bro accetera, done some searching and found out that this Andaman Group is somehow related to the Meda Inc and there's lawsuit going on?
not sure how is it, hope some1 know can enlighten me, thanks

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....

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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....

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.

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

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.

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.

i was almost booked a unit in May 11. i went to Andaman office in USJ on Saturday and that time not much ppl and there are still units available in block B (as informed by the SA).

After thinked twice, decided not go as the actual return is around 4-5% (based on net amount after deducting the furniture cost of RM50k, which i think is too high, and the furniture package is referring to fans (not air-con), tables, chairs, wardrabe, bed and mattress..even not hv cooking hood, refri., and cooker). First 3 years, they will not charge any maintenance fee, but for the second 3 years renewal terms..3 or 4 months rental will be charged for maintenance fee..

Anyway, dif investors got dif preference..since this is a GRR scheme, at least the investors are ensure of tenancy and rental regardless of what is the rate of return..

Good luck to Arc investor.

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Added on July 6, 2011, 10:17 amsorry..opps..should be "i think is too low..."...

hahaha, u sure bro? the developer is having a free lunch buffet last week. If undertable money is applicable, they do not need to cater food to attract customer again?

Exactly, the developer has been heavily advertised their project too.
My advise is to strictly avoid Andaman at all!!!

in fact, you should put AVOID ANY PROPERTY THAT IS MORE THAN RM 300 K !!! 

well, if it sounds stupid, why bother to even reply me 

Even though ARC advertise its GRR 8%, actually its ROI only around 5%.
(after minus those ID cost, insurance, and 3 months rental for every 4 years),

If compared with other areas like PJ, K.Damansara, Cheras, Setapak and etc which ROI is much higher (7% - 10%.),
ARC actually is not that attractive if so.

Then why I still go ahead for this ARC before come to lowyat forum ?
1) Because my job need to travel to oversea quit often,
   I dun think I have time to hande those renting.

2) Location Stretegy, it is besides Symphony, and many big companies and expatriats nearby.
3) Future development in CJ
4) ARC commit to handle all the ID, F/F, and developer will bear all the cost of lost and damage for all furniture and fitting during the GRR period.
of course GRR for 25 years is another main reason I invest ARC.

So far, for I heard from agents, ARC had a agreement with MMU to rent out the units for RM 500 per student,
that mean ARC make use our units to earn "side income" for Andaman.
But as long as they manage well, and the quality is not bad, GRR 8% for 25 years, I think it is ok to me and those "lazy investors".

But now, after knowing so much abt this Andaman background and its history,
I feel so angry and also so worry and panic.
Furthermore, our S&P is signed between "Maju Puncakbumi Sdn Bhd" and "buyers", not between "Andaman" and buyers,
so it may really come to happen that Maju Puncakbumi will "eat" our money and later announce to bankrupt,
We then can not do much to its parent company "Andaman".......

God bless me .....

I got no choice now, can only go ahead as already paid 20%....:-(

I asked the Andaman's sales girl severa times for the internet information abt Andaman and Medaa Inc.Bhd, but she just denied it.
What to do ?

So far, till yesterday, block B still got 5 units left, block C still got 20 units, and block D still got MANY left !!

Just wonder, why government never go and control those loudsy developers like Andaman ?
Andaman will be the previous Talam ?

bro, what happened to Cova Villa/Suites and Casa Subang? I tot of buying Cova Villa for rental nx yr.