Received my letter of offer.. The legal and disbursement fee is shocking.. Can we appoint other solicitor? Or we can only stick to sng & co?

Bro. Don't get it wrong. The RM 9,200 is FEC or Finance Entry Cost, which means they put in the amount first including Loan Doc Legal Fee, Stamp duty and Valuation Fee.

Since KR2 is under construction, no VR fee is involve, hence you may get a quotation from Sng & Co for their billing fee. Ex if the billing fee is RM 7,200 so the extra RM 2,000 would deducted from your origin RM 425k principal.

For discount, you may request fr Sng & Co and they have to rebate u.

Hope it clarifies.

Drag me to the water again.

Knox Halim Group is professional management consultant, which also doing sales and marketing for the thier clients, or developer. Normally, most of the companies intend to become a developer, if inexperience but only has money, they deal with this kind of management company, who can "Bao Ga Liow" everything for you, draw the spec, planning, layout, design and then manage the credit as well as the sales and the office. Other than that, they also apply the AP DL for the developer ... SO, they are not only professional management consultant, but also sales and marketing team for it's projects ( like WCT Realtors ) and also a main contractor ...

Sime Darby I dunno. But I can assured that Knox Management is main con for 2 of Sime Brunsfield projects, Embassy View, Ampang and Subang Avenue, SS16. Both I rated okay loh, facade simple and nice. I visited Subang Avenue several times, the layout okay, but overall quite good.

The other clients included developer of Heron Residency, Sierra Residency, Zen Residence, Tiara's Series, Rimba's series and etc ... Btw, they were suppose the main con for The Zest then, anyhow, they withdraw the Heron Resiency and The Zest ( before it launch few months later ) due to some mutual consent.

For KR1 and KR2, the developer is 1st timer. Yes, Kiara Resources Properties Sdn Bhd which has related to the Knox Group ( who owns some shares in KRP S/B ), so the company is first time developer but the background is not really a first timer. Btw, for this project, they are JV with Knox Halim Sdn Bhd, the company of Knox Group finally appear to the market as it's own developer. Kudos to Tan Sri Halim to spent all his power to get this 2 pieces of land under the nose of nearest competitor.... lol ...

Knox Sierra Sdn Bhd, the developer for upcoming Rimba Residence BK, is also a member of Knox Group. This time, they dont JV with anyone. So, that's why people tend to say, they going to make this project as big as possible.

Ic...and how much is your "minimum undertable"?

I just receive a letter from SNG & CO, below is the content.

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We refer to the above matter and thank you for your Letter of Instruction dated 01/06/2012 enclosing the Letter of Offer dated 24/05/2012

We write to inform you that we are unable to proceed with the loan documentation as the Sale and Purchase Agreement entered into between Developer and the Purchaser has yet to be finalised.

Therefore, we shall keep the matter in abeyance until the Sale and Purchase Agreement has been completed and duly stamped.
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Anyone else receive this letter? Does this mean I have to wait for their next update once the S&P is ready?

That PB really either never do homework or overdid his homework, which the info was 2 years ago. Salute!~

Yes, that land was previously a commercial land, but it was sold to Knox Group in some deal, which is very good deal to the Kiara Resources Properties and Knox Halim Group. That's one of the issue that they can actually sell KR2 cheaper, so with 87% sales, they already in damm huge profit. ( My hint is even they sell KR2 at RM 350 per sq feet, they still in good profit due to this land entry )

It had been converted to residential land and AP & DL tentatively had been obtained by the developer. Anyhow, for me, this is not a big concern, bcz the title can be transfer and convert easily, since the developer able and willing to paid the premium. With Halim in power, sap sap sui.

Let's see what is in the S&P and loan disbursed from our LO is according to the S&P terms and condition as well. Banks would not so stupid and unable to protect us, the clients who pay the loan for long term. I had checked with most banks, the approval memo on this is based on residential land home loan. Even commercial, it is not an issue for 90% bcz the name of condominium ( Kiara Residences 2 ) would change name to service apartment ( Kiara Service Apartment 2 ), short say, nothing to do with the land for the loan financing and margin.
Let's back to your friend loan with PB ...

If commercial land can loan 70% and if residential land then can up to 80% ( means not his income issue )

I think the banker can follow Van der Vaart and Robben go to Holland. Or he watch too much van Persie.

Due to this is commercial land and yet to convert to residential land, therefore only can offer 70%. It is not logic at all. If residential land, it's up to 90% and max 70% subject to 3rd home loan / property declared.

Btw, loan approval for PBB is up to the branch ( some BM with approval authority limit ) and Loan Centre, or it was called Credit Approval.
This is under construction project, where, the project emplacement had been checked and done properly within Business Development Unit before they clarified this is EF and PBB can finance it according to the memo. Credit Department has no such empower to amend the approval authority of up to 90% to 70% due to land issue, unless subsales which not require BDU / EF Team to overlook it.

If this is commercial loan, it is not subject to LTV 70% and can loan up to 85%. Yet, your friend only can be offer max 70%.

Totally not logic at all. Even my friend already signed the LO with PBB for 90%, another friend who signed with MBB, also got the LO from PBB for 90%.

End of the story, the banker must did not check the PBB EF approval memo, so he/she do not know what is the max margin allow for the loan application. So, I only can say he/she did not do enough homework.

Hope it clarifies ....

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Added on June 26, 2012, 5:36 pm

Sorry, read it 2 hours ago but not free to use my iphone and reply.

Busy now, later I check here and keep posted whatever I know and heard, ok? LOL!~

I just rang up KR2 SA, she told me they were informed from lawyer that signing of S&P will take place this month. We just have to wait for lawyer to call us up.

Bad news.. S&P will only be ready after raya.....