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 Regalia@ Sultan Ismail, Is this worth to invest?

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cybermaster98
post Jun 19 2013, 08:48 AM

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Is this place really worth investing? Current prices about 700-800 psf. About 15 developer units still remaining. Although developer claims occupancy of 60%, if u take a drive there at night only about 10% of the units are lighted up. Rest empty. Also still operating on temporary CF. Most of the units have crap views either internal view or overlooking the low cost shops and the Gombak river.


cybermaster98
post Jun 19 2013, 10:11 AM

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QUOTE(ong1987 @ Jun 19 2013, 09:50 AM)
Harlo, is that any discount for the developer unit?
10% and free legal fees and stamp duty for both SPA and loan. But need to pay bank valuation fees.
cybermaster98
post Jul 1 2013, 08:44 AM

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Guys, what are the current valuations given by banks for units here? Seems that banks now are valuating between 70-100k lower than SPA price. This is worrying.
cybermaster98
post Jul 18 2013, 05:10 PM

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QUOTE(cybermaster98 @ Jul 1 2013, 08:44 AM)
Guys, what are the current valuations given by banks for units here? Seems that banks now are valuating between 70-100k lower than SPA price. This is worrying.
My friend approached 6 banks for loans and only 1 bank agreed to value at the actual developer sale price. But they have now put a condition of BLR-2.1% only. This clearly shows the banks have some real doubt about Regalia. Is there something they know which we dont? hmm.gif
cybermaster98
post Oct 14 2013, 01:45 PM

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QUOTE(adiazmir @ Oct 14 2013, 12:32 PM)
Hi sifus,

need your help here.

My wife and I bought 2 units at Regalia in January 2013 from developer and singed SNP on 25th Feb 2013. Desposit paid RM32k. GRR 6% unit. Then we process loan etc and Loan approve within 1 months(but weirdly only by certain banks and some banks dont even want to consider Regalia)..btw, its still on temporary CF...

Then we waited and didnt get anything from developer or maintenance office except from banks stating the release of payments to developer. On 4th October 2013, we got a notice by developer with interest of almost 12k in total.

We question why charge interest and they said late payment etc. There is a late payment of RM2k (only for one of the units) due to difference in loan amount and purchase price. i was late because i had to double check with the sales team and bank and verify. Once confirm, i quickly pay them off the Rm2k. Because of that developer want to charge interest of the whole amount of 10% of purchase price. we were advised to write an appeal letter which we did and send on 11th Oct.

managed to speak to staff there, apparently there are soo many cases of dissatisfaction and appeal which management has decide to ignore and will not entertain anymore appeal since last week. many buyers already gone to tribunal, some already win (a friend of mine).

on top of that, last week, 1st letter came from the management office, with overdue of  maintenance fees, car park maintenance fees, building sinking fund, car park sinking fund, water bill since January 2013, and other charges of amounting close to RM7k.

i appeal for them to waive the developer interest of the 12k. i also appeal to waive any building maintenance fees, car park maintenance fees, building sinking fund, car park sinking fund, water bill since January 2013, and other charges as its not mine yet until vacant of posession or take the keys.

my question:
1.what else i can do other that send appeal letter, tribunal and ......pray?

2.are they allowed to charge maintenance fees before handing the keys?

3.i have never heard of car park maintenance fees, car park sinking fund etc. is this normal?

4. how long can we go with temporary cf? what are the risk?

any input is apprecaited, thanks!
Maintenance fees and other charges can only begin after you get vacant possession. If they have charged you before that, you have a legitimate ground to take a case against them. This is not an appeal since its not your fault. I have never heard about car park maintenance charges on any condo.

My advise would be to fight Mayland and fight them hard. Put everything down in writing and make sure you get responses in writing as well. Never rely on verbal communication.
cybermaster98
post Oct 14 2013, 01:46 PM

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QUOTE(Asali @ Sep 14 2013, 08:49 PM)
Block B, low floor, 505sqft, partial furnished and 432K after discount. Still thinking's....
What other units available for sale? Floor, block?
cybermaster98
post Oct 14 2013, 03:39 PM

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QUOTE(Asali @ Oct 14 2013, 03:17 PM)
I am not agent.
Of course I know ure not agent. Where got agent thinking of buying a unit there and posting on LYN. doh.gif

I meant do you know of other units for sale as well.
cybermaster98
post Oct 18 2013, 11:12 AM

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So whats the update on this issue?
cybermaster98
post Oct 18 2013, 11:13 AM

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QUOTE(Fortunekl @ Oct 14 2013, 10:37 PM)
Lousy developer, bad furnishing. Sold my unit 6 months ago. Many African n Middle East currently rented there.
How much you bought and how much you sold it for?
cybermaster98
post Oct 28 2013, 06:46 PM

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QUOTE(ksc_3688 @ Oct 28 2013, 06:23 PM)
hi guys,

i am considering to get a unit in A block, 13th floor, 1120sqft. facing kenny hills.

they are offering 850k after discount, with fully furnished, and GRR 5% for 1st year. and other standard like free stamp duty & legal fees.

need to know if its good. still kind of unsure if its a right move, but the location is good, with lrt and ktm at walking distance.
My friend bought 3 months ago but the amount of problems he's been facing with Mayland, he now regrets investing here.

I think you have better options out there for this kind of price range. Ure paying extra because of the GRR and the furnishing and yet you have to take a loan based on this amount. So its not a saving at all. Don't forget that the current prices have already appreciated quite a bit from their initial launch price. So uve already lost a large chunk of the potential returns from the project.

My friend's unit is Level 28, Tower B, 560sf (I think) which cost him RM 488,700 (after 10% discount) with free SPA and loan legal fees and 1 carpark.
cybermaster98
post Nov 1 2013, 10:27 AM

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QUOTE(ksc_3688 @ Oct 29 2013, 11:30 PM)
I know the price has increased from initial launch. But given the current situation, for 700psf I can't seem to find any project with good location and freehold as well.

Mind sharing what problem your friend had? I know there is issue of delay in completion, but that of coz won't affect current situation.

However I'm still unclear of the pro and cons yet.
What 700 psf? My friend's unit cost RM 488,700 for 590sf which works out to be RM 828 psf. This is a bare unit.
cybermaster98
post Nov 11 2013, 08:40 AM

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QUOTE(JordanTan @ Nov 11 2013, 12:48 AM)
Guys I was viewing Regalia@Sultan Ismail yesterday, was interested so I tried to find more info for it. Took alot of trouble, but finally I have it. I have wrote it down on a blog so in the future you guys don't have to do the same homework again. here it is.

Regalia @ Sultan Ismail
Well I think that your point on Regalia being an expat haven is slightly flawed. Majority of the expats staying here are of the lower range or 2nd tier expats from mostly Asian countries. Surely not the kind that stay nearer to KLCC. The number of European expats are small and not as big a group as you claim.

The Sunway Mall when completed will not be on par with Pavilion, 1 Utama or Midvalley. The target crowd will be totally different and Sunway know this. Plus having Regalia on the fringes of the city at this price range doesn't make it a good buy. If investors can queue up overnight for YTL's Fennel, I don't see why Mayland still has 70 unsold units after all this while unless of course the positive factors you mentioned aren't that positive after all. Also you failed to mention that Regalia has not been given full VP yet. Its conditional VP has just been extended by DBKL for another 6 months effective October.

You also didn't mention that the hotel section of Regalia attracts a large number of 'weird' ppl especially on weekands which strongly suggest that 'other' activities are ongoing. Spend some time at the hotel lobby during the weekends and you will see what I mean.

The quality of the finishing and interior fit-outs are quite disappointing. There are many owners who are still in a major tussle with Mayland to get their units fixed despite already being months since they got their keys. There are also numerous complaints regarding the various payments imposed by Mayland which weren't actually spelt out during the signing of the docs.

Also, a lot of the sale/rent ad's in Propwall, etc have been there from late 2012 with no takers. Owners are finding it hard to offload their units. So many are opting to renovating and furnishing their units in the hopes of increasing their chances of selling.

I think your article is a good effort but is kinda misleading when certain important points have been omitted.

This post has been edited by cybermaster98: Nov 11 2013, 08:45 AM
cybermaster98
post Nov 11 2013, 04:17 PM

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QUOTE(Asali @ Nov 11 2013, 04:10 PM)
How did you know that sunway know about it. sound like you have better vision than sunway group mgmt. smile.gif
Sunway doesn't know about it? U mean to say when a mall is developed, no research was done on the prospective clientele? doh.gif
cybermaster98
post Jan 13 2014, 08:28 AM

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So whats the current selling price?

 

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