Won auction at 420k. 10xxsqft Mirage.
Use 20k do fully furnish.
Successfully rent out at 2200.
6% yield.
Real case story. Very recent case of Mirage lelong unit. Got 2 units sold at the same day 420k on that day.

if so easy won't have so many lelong unit. i guess the owner should have desperately trying to rent out their place before their unit get auction
pity the investor, the developer get the profit, the investor get the shit
undisputed king of lelong
if alot not paying maintenance due to lelong unit.
the maintenance will have problem in the future.
the noise from the LRT is very bad also.


This post has been edited by homosapien8888: Jan 18 2018, 01:55 PM

The gem of property investment is foreclosure unit. Only those re agents deter people from buying auction units.

That means buyer forked upfront close to 17% upfront amounting to 70K (10% Deposit + Stamp Duty + Lawyer Fees + 20k fully furnish).

Since now got success story BBB!!!

6% yield based on 420k, don't forget previous owner buy more than that,

Property investment is a zero sum game. Previous owner took the risk and lost.

During the bull run, flippers justified their rewards/profits for the risks they took. Similarly, they swallow loss also.

meaning, only new owner who bought thru auction will get 6% rental yield.

same with other project in cbj

If can bid 400k then worthy for investment

This post has been edited by DisneyHome: Jan 19 2018, 08:49 PM

Wow. Bank valuation still at unrealistic 700k for MBTL.
Most units people only enter at below 400k but bid will still end up going beyond 400k. So probably can try luck get the unit as single bidder at 400k. Who knows.

p/s: the 437k unit got no bidder last month in Dec, but HSBC decided to maintain the price for this month. next reserve price will be 394k in Feb.

MBTL really good for own stay, environment very nice.

Nearby to LKW & Ex PM

B4-7-3
Below 400k now.
Vacant unit and seems to be in good condition. (Yes manage to view living area with some leftover free gifts)
If anyone serious in buying, i can share more details.
Auction date: the week after CNY.

Lelong!!! B4-7-3 Mirage By the Lake, Cyberjaya
Reserve price 🔥🔥RM 393,660🔥🔥
1009sqft Non bumi 2 carparks Freehold
Auction: 22/2/18

This unit was rent out to a US guy & a UK guy, they leave already? do you know what is the reason?
curious why this unit will kena lelong, it rent out 2.6k before this.. just few month ago

just 2nd bedroom aircon got leaking..no major issue i think

btw..singaporean owner again

How many reason bank could lelong collateral/changed property?

they should just rename mirage by the lake to

Lelong By the Lake.

I feel Mirage is quite appropriate - now U see my house, now U don't (cos already lelong off !).

You have to deduct the maintenance fee and also, not forgetting the lawyer fee, stamp duty, mot, blah blah... I guess it is roughly above 5% ROI.

Also income tax on rental income is at top line with limited deductible.

Got no info on the reason why.
Yeah nobody staying at that unit anymore.

Default making repayment to bank and bank will force sale the property off. Normally when 6 months not paying. But I think nowadays bank also holding back the units allowing the owner chance to recover (if possible).

Sold 422k.
So i guess that's the benchmark bidder willing to go.
Already 3 latest lelong units ended up around this pricing.