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Investment KL TRADERS SQUARE | FLORA RESIDENCY (PHASE 2), Kuala Lumpur has a New Lifestyle Estate

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CherishYY
post Jun 8 2017, 11:25 AM

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QUOTE(lucerne @ Jun 7 2017, 08:25 PM)
a. tnb is always base on usage not title. since this is residential purpose then the rate will be domestic rate  (resi rate)
b. i)assessment for service apartment (this case) is 5% vs resi is 4%
ii)i dont think u can change the rate, but u can appeal the annual value (usually base on annual estimate rental)

water rate is up to management to decide, mostly initially their bulk meter is base on commercial rate so office will charge u commercial rate too. JMB/MC can later apply to migrate to Syabas, then the rate will base on residential rate
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TNB is calculated based on (residential/commercial rate * useage) . There's 2 different rate for either residential or commercial title. My SA told me that the developer is currently applying to change it back to residential rate for tnb so initially without the conversion the rate will definitely be commercial rate.
lucerne
post Jun 8 2017, 07:52 PM

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QUOTE(CherishYY @ Jun 8 2017, 11:25 AM)
TNB is calculated based on (residential/commercial rate * useage) . There's 2 different rate for either residential or commercial title. My SA told me that the developer is currently applying to change it back to residential rate for tnb so initially without the conversion the rate will definitely be commercial rate.
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pls cehck tnb website https://www.tnb.com.my/residential/pricing-tariffs/

tariff Rates is base on usage
“Domestic Consumer” means a consumer occupying a private dwelling, which is not used as a hotel, boarding house or used for the purpose of carrying out any form of business, trade, professional activities or services.


CherishYY
post Jun 8 2017, 08:44 PM

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O

This post has been edited by CherishYY: Jun 8 2017, 08:52 PM
CherishYY
post Jun 8 2017, 08:50 PM

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QUOTE(lucerne @ Jun 8 2017, 07:52 PM)
pls cehck tnb website https://www.tnb.com.my/residential/pricing-tariffs/

tariff Rates is base on usage
“Domestic Consumer” means a consumer occupying a private dwelling, which is not used as a hotel, boarding house or used for the purpose of carrying out any form of business, trade, professional activities or services.
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"Local government and development laws expert Derek Fernandez confirmed that buyers of residential property with commercial titles had to pay commercial rates for water, electricity, land taxes and assessment. "

Read more at http://www.thestar.com.my/metro/community/...2j0DpusRb9lq.99

I've done alot of research and almost all told me we need to pay commercial rates unless we managed to apply to TNB to change it back to residential rates. And that is what my SA told me as well, that the developer is applying to TNB for residential rates. (because otherwise we need to pay commercial)

Correct me if im wrong but my understanding is that commercial titled properties can be used to run a business so we need to pay commercial rates unless we applied and prove that its for residence only, so if nothing were done or no application is filed, we are actually going to be billed with commercial rate by default.

This post has been edited by CherishYY: Jun 8 2017, 08:54 PM
lucerne
post Jun 8 2017, 10:55 PM

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QUOTE(CherishYY @ Jun 8 2017, 08:50 PM)
"Local government and development laws expert Derek Fernandez confirmed that buyers of residential property with commercial titles had to pay commercial rates for water, electricity, land taxes and assessment. "

Read more at http://www.thestar.com.my/metro/community/...2j0DpusRb9lq.99

I've done alot of research and almost all told me we need to pay commercial rates unless we managed to apply to TNB to change it back to residential rates. And that is what my SA told me as well,  that the developer is applying to TNB for residential rates.  (because otherwise we need to pay commercial)

Correct me if im wrong but my understanding is that commercial titled properties can be used to run a business so we need to pay commercial rates unless we applied and prove that its for residence only, so if nothing were done or no application is filed, we are actually going to be billed with commercial rate by default.
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i think so far only syabas has this problem, tnb mostly will use residential rate if the project is for a pure residential purpose unless it is soho, sofo, sovo, suite etc

as per syabas, since the land title is commercial, bulk meter will be on commercial rate, hence JMB will charge commercial rate too. but JMB can later apply residential rate when they migrate syabas water with individual meter. tnb from the start is already with individual meter, so they will charge resi rate when developer to apply tnb meter under resi category if the project is a non commercial property.

maybe future syabas can start with individual meter as TNB too
heng818
post Jun 10 2017, 04:25 PM

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those assessment fee and quit rent? possible to change from commercial to residential title? example for kl trader square type?
WahBiang
post Jun 10 2017, 04:49 PM

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QUOTE(heng818 @ Jun 10 2017, 04:25 PM)
those assessment fee and quit rent? possible to change from commercial to residential title? example for kl trader square type?
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Maybe not...
lucerne
post Jun 10 2017, 06:38 PM

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QUOTE(heng818 @ Jun 10 2017, 04:25 PM)
those assessment fee and quit rent? possible to change from commercial to residential title? example for kl trader square type?
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assessment most likely will be 5% of annual rental, eg if rental is 1k per month, 12k per annum, fee then will be RM600 per year
condo is only 4%

heng818
post Jun 11 2017, 12:42 AM

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how about quit rent?
yhl84
post Jun 11 2017, 01:09 AM

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How's the sales now?
How many units left?


lucerne
post Jun 11 2017, 11:09 AM

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QUOTE(heng818 @ Jun 11 2017, 12:42 AM)
how about quit rent?
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negligible after shared with so many units...and the big common areas..

your main fixed costs are:

maintenance fee/sinking fund
bank interest
dbkl assessment fee
insurance
indah water
heng818
post Jun 11 2017, 07:49 PM

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understand. meanwhile assessment fee for service type apartment under commercial title still 10% de?
peace_lover
post Jun 11 2017, 09:25 PM

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taking some pictures of KL view this afternoon and spotted KL Traders Square.


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WahBiang
post Jun 11 2017, 09:49 PM

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QUOTE(peace_lover @ Jun 11 2017, 09:25 PM)
taking some pictures of KL view this afternoon and spotted KL Traders Square.
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wow.. whats that blue building?
peace_lover
post Jun 11 2017, 11:33 PM

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QUOTE(WahBiang @ Jun 11 2017, 09:49 PM)
wow.. whats that blue building?
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https://www.google.com.my/maps/place/Komple...1.6840505?hl=en
WahBiang
post Jun 12 2017, 09:11 PM

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QUOTE(peace_lover @ Jun 11 2017, 11:33 PM)
i see.. hearsay project changed to new name ady?
peace_lover
post Jun 12 2017, 09:40 PM

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QUOTE(WahBiang @ Jun 12 2017, 09:11 PM)
i see.. hearsay project changed to new name ady?
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Not sure about that oh, I didn't follow up on the project actually.
nereus
post Jun 16 2017, 11:32 PM

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QUOTE(CherishYY @ Jun 7 2017, 10:50 AM)
Hi, I've recently booked a unit @ KL Traders Square only to realise that the property is in commercial title.  sad.gif  I've some queries I hope someone would be able to help me here.

a) I've saw that some says that the developer is trying to help us convert TNB back to residential rate. Can anyone confirm this? If developer fails, how is the success rate if we are to apply ourselves after handover of key?

b) As for the assessment rate, I've heard that:-

i) we can apply to convert our title back to residential to enjoy residential quit rent and assessment rate. Is this true and historically has people actually managed to convert their title?

ii) we can appeal the rate and has to attend hearings to change our rate. Is this true and if the appeal is sucessful does this mean we could enjoy residential rate or does the rate get revised in accordance to their justification? (which might be more than residential rate)

c) I've heard that for KL Trader's Square area the rate is 4% for residential and 7% for commercial, can someone confirm this?

d)Quit Rent seems to be not an issue since the amount is immaterial, i saw that residential is RM0.035/square feet but couldn't find the commercial rate. Anyone to advise?

Many Thanks in advance  notworthy.gif
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my sa told me it's residential rate

discussion

This post has been edited by nereus: Jun 16 2017, 11:32 PM
heng818
post Jun 18 2017, 01:12 AM

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pay booking fee and get everything sign within 1 month, possible?
in order to get the rebate 20k?
onestopwarehouse
post Jun 18 2017, 01:49 PM

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QUOTE(heng818 @ Jun 18 2017, 02:12 AM)
pay booking fee and get everything sign within 1 month, possible?
in order to get the rebate 20k?
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Possible if u use the same lawyer for SPA and loan and they are aware of the rebate

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