If it's bumi lot auction, non bumi can't buy right?

Didn’t it also win 2022? Back to back annual victory!

Overpriced is what we know, but the doctor compass loan story also this project right?

If a project well know involved with bulk purchase with compass loan. Then this is the result. Lelong winner. But bright side, the affacted defaultor only few not all.

Example, normal project lelong 10 unit, 10 defaultor affected, but this project lelong 20 unit, maybe 5 defaultor affector but serious debt.

Very keen to hear the under belly of how bad these compress loan lelongs get. Sounds like complete financial ruin. If you bought at 800k and Lelong at 400k * 5. That’s a 2 mill debt loss you have to pay back in your life…

This post has been edited by Cavatzu: Oct 22 2023, 01:03 PM

Before declared bankruptcy, can relocate all the cash back money to oversea bank then migrate to oversea.

But in reality when the comprass loan bulk purchaser get the cashback money transfer to their account, they became greedy. Just like the international scam, the bulk purchaser company then will design the game ask the purchased spent their cashback money into investment plan (either forex, crypto, nft etc etc) or renovation plan (with higher cost compare to external). Once the purchaser believe on the bulk purchase company (because get the huge amount money wa) they will follow and believe everythings because their eye hide by the greedy mind already.

All the auction units listed are for 980 sq ft and above and are serviced apartments. You don't find many sovo units affected by lelongs. Sovo easy to rent out but some top up needed. I guess the owners who bought sovo got no problem to hold.

Smaller quantums mean smaller losses. This doesn’t mean that this isn’t a dismal project that has eroded a lot of personal wealth.

Something that hasn’t been examined is the mental health of such people when your luxury residence becomes a rumahwip.

But for sovo unit, the utilisation is so less, cant be stay over night and the office demand there seen like not so good.

Even maybe they are not buying overpriced (bulk purchase price) / bulk purchase for sovo unit, but the overpriced (original price from developer) installment + increasing maintenance fee will also make this kind sovo project became a huge burden for purchaser.

Until today i cant understand what the sovo design for what purposed, SOFO and SOHO can stay overnight better.

These were all loopholes in the past to build at commercial densities as liveable offices. They were never meant to be used as residential premises.

Yes, loopholes where folks can make into residence. Don't know why government regulations do not allow for studio and 1 bedroom unit especially when the price p.s.f is so high. So it is partly the government's requirements which cause massive losses. Nobody can deny this is not the wisest of investment choices but the climate then was very different where property prices were going through the roof and there was no rumahwip/ rumah selangorku etc. The situation has changed now.

Mega lelong sales just now.
5 units sold from Sqwhere.

1 bumi lot.
4 non bumi lot.


Bumi lot size 1017sqft at 289K.
3 bidders fight. Sold at 320K.
Very good catch!


Non bumi lot size 1017sqft.
Got 2 unit.
1 unit start from 400K. 4 bidders fight. Sold at 431K.
Another unit start from 356K. 10 bidders fight. Sold at same price 431K. Haha.

Size 1507sqft.
Got 2 units.
From 479K. 2 bidders. Sold at 486K.
From 505,800. 2 bidders. Sold at 515K.
















This post has been edited by AskarPerang: Nov 18 2023, 11:15 PM

Wow crazy. Seen like auction price equivalent to market price for this project. Refer back to this thread last bidden price before this, approximately same per sqft for this project. Default owner crying not tear.

3 lelong units sold just now.
All same size 1017sqft.

All non bumi lot.
All sold at around the same price.

Good catch?

3 unit sold to same person, perhaps it's developer / some guru (coliving/bulk purchase) buy back.

This post has been edited by Aldo-Kirosu: Dec 9 2023, 11:46 AM

At this price range yes it make sense to punt. But the pathetic commercial downstairs.....

Good catch. Roughly 50% off the ori developer price. But Kwasa nearby not learning the lesson or they know something we don't.... their launching prices are at the ori sqwhere prices.

The developer has no choice.

It is cost plus profit margin for them, not so much supply Vs demand and secondary transacted prices.

The only way now these Developers can do is offer cashback and low down payment. However these also attract financial weak purchasers.

BNM should clamp down financing based on SPA but instead...based on nett price... Buying property is long term commitment and purchasers should have at least 10% ready before commit to it.

Yup, you summed up the problem well. Property prices cannot go down much as the costs have risen a lot. But the general population cannot really afford a 500k above condo. I reckon the affordability of the average person to be around 250k to 350k per apartment.

From my observation we are no longer has property supply demand issue but financial market issue. Too many buyers take cashback without intention to commit to keep the properties.

Most developers have to give huge cashback just to sell. Only selectively few like DPC can sell without the gimmick.

This post has been edited by gks: Dec 11 2023, 01:19 PM

Sqwhere winning this year lelong award by a landslide margin.
Congrats!!!