Have booked a unit and was a bit regret for doing so honestly. Was told by developer to pay 5% DP upfront even before signing of SPA within a week from booking. i've booked the corner unit (biggest s.f.)

For potential investor on this project, I wish to highlight that :
1. The only End-financing is UOB Bank, other bank proceed on ad hoc basis with unfavorable interest rate or stringent credit policy. I was told that even if you get only 80% financing, still have to pay the developer RM5300 for quiting the booking, condition mentioned in booking form upfront.

2. I'm working with UOB Bank and was told that our end financing team, the End financing team not comfortable with the loan, but the tie-up was done by bridging loan (Business Group - surpass assessment by Director, End-financing group).

3. The project consist of 1000 units of condo, while no issue on completion risk. however, appreciate in asset value is questionable in view of possible over supply of similar residential property in cyberjaya. Developed with aim to be hostel doesn't help the potential appreciation.

4. The project is good as rental tools, as good as the rental income enough to cover installment payment. however, after deduction cost of furniture (Rm50,000) and discount, the net rental over property value is about 5++%, which is very average /below average. By locking in the rental pricing for 4 years, not much appreciation anticipated.

Only if I've done enough homework before commiting ... It's escalating commitment for me.

Do let me know any gurus view on this, I wish to know....

---

Added on May 11, 2011, 4:48 pminoue_chiaki, thank you so much for sharing. As a buyer, I think you share the same worries....

Like I mentioned before, exit quickly even if you lose some of deposit. Cova Villa in Kota Damansara is a mirror example to the future ARC, Cyberjaya from the same developer, little appreciation of value and net rental income of about 5% only.
However, the other project next to it, the Cova Suite enjoy a good 40% appreciation as it is not being used as a hostel and no such garantee scheme was offered.
In another word, the developer is overcharged you on the price of the property and then give you back a little by little of 5% per annum. But on the other hand, they rent your property to the college and charge 8-9%.
Think carefully before you invest in this property especially from Andaman.

---

Added on July 2, 2011, 1:51 amNEVER TRUST ANDAMAN
GOOGLE ANDAMAN TO GET SOME BACKGROUD OF THE DEVELOPER

---

Added on July 2, 2011, 1:55 amlast time Andaman Group-Pharma Exel now APM-Maju Puncakbumi. New project new company, so no previous bad records. but same people.
Right? Mr Teoh!

---

Added on July 2, 2011, 1:58 amAttention to all investors in this project!
Please do your homework/checking carefully!!!

But any idea how to get back my booking fees? I didnt see any claus in that booking form saying RM 5300 will be deducted. Besides i just paid RM 2000 for my booking.

They keep on advertise in news paper and radio 8% return ... They are cheating public aledi ...

They keep on advertise in news paper and radio 8% return ... They are cheating public aledi ...

Like I mentioned before, exit quickly even if you lose some of deposit. Cova Villa in Kota Damansara is a mirror example to the future ARC, Cyberjaya from the same developer, little appreciation of value and net rental income of about 5% only.
However, the other project next to it, the Cova Suite enjoy a good 40% appreciation as it is not being used as a hostel and no such garantee scheme was offered.
In another word, the developer is overcharged you on the price of the property and then give you back a little by little of 5% per annum. But on the other hand, they rent your property to the college and charge 8-9%.
Think carefully before you invest in this property especially from Andaman.

---

Added on July 2, 2011, 1:51 amNEVER TRUST ANDAMAN
GOOGLE ANDAMAN TO GET SOME BACKGROUD OF THE DEVELOPER

---

Added on July 2, 2011, 1:55 amlast time Andaman Group-Pharma Exel now APM-Maju Puncakbumi. New project new company, so no previous bad records. but same people.
Right? Mr Teoh!

---

Added on July 2, 2011, 1:58 amAttention to all investors in this project!
Please do your homework/checking carefully!!!

cova villa got appreciation. when i went there wanted to bring out cheque rm260K. but didnt haiz...

Yes, Cova Villa got appreciation, something like 5-10% after 2.5 years. The net 5% rental income is based on the developer selling price.
In you buy at current price (10% appreciation), you actually get net 4%, but after paying bank installemt interest (i m talking only interest here not even the loan instalment which include the principal amount), you get nothing.
If your property does not appreciate what the point of buying it.

Moreover, u will face the riskhaving higher bank loan interest, which then you will lose money every months

Never believe those garantee scheme, espeacilly from Andaman.

hmm, with all the negative feedback here, I am wondering how's the latest sales doing. Perhaps there are still buyers going into it without realizing the bad feedbacks.

Anyone paid a visit to the sales office recently and have any idea about the sales response?

It's a calculated risk...renting back scheme seemed
outdated. So many developments n rooms to let
In cyberjaya. Target market limited.
Somemore bad review...Goshhh.
Weighing of good n bad reviews are important...

even losing the deposite also let go.... my 2cents.

hmm, with all the negative feedback here, I am wondering how's the latest sales doing. Perhaps there are still buyers going into it without realizing the bad feedbacks.

Anyone paid a visit to the sales office recently and have any idea about the sales response?

Went to the sales office today, the GRR only 8 unit left on block D, while total unit available in block D are around 40 only.
Their sales is good.