QUOTE(poorchinaman @ Jul 25 2012, 12:11 AM)
the smallest unit comes with built up area of 916 sq ft from RM 530k up before discount... after discount, psf price is about RM 520 up, this is the most expensive condo in Cheras... but taking into consideration of SDB brand who is a premier & branded developer, the price looks ok...
based on the absolute price after discount (forget about the built up), ie. RM 477k, still the cheapest compared with those landed 2 storey linked house nearby (BTHO, Alam Damai, Damai Perdana, CP, etc)... Hence people will still buy it for own stay as it comes with full condo facilities, extremely tight security system, serene & tranquil environment with 'fantabulous' landscape planning... Guess this project will attract the professional/ medium income group of Gen-Y buyers who always want 'lifestyle', ada gaya, mutu dan keunggulan... As to qualify for a 90% loan (based on 40 yrs tenure), your monthly gross income must be at least RM 6.5k (provided u don't have much commitment)... so u make the call on your quality of your neighborhood...
RM 8k, whoever also afford to fork out, but question is, can u get the loan or not? After BN implementation of responsible lending guidelines, FIs will underwrite your loan based on nett income, u do the maths...
Added on July 25, 2012, 12:25 amFor the bigger unit, ie. 16xx sq ft up, the absolute price is about RM 830k onwards, u need a minimum monthly gross income of RM 10k to qualify for 90% financing... u can expect the potential buyers group for the larger unit... with the prudent lending practise by FIs, sorry to say that u need to have a very good credit background to be part of the buyers for bigger units, hence my opinion is, unlikely there will be bulk number of loan foreclosure after 3 years...
SDB has set a new benchmark in Cheras for condominium prices... if u're confident enough with your repayment capability after 3 years and u've planned wise financially, this is an ok project to invest, especially the smallest unit, ie. 916 sq ft...
Once completed, don't be greedy, but if u can sell/ let go at RM 580k (compared with current pp of RM 530k and nett pp at RM 477k after discount), u'll still make a handsome return of at least RM 80k after minus off all the incidental cost(RPGT, REA commission, legal fee to redeem loan, etc)... RM 0 for RM 80k... u do the maths...
Hope you don't mind me playing the devil's advocate.
If an investor trying balance their not to hit 70%ltv, perhaps they would choose carefully a different investment that would be more fruitful and lesser risk of subsale problems for their available investment slot and bullet. The target subsale group of people at this area seems untested and undefined yet. I don't know how many of such smaller units are in block C, but it would seem that competition internally within project and externally with other upcoming projects nearby would be fierce.
In reality today, take up rate for subsale around 9xx sqft units in klang valley isn't that great with supply still aplenty. In coming years, there will be an influx of the 9xx sqft or smaller floating for subsale due to a surge of developers trying to do SOHO, SOVO, SxxO to stick in commercial title to avoid 70%ltv limit for investors.
I am not saying that you can't sell it at 580k, but it might take longer and really targeting a very small group of potential subsale buyers at this area. Let alone bank being very picky to even qualify them for loan as well. Lets put on the table for discussion:
1) Retired/going-to-retire rich elderly - they have to buy in cash, bank won't loan to them. Or their rich offspring might buy for them.
2) Middle age - wouldn't they prefer a bigger unit to contain the bigger growing family? perhaps landed?
3) Younger workforce - they'll have to get pass the bank first for loan. Loan capacity would be a problem. Also wouldn't they prefer a more happening area than this?
4) High income expat foreigners - If you drive around that area, try to spot one. There is a proposal on cabinet to raise minimum purchase property value for foreign from 500k to 1mil. If this happens in the coming years, 916 sqft will not fit. Bigger units might, but still there isn't any attraction for expat in this area.
5) Rich dads buying units for their sons/daughters - They might be your potential subsale buyer, but the younger ones might have to accept this location first. You don't get many.
Yes, DIBS and the 10% discount is quite attractive for entry, but exit strategy must be clear too. Just looking at things from different point of view for healthy discussion.
Added on July 25, 2012, 10:30 amQUOTE(yankicip @ Jul 25 2012, 09:50 AM)
Booked one. small unit for my daughter.
Speak of da devil ..heh.
Good for you.
This post has been edited by oreomambo: Jul 25 2012, 10:30 AM 
Jul 3 2012, 11:30 AM
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