Back in 2015, I was told by W9 marketing that Block A should be completed in Q4.2019, whereas Block B&C in Sept 2018.
According to the latest info from the marketing team, Block A expected to be delivered in Q2.2021.

I am truly questioning the developer reputation to deliver the project as promised...

Their quarterly financial report just came out. You can view it here: http://www.insage.com.my/BursaNews/Attachm...0190528A1-1.pdf

Interesting part for Wangsa9 is this:



Some back of napkin calculation:

Overhang units for Block B and C is around 82 units. This is consistent with the amount of 1000sqft units for both blocks + a couple of the 2000sqft units. As far as I know, 1700 and 1600 units are sold out for these towers. I am also assuming the Penthouses are also sold out.

Take up for Block A is around 20 units. I think it is safe to assume, sales are chugging along a slower than expected. Last year, when I checked, 10 units were already booked. Assuming all bookings translated to sales, it means, between then and now, only about additional 10 units were sold. I am not including the Penthouse which I heard was also already been sold (not verified).

Another interesting bit is focusing on overseas market. There has been marketing materials floating around the web from Japanese and Hong Kong sales agencies. Plus, there were "tourist bus" visiting the location a few months back.

Not sure if overhang stocks from phase 1 are eligible for the HOC. Since, they just came into the market. I suspect, they are not. Other options are programs like rent to own, either in house or partnering with banks. But, none of these options will help build up the capital to build tower A. And since their construction business is also taking a hit, we can expect no subsidization from there as well.

All this might explain their late deliveries. Fingers cross for the next quarter report!

Thanks, Rixile for sharing...interesting information...
Based on the figure presented, is revenue near MYR 200 Mil is considered strong?

Regarding the overseas market, I think this is a dilemma for the property business in KL. As you can see in many places in KL, may new high rise building construction is progressing. Question poped-up in my mind, who will absorb the floating stocks?

The potential market mainly coming from HK and China Mainland investor.

Something to note, Mitrajaya was making losses for Q1/2019

True. But, most of it are attributed to the Construction division (different and much bigger than the Property division, which Mitrajaya homes falls under). It is also mentioned that the order book is almost 1Bil. But, this is not a guarantee of future earnings.

Revenue for Property is somewhat stable, +-10%. What's interesting is the bottom line dropped 40% for this division. Potentially due to discounted selling prices and/or increase in cost.

Cannot elaborate further without deeper analysis. But, their fundamentals are still strong. All they need to do is to weather out the bad economy at the moment. Securing more private and government projects will definitely also help

You can be Mitrajaya CFO

hehe. I am just a casual observer.

fully agree bro hahaha

This prop is not eligible for HOC. Not sure about the uncompleted block because last week I view the completed ones. Really like this condo and the fact that they use marble tiles which is rare in new properties nowadays. But then the price tag is also very fancy

Which block did you visit? Did you get to see the sky lounge on block B? Would be great if you can share some pics

The block on the side. Should be C. Didn’t take much picture because it wasn’t our initial plan to view this place. We went to see seri riana then agent ask us want to see Wangsa 9 or not then we said ok lo. Honestly I’m like super impressed la. But lagi impressed with the price. At this point I wish I have the money, buying power and loan quota lol. The sky garden actually nothing much. Certain parts still under construction. It was raining when we were there so didn’t get to see much of the sky garden. Got 2 viewing decks. The view for 1600 and 1700 SF type is awesome!

when they Block A continue with the construction, B and C will get annoyed the noise and dust right? pity buyers

Thank you for sharing

yes...this another unforeseen concern..

Found this on facebook. They are installing glass louvre (? didn't know this term before) for the entrance. Looks pretty good imho.

Just noticed, if you are using adblocker, you might not see the link above. So weird.

Dont think Block C will be affected too much as they are located further away at the other end..

hope they speed up completion for A

How can be unforeseen meh. Developer construct by phases although building interconnected, surely will effect early buyer. But then ah, if the facilities /amenities that are listed in SPA for block B & C not yet completed when handover key, will there be any LAD (facilities) ah?

I’ll say it again - glut of condos in this area. Just too much supply.

That is very true. But, I don't think that's the reason for their slow sales. I suspect, the population in Wangsa Maju is more price sensitive. The reception for Avila and Henna seems to be quite good. And Sinaran is almost sold out. And not to mention Hamilton which was sold out within hours. My initial thought was, Avila and Henna attracts more investor type rather than home owners. But then, I saw a few agencies managing multiple dozens of units in W9 for investors too [only the ones I know of, how about others?].

And one will also notice that Mitrajaya are not very aggressive with their marketing recently. No more sales booths around the area, unlike the other developers. They don't even have exclusive marketing agencies like Irama Wangsa did with Henry Butcher.

I would be interested to see what will happen in the next 6 months. A few things has changed:

1. They should have completed the handovers. Now probably work on touch-ups. Could focus back on marketing and sales?
2. HOC has been extended, are they eligible for this round? Are they even interested in HOC?

My guess, Tower A will not be rapidly developed until current phase (first 10 floors) are ~60% sold.