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> My first home property investment: Flora Damansara, Advise, Feedback, & Comments? Investment

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TSlilac
post May 14 2012, 10:25 PM, updated 3y ago

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Working for about a year full time now, my salary has finally reached RM3,000.00. Minus away EPF, and Tax and I'm left with RM2625 and after paying for my car loan, I'm only left with RM2000. It may not be much but I wanted to start somewhere knowing that my parents first bought their property at Damansara Utama at RM130,000 and now has a sale value of RM700,000. It was not about making money out of it (although if I could it would be good!) but I wanted to buy a property before it goes any higher!

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Being under Budget
First up was the Budget I had. Looking at my current situation I could only afford a RM800-1000 loan at most and at that rate I could only get a property at most RM200,000. Viewing a whole lot of properties ranging from Sungai Buluh to Ara Damansara, I wanted something located in Petaling Jaya for the sake that it was closer to home and well... shopping malls. I finally spotted Flora Damansara.

The Flora Damansara Experience
I remember taking a drive there the first time without contacting any property agents to view any units. I enjoyed the drive in until lorries and holes started appearing around the construction areas. As I reached the Flora Damansara entrance, it's sign was covered with shrubs and cars were parked scattered all around! Reaching Block A, I remember telling myself "This is crap! I'm out of here!" and quickly drove off at the end of Block C.

I left disappointed with what I thought to be prime land in Petaling Jaya.

Not being able to find any other properties in that area within my budget, I did my study more on Flora Damansara. Dang! It seemed like a hell hole! With water and electricity being cut, foreigners playground and worse of all I had to google "Flora Damansara Ghost" which lead me to a post in Lowyat.net claiming that Block E & F has ghost sightings after 11pm. Crap.

Despite all that "Crap" I decided to call a property agent and check out a unit. That brought me for the very first time up to Block F & H where I immediately notice a change in atmosphere. It was not as rowdy as the Block A, B, and C but was definitely not heavenly. It felt very much more Kampung-Homey feel. The small mini-market at the bottom of Flora Damansara gave me a little pinch of my childhood as I purchased a "Ice Cream Potong" from them. I told myself "It's not so bad..." despite the horrible double-parking, vandalized wall, stolen life buttons and broken CCTVs.

What really changed my mind was after getting out of the lift at the 22nd floor. Wow! What a view! It was breezy and the view was amazing! Put together with a dizzling weather, I could have thought I went up a trip to Frasers Hill!

I got into a 850sf unit and I loved the layout as it was long and seem spacious! What I loved most about it was the morning sun view coming up on top of the mountains it faced and the amazing night view of the highway.

I decided to buy a unit there.

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The Bad
I met a couple from Penang there of which was very friendly. I asked them about the security in the area and they told me their concerns:-

1) Lots of foreigners
A lot of Africans stay there and their lifestyle does not seem to fit that well with us Asians. On my part, I've met both good and bad Africans, but my personal tipping point would be when I had an experience where I was nearly run down by a drunk African few years back. Not that I would like to generalize, but I just feel safer around Malaysians you can say.

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2) Poorer Residence
As quoted "There a lot of people who steal things here", and I could see that very clearly. From grills, to elevator buttons to even pipes! This raised a security alarm in my head. I even viewed a home with 14 students living in a 850sf unit. Dang!

3) Poor built quality
I think MK Land contractors must really be having a lot of fun building this place just to see the awkward faces of the home buyers. The tiles were poorly made in Block F, while Block H higher floors where much better made as compared to the lower floor. There seem to be not much of a consistency between each unit built and I would highly encourage you to view the unit inside out before deciding on the purchase.

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4) Bad History
Being made famous over the number of issues where waters were cut due to the management not paying the bill. Same goes with electricity. Honestly... who would want to climb up 24 flights of stairs to reach their home at night without electric! I know I would not!


The Better
The couple also mentioned to me "We like it here. It's not like the outside where it's busy and stressful, it's simple here!"

1) Stores at the bottom
I enjoyed my Ice Cream Potong! The stores at the bottom gave me a sense of community where people would go down there despite race or class. There restaurants, laundry, mechanics, cyber cafes, mini marts and even tailors down there which almost guarantees you not needing to leave Flora Damansara.

2) Friendly residence
Other than having a lot of students and foreigners there, the people and families living there are truly friendly. As mentioned, there is this sense of community there which you can rarely find in cities.

3) Cheap
Where on frigging Petaling Jaya can you find a property going from RM160,000 (850sf) - RM200,000 (1080sf)!?

4) New Management
After all the bad press Flora Damansara has been getting throughout the years, Flora Damansara now has a new management which committees are mainly residence of Flora Damansara themselves. It's good to hear that the swimming pool will be back in usable condition in a month or two and that action to better the place is slowly but gradually starting to take place.

5) Location
Once more, where on frigging Petaling Jaya can you find a property at this price and just a 5min drive from The Curve, Ikano, Tesco, and 1Utama? Plus! Put together an astonishing view at night!

5) The Amazing View
I shall attempt not to repeat myself but Flora Damansara really does have an amazing view. At Block H, you can literary see Genting at night. At Block F, you get to see 1 Utama and The Curve which promises a beautiful New Year's Eve.



The Future
I think one of my biggest concerns was the future of this place and would I end up losing money in the first property I've decided to invest in. I did some homework or at least what I assume to be right.

Good to know that Flora Damansara will be getting 3 new multistory car parks and a beautification at Block A, B and C due to the projects in the neighbourhood. I sure hope this is will be maintained once completed.

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1) Empire City & Empire Damansara
Once more Damansara's name poised to bring in giants. Two major Empires will be moving in beside Flora Damansara.

2) Forest Hill Damansara
Semi-D's and Banglos starting at the price of RM2mil to 3mil has started being developed at the end of Flora Damansara (after Block C where it has been walled off). I believe this has pushed the facelift to be made so that Forest Hill Damansara would have a proper road to enter instead of a pile of double parked cars.

3) Taylors Lakeside
Mainly said as rumours that Taylor may be building a lakeside campus once more at the pond beside Block F, this could pose as a good source of rental if more "higher end" students start moving in.


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I know this is a very long write up. Took me a good 45min to write this, but to summarize this all, I guess my question here would be -


What are your thoughts in investing in Flora Damansara?
Is there a future for this place?


Being my first property purchase, it would be great if any Sifu could help give me some feedback or comments. Hence... here's my cry for help. HELP!!!

This post has been edited by lilac: Jan 27 2013, 07:36 PM
TSlilac
post May 15 2012, 10:51 PM

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QUOTE(rachel_xxx @ May 14 2012, 10:47 PM)
wow very detail. made me interested as well
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Thanks rachel_xxx! Good to hear that my write up gave you some interest smile.gif


Added on May 15, 2012, 10:54 pm
QUOTE(kbandito @ May 14 2012, 10:54 PM)
maintenance of high rises is VERY important for value-keeping to the least.
IMHO, i don't see why walk-up apartments in BSD won't be more expensive than flora in the next 5-10 years.
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Maintenance is really an issue here in Flora Damansara tho. I really do hope they buck up.


You're right. Actually I've checked out some BSD areas as well. Some slightly over my budget as well.. and by the looks of it BSD could really grow at the rate they are putting the title "Damansara" everywhere.


Added on May 15, 2012, 10:56 pm
QUOTE(runflat @ May 14 2012, 10:58 PM)
sad to disappoint u, but the truth is this entire place is like a hustler town.

y?

1. too many units, i cant rem the figure but while passing the 1.60 ldp toll, u look at it, it scares u.

2. no seperation for low cost i.e. block a & b, low-medium cost block d & e and med cost f,g & h.  only 1 road leading up and down. road condition like 'kau sai' forever.

3. Never ending water disruption.

4.

5......

list goes on. U been there, you should know smile.gif

doesnt matter whats coming up around it, empire? pjtc? crest builder? altium? this project is at the far end of all these developments.

argument - for rental? yes - possible rm 750 - 800 for empty 850sf medium cost apt.

for cap appreciation?  developer selling $ was 118k (with 1 carpark) back in 2000. 850sf med cost apt. now bank only gives valuation for 130k.  12k over 12yrs.. go figure  icon_question.gif
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Do correct me if I'm wrong but Forest Hill Damansara will be behind Flora Damansara. Hence they are currently forcing to build a better entrance for Flora Damansara. Once more... I can't say if it'd be maintained or even be there but I'll keep my fingers crossed smile.gif


Added on May 15, 2012, 10:56 pm
QUOTE(Sikit2JadiBukit @ May 14 2012, 11:05 PM)
Welldone lilac, hope you'll buy more & more prop in the future.
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Thanks Sikit2JadiBukit, I sure hope this prop goes well. I'll have to live on a tight budget this coming year after the purchase.


Added on May 15, 2012, 10:58 pm
QUOTE(axis_lua @ May 14 2012, 11:49 PM)
taylor ar? i got news that its not taylor though and you might be surprise what it is biggrin.gif
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Ahh.. as I PMed you earlier as well. Thanks for informing that Empire also bought the land to build a new high end condo. At the same time, I heard that kinda before the Taylors stories came about. I'm honestly do not know which is true, but either way... It's good to know at least there are some development there.


Added on May 15, 2012, 10:59 pm
QUOTE(Backkom @ May 15 2012, 01:18 PM)
Yes, it was from an article in The Sun.


Added on May 15, 2012, 11:01 pm
QUOTE(my44 @ May 15 2012, 01:55 PM)
I love this review.

It's not about sharing how you bought The Troika at the age 18 with some help from your rich parents. This is about how you came to realisation that buying property should start early and will be a stepping stone to work your way up.

Some here who has countless properties in KLCC and Bukit Bintang will baulk upon seeing the condo condition. But I totally get what you are trying to convey. Even many in your position of monthly income wouldn't bother to think like you did. Kudos.

Keep it up bro!
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Thanks man! I'm sure it's not much but it's all I can afford smile.gif

This post has been edited by lilac: May 15 2012, 11:01 PM
TSlilac
post Jun 15 2012, 09:53 PM

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11) Fire safety. I noticed that there are fire hoses on each floor but they are not attached. Will it be fixed?
TSlilac
post Jun 18 2012, 07:51 PM

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QUOTE(pekanmy @ Jun 18 2012, 07:18 PM)
AGM will be on the 8th of July. Pls give your suggestion or idea to make Flora abetter place.

Please add in your questions or ideas.

1) Deadlines of when projects to be completed.(New multi-storey car-park and 4 lanes access road in Block A & B)
2) Where are the RM77 funds being used and what is the total collection per month.
3) Safety of location - security tag?
4) How much is the uncollected M. Fee and what is the JMB going to do about it.
5) Ban those lorry operator who put up sticker or print in the lift or wall. If they want to advertise, do so through the office FOC
6) When will we get our Strata title
7) Solve water problem once and for all
8) Make sure all the corridors are well lit
9) cat poop or pet
10) Glass wall /door with security tag /CCTV at each block lobby.
11) Fire safety. I noticed that there are fire hoses on each floor but they are not attached. Will it be fixed?
12) How safe is the hill slope.
13) Fix all lifts and repaint the wall at the waiting area.
14) Cleaner shops please, gave cash rebate to those are well keep.
15) Redesign the garbage disposal area.
16) When is the pool, gym and others facilities going to be useble
17) Clean up the place vmad.gif

With more than RM70k per month, most of the above can be done if given time.
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18) Bus stop. There is a bus stop in front of the low cost flats, will FD be getting any buses to come in?
TSlilac
post Jun 21 2012, 09:26 AM

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I think the entrance will be the low cost flats which will be beautified. The entrance for Forest Hill will be right at the end of the low cost flats where you would turn left to the mid cost flats smile.gif
TSlilac
post Jun 21 2012, 04:14 PM

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Dang... I'm having a hard time getting my loan approved for my unit I want to purchase there. The faster FD improves, hopefully banks won't be so strict on the loans then. sad.gif

Reading all this good news is making me excited about the place Lol but worried about my loan.
TSlilac
post Jun 21 2012, 09:06 PM

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LOL... I've applied with over 6 banks. Two approved, and out of the two 1 last min did not want to give the letter. Currently waiting for 1 more approves loan.

Reasons given to me...
1) I'm too young (I'm 23)
2) property has become low end flats
3) A lot of people kena bank lelong

Hopefully with this shift the loans for this place will be much easier to obtained.
TSlilac
post Jun 21 2012, 10:33 PM

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I did not mark up the price at all. I bought a corner unit, and it's really not easy to get a loan. Truly disappointing when one after another rejects and it's been delaying the whole process more than a month already!

I have a job with 3K income, minus off EPF & Tax, RM2650 left. Car loan of RM615, and I'd like to apply for 80% loan. But so far the rejection is very disappointing.

However, from what the bank agents are telling me.. this only happens for corner units. Some bankers told me they did process successfully 850sf units for RM160k / 90% loan.

Honestly, it's very tiring. Really hoping that my last bank does not go down on me again like Maybank did after making me wait 3 weeks and telling me approved but last min tell me they don't want to give the letter.

I really really hope things goes smoothly soon before I stuck pulling out my hair waiting for loan approvals.
TSlilac
post Jun 22 2012, 09:39 AM

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I think that should reduce the numbers of cars parked randomly in the mid-cost blocks. It would be great if they could control the humans going inside FD as well... sounds a bit far fetch but then that could reduce the number of vandals at the place.

This post has been edited by lilac: Jun 22 2012, 09:42 AM
TSlilac
post Jun 22 2012, 03:42 PM

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LOL Typo la! 2104 la LOL
TSlilac
post Jun 22 2012, 10:10 PM

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I finally just got my loan approved. 40 years 90% of 180k at -2.2.
Phew. What a relief. Now to get my Snp done.
TSlilac
post Jun 22 2012, 11:46 PM

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This is at Block F. Corner unit.

Was just wondering about the purchase process and loan as this is my first.
After loan approval and I pass the bank my SnP and all, how will the bank make the payment?

I hear people using loan money to do renovation and extra stuff, but how do they do that? do they state it prior to loan application?
TSlilac
post Jun 25 2012, 08:42 AM

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I was actually curious of the sewage smell which was mentioned in an earlier post but somehow I did not notice it. Was this an earlier issue which was resolve or my nose is that numb? I do smell the trash near the rubbish dumb area tho. I use to stay at Pelangi Utama and was facing directly at a sewage plant, and had no issues about smell either.

I visited Flora yesterday to have a quick look on the progress of the place and I notice few things:-

1) There were about 3-4 car clamps in front of Block F which is a relief that the access card would come into place.

2) Major cleaning up is taking action. The lift and block walls in H & F seems to have it’s lorry stickers removed. That being said, those ink printed ones still remain and visible scratch marks can be seen from peeling off these vandalizing stickers.

3) There was a temple being built somewhere at the entrance of FD. There were busses coming in and out which caused quite a wait. I think the road needs to be widen as if this carries out often, it would really cause quite a jam.

Will be signing my SnP today and hope everything goes well.

TSlilac
post Jun 27 2012, 08:38 AM

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Lol. I really do find this thread amusing. It's like one whole Hong Kong drama.

Honestly, the prices RM140k (850sf) / RM180k (1080sf) is the standard prices for FD at the moment. That being said, it much easier to get loan for the RM140k (850sf) as compared to the RM180k (1080sf) as the property is valued around 140k regardless.

I think the fact that we can see growth in the past few months in FD is a good sign. I think one thing which pekanmy has been constantly bringing up is... What can we do to improve the place? and that's what we want to see as well.

Pekanmy, any idea what time and where will the AGM be? It would be nice to sit in during the AGM.

This post has been edited by lilac: Jun 27 2012, 08:40 AM
TSlilac
post Jul 2 2012, 10:56 AM

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Yea, I dropped by on Sunday and saw people with buckets of water getting water up to their units.
TSlilac
post Jul 8 2012, 05:01 PM

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QUOTE(pekanmy @ Jul 3 2012, 06:27 PM)
I'm old and slow, please list the part that you think I should take note or understand. Don't just say bad or hell hole but try to elaborate a bit more. I know for sure 100% of the first owner have high hope in their investment in Flora but end up losing big $$ cry.gif . Are we going to say that they are idiots or blind or bunch of greedy investors who don't have brain to think? 

Has the price gone up by -/+ 10k since last year? Sadly to say yes! Blame it on the agents or greedy owner or stupid buyer. It is not really important to me as my priority is to find ways or ideas to improve Flora. What RM1 million can do to this place?

FYI I'm not an agent cool2.gif
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I really got to admire Pekanmy! I really do hope you get into the committee for this years AGM.

I just visited the place once more this weekend. I came across a announcement sheet on Block H stating that the issue was due to some low voltage thingi which they are working on at the moment.

View from my unit in Block F, seems like construction is rather slow.
user posted image

View from Block H.
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Can't wait for the constructions to be done.


Notice of the AGM next weekend smile.gif

user posted image
TSlilac
post Jul 12 2012, 10:08 PM

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Ambank, corner unit - Valued at 200k.
TSlilac
post Aug 23 2012, 11:45 AM

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hmm.. page not found. Anymore other links?
TSlilac
post Nov 19 2013, 02:05 PM

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QUOTE(KLsooner @ Nov 19 2013, 11:27 AM)
surprise to see it appreciate so fast. Last year was only 130k-150k, what is the bank valuation now?

make sure you dont get the malay lady slaughtered unit.
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Please don't scare people regarding it when it. The issue happened in the low cost blocks not the medium cost.

As the development in the area comes up, I believe it's about time it gradually makes it climb. Tho, I have to believe it should be hitting it's peak soon tho till management improves itself.
TSlilac
post Feb 5 2014, 03:15 PM

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Anyone got any updatess from the last AGM? Sadly I could not make it during that day, tho I notice that theres a poster asking owners to collect the pass card from the management office.

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