Hi have you moved in yet? Everything good so far? Might be getting a unit at tower A as well, A-12-06 facing clubhouse. Any feedback on the sun since it’s facing West?

Looking forward to your response, we could be neighbors soon! ☺️

Other blocks no more units left with the layout I want (type B - 1334sqft) which I find most practical and also facing clubhouse.

Block A still can choose floor, and won’t be so close to the new development that’s closer to Block C, D, E. Only problem is the direction facing West.

Latest package is 29% rebate. But with condition that if sell the unit for profit within 10 years, have to split the profit with IOI.

1st to 2nd year split is about 30%, 3rd to 10th year is about 15%.

I proceeded since buying for ownstay and rebate is quite good. Net psf about rm508 for my 1,334sqft unit.

Yup Block A. I think for my layout there were about 10 units left when I booked, mostly top and bottom 5 floors.

Can probably check more with the developer, Caroline from their Puchong sales gallery is very helpful.

Haha no ler. It’s actually the opposite, if sell at a loss then have to give back the entire 29% rebate to developer. Seems like they are quite smart with this scheme, since will be able to clear stock and still get profit share / prevent ppl from flipping.

Anyone know if this sort of rebate structure is normal or has been done before?

Yes. This is applicable for 10 years then you’re free to do whatever you want. So if considering for investment better skip this project.

Good point, will check up on this more. If not mistaken strata title has not been transferred yet but I could be wrong.

Basically they are structuring this 29% rebate as an interest free "loan" that will be 100% waived after 10 years since your booking date. But if you sell within 10 years, you have to pay back this loan based on certain terms and conditions as shared earlier - either through profit sharing if sold at profit or the entire amount if sold at loss.

Keep in mind that the the definition of profit or loss is based on market value and not SPA price, which will be the amount in your valuation report at time of loan approval.

They did mention that no other developer has done this before, but their term sheet for this incentive is quite confusing so will be seeking some legal advice just to make sure everything is as per what was communicated.

After checking with the developer, you will have to sign a term sheet that includes a private caveat on the property title as security for the loan / rebate. This means that if you sell the property within 10 years, the land authority will notify IOI that a transaction is being made and they will contact you to ask for details on your sale and enforce the profit-share accordingly.

Beautiful view! Just curious, how long did it take from SPA signing to VP?

For Sky only 29%. My unit 1334sqft was RM503psf nett.

I believe there is a condo in Sierra 16 that they offer 40% cos take-up rate quite poor. If landed only 14%, cos I was considering their Avens series as well.

Which block did you view? If facing city try to avoid C, D & E because of the new condo that they are building right next to the highway. May end up blocking your view and will be even more noisy due to construction. Personally prefer clubhouse facing but both has its pros and cons.

I think facilities wise they’re quite generous with the common areas such as Sky decks and gardens. Huge pool as well. Agree that two badminton courts won’t be enough but I suppose it’s the same for most condos? The most I’ve seen has been 4 courts.

Yup.

Not too sure, I was told valid till end Jan but maybe they extended? Can check with developer.

Haha yeah freehold summore so thought it was a good deal! My one is facing the clubhouse, so not so noisy but also less privacy 😂

There's an ongoing thread you may refer to: https://forum.lowyat.net/topic/5091003
But i'll copy paste what I wrote for those interested here.

Basically it's a "loan" up to 40% of SPA value that IOI will be providing for a period of 10 years. Within this 10 years, 3 scenarios will apply if you choose to sell, with the following assumptions:

SPA Price: 1mill
IOI finance: 30% (300k)
Price paid today (loan amount): 70% (700k)
Market value: 800k (based on valuation report by the bank at the time of loan - meaning today not when you sell the property)

Scenario 1: Sell below market value anytime within 10 years
Impact: Return 100% of this loan, 300k payback to IOI

Scenario 2: Sell above market value at 900k within first 2 years
Impact: Return 100% of this loan (300k), plus 30% of profit (900k - 800k X 30% = 30k), total payback 330k

Scenario 3: Sell above market value at 900k within 3rd to 10th year
Impact: Return 50% of this loan (150k), plus 15% of profit (900k - 800k X 15% = 15k), total payback 165k

Scenario 4: Sell after 10 years (from date of booking made)
Impact: Loan is waived upon 10th year, so no need payback anything to IOI

Now here's the catch - usually when applying loan we will want to go for bank that has highest valuation so will get higher margin, but in this case it will make it harder for us to dispose the property within 10 years at a "profit".

Their panel bank PXX will usually give the best rates but will value your property close to SPA price! Whereas other banks will probably value it 20-30% less, in which case you will have to top up the difference from your own pocket (balance of down payment if you can't get 70% margin).

So basically only go for this scheme if you're very confident about not selling within 10 years, otherwise you will be paying a heavy price (100% SPA value + any interest incurred).

Was about 500psf for my 1334sqft unit. This was in Jan when I signed SPA, just got my keys yesterday.

Water pressure is quite good for me even with both showers on. Tower A, mid level.