminars relating to real estate, the professional speakers have advised that Commercial Property transactions in the secondary market will only be subject to GST if the Seller is a "Property Trader" and a GST registered entity.
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Thanks for the info.

Question would be if the commercial is more than 500K and the seller is an individual?

 

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