i wonder why so manyhere hate bumi lot , i personally like bumi lot provided the consent is given by state authorities with or without the 7% waiver

For Bumi , of course it is unwise to buy bumi unit , but for non bumi it is good - provided you have cash and time to wait for state consent . All i can say is these , there is a guarantee return of at least 10% after the consent is given (normally within 1 year)

I do agree it is hard to offload a bumi unit , but it is easy to offload a non bumi unit , agree? Let just say there is loophole within the property cycle

This post has been edited by wanted111who: Dec 28 2013, 09:28 AM

from my own experience , and just for the note , i'm not encouraging people to do these and am just sharing the info i know . finally bare the risk on your own if you decided to follow my adv , of course if you gain it is all yours.

by gaining 10% i really meant a clean cut gain after deducting all the expenses, but there are some catch. instead of 10% or 20% cash money down payment you will definitely need 30% to 40% cash money for bumi lot and prepare to let these money sitting dead for a year. Why? bank will not so easily approve the loan , even if you qualify for a higher mortgage margin under normal circumstances (buying non bumi lot) , bank will not finance for the valuer fees, legal ,etc. you need to fork up ur own money for legal between bank and yourself including the valuer fees appointed by the bank for the bank.

for the consent, must do own research. try ask local council if there is any history of successful conversion before these or can check with the developer. a 'good' Law firm also help .

and the property must be a '' freehold '' not leasehold . try check if it's under strata or still under master title ,if under master must get developer consent 1st .

and i only wait 6 month for the consent , or less than that (forgot edi). and need to fork up another 7% of the property value (cash). , then get the consent. after i calculated all the cost against the prop value after conversion . well I think i will keep it to myself. but with these info ,i think it is enough to help you get started.